Media and News
Elder Financial Abuse by Family Members: Schottenstein Family Story
Video courtesy of Bloomberg News
by Richard Eisenberg – May 28, 2021
‘Friends Talk Money’ podcast hosts share cautionary advice based on the Beverley Schottenstein story.
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