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They Really Took Care Of Her When She Got Old

Posted by bell_flower 
They Really Took Care Of Her When She Got Old
February 22, 2021
This is a fairly horrifying story about an extremely wealthy 94 year old woman who had to battle her son and his two kids because they were committing elder financial abuse.

The woman's two grandsons were managing her money. They did not invest her money to benefit her. They invested in risky financial instruments. They shredded documents and kept statements from her. They set up an email address where statements were mailed, but she did not have access to it. They also allegedly forged documents, used her credit card for their own expenses and committed fraud. Someone in the family who had access to her safety deposit box stole a million dollars worth of her jewelry.

When you use a broker, you waive your rights to go to court. Instead you use something called FINRA, which acts as an arbitration board. They are typically pro-security firm and they are extremely lax on security firms. What these guys did must have been really bad because FINRA issued a fast decision. JP Morgan also cut these two losers loose right before the arbitration. FINRA ruled that one grandson had to pay $9M, another 600,000 and JP Morgan was fined too.

It's equally horrifying that when the abuse came to light, some family members wanted to sweep it under the rug. When the grandson found out that she was going with another firm, in true Breeder fashion, he threatened her with not seeing his son. The woman's son also was on Team "my sons are angels and they didn't do anything wrong."

The son also talked about "healing." Truly, what kind of healing could there be after someone does something like this? The woman says she still loves her grandsons....let's hope she keeps them far away from her finances.
Re: They Really Took Care Of Her When She Got Old
February 22, 2021
I read the article and when her husband died his wealth was split equally among his wife (the 94 year old who was being abused) and his four children, each received 18 million. Loser son Bobby pissed away the entire 18 million on stupid investments before his brats graduated high school-inheritance was received in 1992 and the brat graduated in either 1999 or 2000 (he is now 39) so 8 years to blow 18 million. It sounds as if the other kids grew the business and grew their wealth. This is why they only play a supporting role in this drama, they are outraged at grandma being fleeced. I would guess they know what a loser Bobby and co. is and are watching out for her. They have likely all been hit up for loans by Bobby.

Loser grandsons managed grandma's money and she let the losers live in apartments of hers. This part is very generous and a bit of a joke because she runs all her money through index funds, which requires little management.
So, basically, she is supporting them because you know they aren't paying rent AND providing them with a living. Then loser grandson made some sort of deal with JP Morgan to manager grandma's money there. Loser grandson failed to mention receiving over 1.5 million dollar loan/sign in bonus from JP Morgan and the fact that the only reason he had the job offer is because of his grandma's wealth that would be managed was 80% of his portfolio. I would guess the 1.5 million dollar loan was to keep them in the style they are accustomed to. (gag me)

Loser duh Bobby moved into the condo below his mom. Beverly's brother had originally bought the condo but he died childless and (supposedly, given what a bunch of money hunger losers Bobby's family is) signed over the condo to Bobby. Apparently no one in Bobby's immediate family is capable of paying rent or a mortgage.

So, that entire Bobby famblee appear to be major losers. The grandsons stole money from her to the point that FINRA threw the book at them immediately. And bell_flower stated FINRA doesn't just do that on a whim. And I bet the loser Bobby clan are super-snobs who look down their nose at any one who isn't wealthy.

Loser grandsons monitored their grandma's spending (as if it was ANY of their business, it is her money) and that is part of what made her suspicious. One of the losers called her after she ate at a pizza place with her grand daughter and called her out on not eating kosher. How weird and stalk-worthy! Apparently this little fiasco means the two brats are done in the financial world. I wouldn't trust them with $5.

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Quote from grandma
“We were close. The entire family is close. They had no right to steal from their grandmother. If they needed something—anything, god forbid, that had to be done with money—I was right there. I would help them all the way,” Beverley said in an interview before the award was announced. “If they were aboveboard, they could’ve had the world from me.”

You know there was nothing aboveboard happening with the money they were taking, otherwise she would have given them the money they needed. Now they are going to have a hell of a time because she has written the rotten bunch off.
She is gracious enough not to outline how much money they have begged for over the years but I bet it is a substantial amount.

And it wouldn't matter how much money she gave them or how gracious she was, Bobby and his brood are a bunch of fools. I bet they are in serious financial trouble and decided to steal from her. And Bobby and his wife are defending their brats. Grandma has been more than gracious with them.

At least their stupid moves may be enough to keep them from attempting to sue the estate once she passes away, they won't have a leg to stand on.

I really hope this hasn't hurt the grandma and that she is living a good life despite them. I feel bad that Bobby lives below her but it sounds like he is avoiding her, which is perfect.
Re: They Really Took Care Of Her When She Got Old
February 22, 2021
Quote
freya
Loser duh Bobby moved into the condo below his mom. Beverly's brother had originally bought the condo but he died childless and (supposedly, given what a bunch of money hunger losers Bobby's family is) signed over the condo to Bobby.

I read that too. Grandma was quoted that she was VERY surprised her childless brother signed over his condo to Bobby. Given Bobby and his sons' propensity to steal and forge documents, I would hope someone is looking at that transaction now.

Quote

You know there was nothing aboveboard happening with the money they were taking, otherwise she would have given them the money they needed. Now they are going to have a hell of a time because she has written the rotten bunch off.

Here's how entitled these assholes are:

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Bobby wrote a note to his mother, asking her to consider ending her case. His sons had been blackballed from the financial industry, according to the handwritten letter, which was also filed with Finra. He also apologized for “the loss of the jewelry” from her deposit box, explaining he had gotten involved in bad business deals. “My sons are not criminals,” he wrote. Bobby and Caroline, in a statement sent through their sons’ attorney, said they are “saddened and disappointed by the lies being advanced about us and our sons,” without addressing individual allegations.

That's some nerve. Um, shouldn't you be blackballed from the financial industry if you steal from a client? And what happened with the safety deposit box wasn't a "loss;" it was theft.

Too bad these rich assholes won't end up in a homeless shelter.
Re: They Really Took Care Of Her When She Got Old
February 23, 2021
Quote
bell_flower
Too bad these rich assholes won't end up in a homeless shelter.

I realize there is a sizable inheritance from the grandmother and it sounds like all of her kids but one have increased their wealth and some have made impressive contributions. I hope they all have backbones because you know the assholes are going to be begging and guilt tripping for money....durrhhh family so give me your money...guilt guilt

At this point I think the grandmother would burn the money rather than let the nasty son and his brats inherit any of it.

If handing them 18 million dollars (plus free housing for moo and duh and both the grand duhs) didn't work then they're a bottomless pit. I bet they all owe millions of dollars in debt.

Such a terrible way to treat their grandmother and talk about looking a gift horse in the mouth!
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