Posted on 12/09/2022 2:29:36 PM PST by simpson96
This Chicago native’s story serves as a reminder that not all financial advisers may be looking out for your best interest.
NBC Chicago reports that Priscilla Eddings, who has dementia, was allegedly tricked out of over $400,000 across two years by Helen Caldwell, her Citibank financial adviser.
The money taken allegedly went to Caldwell’s film production company, Canal Productions. The total amount of $400,500 is said to be nearly equal to half of Eddings’ savings and estate, the lawsuit filed by Public Guardian Charles Golbert claims.
According to a filed lawsuit by the Cook County public guardian’s office, the 76-year-old initially met Caldwell back in 2017.
It is said that since Eddings didn’t have the cognitive capacity during that time, she signed the checks to Caldwell’s company. The money was for Eddings to live off of until her passing.
“She moves into assisted living and all of the sudden large checks start getting made payable to Canal Productions, checks running as high as $75,000,” Golbert said, per the outlet.
“It’s outrageous,” he continued. “[Caldwell] had a fiduciary duty to Ms. Eddings, who did not receive any benefit whatsoever from the checks she wrote to Canal Productions. And where’s the oversight by her employer at the time, Citibank?”
(Excerpt) Read more at news.yahoo.com ...
Despicable. I have witnessed this sort of thing.
I agree. My mom had dementia.
No excuse for this.
This investment advisor for Citizens Bank had to be bonded…I would think.
Seen this many times. We are setting up a trust with a national bank and if one day not able to take care of ourselves and write out checks the bank will do it. We are setting it up so 2 bank employees need to sign a check and if it is over $1000 one of our 2 nieces who are the trustees need to sign also. They both live a few miles away so no big deal and they will be paid.
I take care of my 95 year old mother and her finances. I have been extremely careful down to the penny. She lives with me and I pretty much pay for everything. I want to keep myself above reproach. I keep good records of what I spend on her so when the time comes I have a complete account. So when the time for inheritance comes along there are no questions or challenges.
The "personal banker" started writing large checks to herself from the man's account. When Cynthia began to ask questions, the "personal banker" had her husband (one Joshua Ramsawmy) go over to Cynthia's apartment and shoot her to death, along with her 22-year-old son son Sean.
The two of them were caught almost immediately, and they turned on each other practically without hesitation while being interrogated by detectives.
My sister is a lawyer and takes care of our mother’s finances. Mom is 96, fully vaxxed, in hospital with COVID!
~Boofy~
I was out of high school a few years in Minnesota and was reading the local paper (late 70’s) and spotted a name I knew. It was the father of a girl I knew in high school and he was a lawyer that was accused of stealing a retired woman’s money. He passed away in 2003 in Florida same month as my father. Maybe he stole a lot more from others for a nice retirement.
My grandmother would send checks to the 700 Club but they were all intercepted by her sons as they went thru the family business. That ‘preacher’ Pat Robertson would have stolen thousands from her thru trickery.
Fast forward to 2003 and my father passed away and the rest of the family found out our middle sister had stolen $108,000 from him. I bet he had his heart attack when he opened his bank statement.
I then heard stories from other relatives who have had relatives steal from other relatives.
My dad’s brother knew the story of what happened to his brother and he set up a trust. The money was paid out every year instead of all at once to his 5 kids. No one could grab all the money as my middle sister did and she also tried to get the insurance money afterward but the insurance company notified the rest of us. I bet they see this everyday.
God bless you. Its a lot of work isnt it.
My Mom has early stage dementia. I am going thru some shall we say, “interesting times”..
For us, it was about a decade+.
You will need help to stay grounded. Hopefully, the job doesn’t all fall on you.
Develop a network of family/friends you can rely on.
That is wonderful of you.
As I said to my wife, you would be surprised how family family member will gut a senior’s checking account if they can. Her aunt is a millionaire in NYC and the vultures (grand children) are circling trying to get control. And yes, they are all Democrats.
I took care of my Mother until she passed. My brother tried to “borrow” $100k from her, she said to talk to me. I flat out said no.
So what family allegiance do bankers have? None and if they think no one is watching, they will rob you blind.
That’s quite the rude shock, isn’t it?
My mom made it to 86. Could barely walk, with a walker.
I got to take care of her finances. I’m not a lawyer, but we did what we could. My brother handled the taxes.
This probably happens on a daily basis. Low Hanging Fruit to pick for the truly evil.
Put all of your assets in a revocable trust where no one but you can touch it!
Get your Will up to snuff, which takes over from the Trust when you die.
Do it! Now. :)
I did the same for my Dad.
He was on Medicare and Medicaid, thanks to my persistence and the people from the ADRC (Aging and Disability Resource Center).
I recommend them HIGHLY to anyone that will listen, when they’re trying to help their parents in their later years.
Thieves have no conscience. Robin Hood was a myth for good reason.
A relative will be the first person to steal from you. My brother cleaned out my dad’s account before he died , about $35,000. Not unexpected since he has always had the morals of a tomcat.
No its not all on me. She is in independent li ing right now. I do welfare checks 4 days a week or so and take her to church, run errands. That is not a whole lot compared to what others like yourself it sounds have had to do, so i bet i am getting off easy. As she gets worse it will be assisted living then the dementia ward. Theres is a legal battle going on over her that has been the most taxing. It will end hopefully by end of year.
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