nanny

BenBella Books is excited to announce our new partnership with Cathy Schottenstein!

Granddaughter of Schottenstein retail dynasty matriarch Beverley Schottenstein Cathy Schottenstein’s NANNY’S WAR, the inside story–optioned for development by HBO Max–of the Schottenstein family and how two of Beverley’s own grandsons, Evan and Avi Schottenstein, along with their former employer J.P. Morgan Securities, abused Beverley for years and misappropriated $100 million of her money, to Leah Wilson and Glenn Yeffeth at BenBella Books, by Herb Schaffner at Big Fish Media (world).

Beverley Schottenstein

Beverley Schottenstein with her grandsons Avi, left, and Evan, right, from a family photograph.

 

Beverley Schottenstein

JPMorgan Ex-Brokers Fight Grandma in Court, Seeking Her Silence

Bloomberg Watch Article
By Tom Schoenberg
November 18, 2021, 8:00 AM EST

Read on Bloomberg News

beverley schottenstein

A 95-year-old Florida woman who won an arbitration fight against her banker grandsons is now battling them in court — seeking to collect the award, and also to preserve her ability to speak freely about her experience.

Beverley Schottenstein prevailed earlier this year in a financial industry arbitration after accusing JPMorgan Chase & Co., and two of her grandsons who handled her account there, of improper trading in her $80 million portfolio, in a case that highlighted the complications and conflicts that can arise when bankers manage money for family members.

The panel found JPMorgan’s securities unit and the two advisers liable for abusing their fiduciary duty and making fraudulent misrepresentations. It also found the bank and one of the grandsons, Evan Schottenstein, liable for elder abuse, ordering about $19 million in damages. Read more

Beverley Schottenstein

Psychology of Aging – Interview with Cathy Schottenstein Pattap

center for mental health and aging
Elder Financial Abuse by Family Members: Schottenstein Family Story


Listen to the entire podcast here. (#8 in podcast list.)

Beverley Schottenstein

VIDEO: At 93, She Waged War on JPMorgan and Her Grandsons

Bloomberg Watch Article

Video courtesy of Bloomberg News

Beverley Schottenstein

The Grandmother Who Won Her Elder Fraud Case Against Her Grandsons

forbes

by Richard Eisenberg – May 28, 2021

Read the article on forbes.com

‘Friends Talk Money’ podcast hosts share cautionary advice based on the Beverley Schottenstein story.

elder fraud Beverley schottenstein

Wealthy Beverley Schottenstein won a landmark case against her grandson brokers

The Beverley Schottenstein $80 million elder financial fraud story is one you won’t believe. But, as my “Friends Talk Money” podcast co-hosts and I explained in our two latest episodes, it’s one you need to know about to protect your parents from becoming victims themselves.

Schottenstein, 94, recently won $19 million in her arbitration case against J.P. Morgan Securities and her grandsons Avi and Evan Schottenstein, her brokers there for five years, ostensibly managing her millions. (Schottenstein is matriarch of the family’s Columbus, Ohio retail dynasty, whose stores included Value City and American Eagle Outfitters AEO -1.5%.)

Problem is, the grandsons wouldn’t tell their grandmother what stocks they were buying and selling. They made hundreds of transactions this way, Schottenstein said. Read more

Beverley Schottenstein

At 93, She Waged War on JPMorgan—and Her Own Grandsons

Bloomberg Watch Article
By Tom Schoenberg – February 17, 2021

Read the article on Bloomberg.com

Click here to listen to the companion
audio file for the Bloomberg article.

Beverley Schottenstein said two grandsons who managed her money at JPMorgan forged documents, ran up commissions with inappropriate trading and made her miss tens of millions of dollars in gains. So she decided to teach them all a lesson.

Beverley Schottenstein

Beverley Schottenstein with her grandsons Avi, left, and Evan, right, from a family photograph.
Source: Courtesy Beverley Schottenstein

Beverley Schottenstein was 93 years old when she decided to go to war with the biggest bank in the U.S.

It was a June day, and the Atlantic shimmered beyond the balcony of her Florida condominium. Beverley studied an independent review of her accounts as family and lawyers gathered around a table and listened in by phone. The document confirmed her worst fears: Her two financial advisers at JPMorgan Chase & Co., who oversaw more than $80 million for her, had run up big commissions putting her money in risky investments they weren’t telling her about. It was the latest red flag about the bankers. There had been missing account statements. Document shredding. Unexplained credit-card charges.

