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.
J. P. Morgan, the bank where Evan and Avi Schottenstein worked, tried to disavow the case, saying that it was not related to the “family soap opera.” However, the bank dismissed the consulting brothers, although it paid for their representation in court.
Relatives of the millionaire are divided on whether her claim is fair. The son of Beverly, the father of Evan and Avi, demanded “not to take out the trash from the hut” and even got a written statement that she had no complaints about her grandchildren and she allegedly “got angry for no reason.” But other grandchildren stood up for their grandmother and argued that Beverly had signed a no-claim paper under the threat of physical pressure.
Beverley Schottenstein herself told the agency that she considered it necessary to restore justice, stop the abuse, and bring to justice the bank that helped manage her money.
“These guys made a lot of money on me. He and J. P. Morgan had no right to go that far. J. P. Morgan should have stopped them, but he was making good money himself,”explained Beverley Schottenstein.
“It wasn’t about $ 25. It had to be done,” she concluded.