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Beverly Schottenstein, 94, based in Florida, has obtained millions of dollars from her grandchildren, who managed her fortune, in legal damages, reports Bloomberg.
The financial arbitration ruled that the millionaire’s grandchildren, Evan and Avi Schottenstein, and the bank “JP Morgan” are required to pay Beverly Schottenstein $ 19 million in damages and legal fees, and her attorneys demanded compensation of $ 69 million.
Beverly Schottenstein commissioned her two grandsons to take care of her condition around 15 years ago, and Evan and Avi, now 39 and 33, have managed nearly $ 80 million of their grandmother’s fortune. .
However, Beverly’s attorney confirmed that the grandchildren had made risky trades on behalf of their grandmother and long-term investments in complex financial instruments unsuitable for a 90-year-old investor.
They also performed all kinds of trades without the permission of the depositor in order to get the maximum commission for themselves.
Additionally, the grandchildren have been accused of fraudulently spending $ 1 million on grandma’s credit card and forging at least one financial document signed by her.
According to the agency, the “JP Morgan” bank, where two grandchildren Evan and Avi Schottenstein worked, tried to disown the case, claiming it had nothing to do with the “family series”, however, the bank fired the two consulting brothers, even though he paid to represent them in court.
Relatives of old Beverly are divided over whether her arbitration claim is fair. Her son, Evan and Avi’s father, asked her “not to publish her family problems”, and even said he had a written statement that she was not complaining about her grandchildren and that she was “angry for no reason.”
But other grandchildren stood up for their grandmother and claimed Beverly signed the “No Claims” sheet under threat of physical pressure.
For her part, Beverly Schottenstein said she believes it is necessary to restore justice, end the abuse of her grandchildren and bring to justice the bank that has helped her manage her money.
“They made a lot of money with me,” added Beverly Schottenstein. “They and the bank, JP Morgan, had no right to go that far. GB Morgan should have stopped them, but he was making a lot of money himself.”
Source: Novosti
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