Testimony raises questions about missing funds, investment decisions, and accounting practices tied to Ashlar Medical entities
By Journal Services Staff
A court hearing in Natchitoches Parish has brought new details to light in an ongoing lawsuit accusing a local financial advisor of mismanaging trust assets, including directing funds into outside business ventures tied to his own companies.
The case involves David Waskom, who served as trustee of the George Scott Sluppick Living Trust, and stems from a petition filed by beneficiary Darrell Jones seeking a full accounting of the trust’s assets and transactions.
Hearing Focused on One Central Question: Where Is the Money?
The hearing, held in the 10th Judicial District Court, centered on efforts by the plaintiff to determine:
- Where trust funds were deposited
- How those funds were invested
- What balances, if any, remain
Court testimony shows repeated questioning about the location and status of trust funds, including whether proceeds from asset sales were still intact or had been moved into other ventures.
Investment Strategy and Future Funding Claims
Testimony during the hearing indicated that the trustee anticipated a potential investment exceeding $60 million into Ashlar-affiliated ventures and suggested that, if completed, the proceeds would allow the beneficiary to be repaid with an additional return.
The investment had not been finalized at the time of the hearing.
The discussion arose in the context of explaining why trust funds had not yet been distributed, with the expectation of future liquidity tied to outside investment.
Admissions of Investment Activity
During the hearing, testimony confirmed that:
- Trust funds were placed into investment accounts
- Some funds were directed into business ventures
- Those ventures were associated with entities connected to Waskom
The transcript reflects discussion of Ashlar Medical-related entities as part of the investment activity under review.
Unclear Accounting and Recordkeeping
A central issue raised during the hearing was the lack of a clear, complete accounting.
Testimony and questioning highlighted:
- Difficulty identifying exact balances of trust funds
- Uncertainty about how much money remained
- Incomplete or unclear financial records
The court explored whether proper documentation existed to track:
- Initial proceeds from trust assets
- Transfers into investment accounts
- Current value of those investments
Tracing the Flow of Funds
The hearing also examined the movement of money over time, including:
- Proceeds from the sale of trust property
- Transfers between accounts
- Use of funds for investment purposes
Court discussion indicated that funds may have been moved across multiple accounts, complicating efforts to trace them precisely.
Connection to Prior Allegations
The hearing builds on earlier filings that allege:
- More than $400,000 in trust-related funds were handled by the trustee
- Only limited distributions were made to beneficiaries
- Approximately $162,000 was invested into an entity affiliated with Ashlar Medical
Fiduciary Responsibilities Under Scrutiny
The case centers on whether the trustee met legal obligations to:
- Act in the best interest of beneficiaries
- Maintain transparent and accurate records
- Avoid conflicts of interest
The hearing reflects the court’s effort to determine whether:
- Trust funds were properly safeguarded
- Investment decisions complied with fiduciary standards
- Beneficiaries were adequately informed
What Happens Next
The court has already issued orders requiring:
- A formal accounting of the trust
- Explanation of investment decisions
- Justification for continued service as trustee
Further proceedings are expected to determine:
- Whether the trustee will be removed
- Whether funds must be returned or redistributed
- Whether additional legal remedies are warranted
Key Takeaways
- A court hearing focused on tracking the location and use of trust funds
- Testimony confirmed funds were invested, including into affiliated entities
- A potential $60 million outside investment was referenced but not finalized
- Accounting records presented in court were described as incomplete or unclear
- Questions remain about how much money remains and where it is held
Bottom Line
The hearing marks a critical step in a high-stakes trust dispute, shifting the case from allegations on paper to testimony under oath. While no final determination has been made, the proceedings highlight ongoing concerns about transparency, accountability, and the handling of funds entrusted for the benefit of others.
A lawsuit filed in Natchitoches Parish alleges that David Waskom, acting as trustee of the George Scott Sluppick Living Trust, failed to properly account for trust assets and invested substantial funds into an entity affiliated with Ashlar Medical, a company he controls.
The petition claims that proceeds from the sale of trust property were not fully distributed to beneficiaries and that more than $100,000 in trust funds were redirected into outside investments without proper disclosure.
The plaintiff is seeking Waskom’s removal as trustee, along with a full accounting of the trust’s assets and transactions.
