By Lynnley Browning – April 16, 2021
The wealthy Florida grandmother who accused her two grandsons of mishandling her money while working at JPMorgan Chase apparently has a soft heart.
Beverley Schottenstein, 94, has waged high-profile battles with the Wall Street bank and her financial advisors there — her grandsons, brothers Evan Schottenstein and Avi Schottenstein— for allegedly abusing their fiduciary duty and making fraudulent misrepresentations while handling her roughly $80 million account.
In the weeks after industry watchdog FINRA ordered J. P. Morgan Securities and the two grandsons in February to pay her a collective $19 million — with more than $9 million coming from Evan Schottenstein — she quietly reached a deal with her grandsons that’s more favorable to them.
Under the arrangement, which is buried in a previously-unreported filing made last month in federal court in Miami, she plans to accept from at least one of the grandsons less than what FINRA ordered. Read more