A father-son team of financial advisors received a stiff fine for their allegedly self-serving advice given to a millionaire woman with dementia.
"According to court filing, an investigation by DFR found that the two men met with the woman, now 92 and identified in court records only as “Ms. Doe,” shortly after she was diagnosed with dementia. Court records stated that she was already a client with the firm and they persuaded her to increase her multimillion dollar trust so they could keep managing her assets, for a “substantial” fee,” well after her death. The trust, valued at more than $30 million, provided that upon her death, 90% of its assets would pass in equal shares to three beneficiaries, including two family members and a close friend, court records stated."
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