According to Bloomberg, Florida resident Beverley Schottenstein, who is 94, has secured a multi-million dollar settlement from her grandchildren, who managed her fortune.
The Financial Arbitration Court ruled that Evan and Avi Schottenstein and the bank J. P. Morgan, where they worked as consultants, are required to pay the grandmother a total of $ 19 million. At the same time, the plaintiff’s lawyers demanded compensation of 69 million.
Beverley Schottenstein assigned two grandchildren to take care of her condition about 15 years ago. Evan and Avi, now 39 and 33, managed approximately $ 80 million of her capital.
According to the lawyers of the millionaire, the grandchildren made risky transactions on her behalf. They made long-term investments in complex financial instruments that are not suitable for a 90-year-old investor. Without my grandmother’s permission, they carried out all sorts of operations to get the maximum commission. The grandsons were also accused of defrauding Beverley Schottenstein of a million dollars on her credit card and forging at least one financial document signed by her. The arbitration did not consider possible crimes of the brothers, but, according to the agency, they have already interested prosecutors in New York. Beverley Schottenstein herself, before claiming compensation from her grandchildren, kept a diary for about a year, in which she noted all possible financial abuses. Read more