Although some relatives urged Beverley not to make waves, she was resolute. What the money managers did was wrong, she told the group. They needed to pay, she said. Even though they were her own grandsons.

And pay they did. With the help of her lawyers, Beverley dragged her grandsons and JPMorgan in front of arbitrators from the Financial Industry Regulatory Authority, or Finra. She sought as much as $69 million. After testimony that spread over months and ended in January, the panel issued a swift decision in Beverley’s favor. Read more

Beverley Schottenstein

Ex-JPMorgan Broker Accused of Bilking Grandma Gets Trading Ban

Bloomberg Watch Article

By Tom Schoenberg
April 13, 2021, 4:44 PM EDT

Read the article on Bloomberg.com

Evan Schottenstein refused to comply with watchdog probe.

Adviser allegedly ripped off his wealthy grandma for fees.

A former JPMorgan Chase & Co. financial adviser accused of trading his wealthy grandmother’s assets without her knowledge has been barred from working as a broker by the industry’s watchdog, according to information on the Financial Industry Regulatory Authority’s website.

Evan Schottenstein, without admitting or denying the findings, agreed to the sanction after Finra concluded he wasn’t complying with its investigation into whether he committed misconduct while managing about $80 million for Beverley Schottenstein when she was a client of JPMorgan for nearly five years.

He refused to provide on-the-record testimony to Finra investigators, according to an April 7 addition to his broker report.

Schottenstein and his younger brother Avi were dismissed from JPMorgan in 2019 after their grandmother accused them and the bank of putting her money in risky investments without her knowledge so they could charge high fees and commissions. She also said her name had been forged on financial documents. She brought an arbitration case against them seeking as much as $69 million in damages.

At 93, She Waged War on JPMorgan and Her Own Grandsons (and Won)

In February, an arbitration panel ruled in her favor, finding the brothers and the bank’s J.P. Morgan Securities LLC unit liable for abusing their fiduciary duty and making fraudulent misrepresentations. The arbitrators also found the bank and Evan Schottenstein liable for elder abuse. Read more

Beverley Schottenstein

At 93, She Waged War on JPMorgan—and Her Own Grandsons

bloomberg
flipboard

Feb 17, 2021

View the video and article on flipboard.com

Beverley Schottenstein videoBeverley Schottenstein said two grandsons who managed her money at JPMorgan Chase & Co. forged documents, ran up commissions with inappropriate trading and made her miss tens of millions of dollars in gains. So she decided to teach them all a lesson. View this video by clicking the image to the left or the link above.

Beverley Schottenstein

Schottenstein family dispute erupts in Florida with charges of elder abuse, financial fraud in $80 million estate

the columbus dispatch
By Jim Weiker – Feb 17 2021

Read on dispatch.com

Beverley Schottenstein TrialBeverley Schottenstein isn’t exactly sure when she suspected her grandsons were cheating her.

Perhaps it was when they shredded her bank statements. Or maybe it was when she discovered they had created an email account in her name. Or when she noticed hundreds of thousands of dollars spent from her account.

But by the end of 2018, Schottenstein, a member of one of central Ohio’s most prominent families, was confident something was wrong.

The following year, she made the momentous decision to take action against her own family members, grandsons Evan and Avi Schottenstein, and their employer, JPMorgan Securities, for mishandling an account worth more than $80 million.

“For a long time, I was suspicious and I wasn’t at the same time. I just didn’t want to believe this,” said the 94-year-old widow of Alvin Schottenstein, part of the family that built a central Ohio retail fortune through Schottenstein Stores, Value City Furniture, DSW, Big Lots and American Eagle Outfitters.

“You don’t want to think your own grandkids are going to steal from you, but they were really doing this.” Read more

Beverley Schottenstein

The Schottenstein Family And Elder Abuse

npr.com

WOSU

By All Sides Staff – Feb 24, 2021

Click here to listen to the Audio Interview on Radio WOSU

A financial industry arbitrator in early February sided with Beverley Schottenstein in an elder abuse case, ordering her two grandsons and JP Morgan Chase to pay her $19 million.

Evan and Avi Schottenstein handled their grandmother’s fortune, valued at more than $80 million, until JP Morgan let them go. Through their attorney, they said they acted in accordance with her wishes.

Guests:

  • Tom Schoenberg, senior reporter, Bloomberg News
  • Beverley Schottenstein, of Bal Harbour, Fla.,
  • Cathy Schottenstein Pattap, author of “Twisted: Conflict, Madness, and the Redemptive Power of a Granddaughter’s Love,” a book about her grandmother’s elder abuse trial, and an English teacher.