Sullivan
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Spencer Stone was quoted in the article "Real Estate Lawyers Voice Caution on FinCEN Disclosures," published by Law360 [sub. req'd] on February 8, 2024. The article discusses liability concerns for investors and their attorneys facing new federal requirements to register beneficial ownership information for corporate entities. The regulations have been enacted by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) pursuant to the Corporate Transparency Act (CTA).

Spencer suggests that beneficial owners — including lawyers and clerks filing as applicants — obtain FinCEN IDs, a form of federal identification that will help improve information security and reduce the need for other identifying documentation for parties involved in the disclosure process. "I'm recommending to my clients and their beneficial owners that everyone apply for their own FinCEN ID," said Spencer. "The person who forms a new LLC is also required to be listed."