Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Family member theft
Old 09-12-2010, 08:02 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Family member theft

It seems to happen quite a bit.


Family credit card fraud question answered - Sep. 9, 2010


A couple of stories I am familiar with involving mothers and sons.



  • I never will forget about the story from friend back when I was getting out of the military. We were discussing our futures since our enlistments were up. I remember commenting that I had been sending allotment checks to my mother during my enlistment to save for college and she had been putting them in a bank account for me. My buddy commented that he had done the same, but he found out his mother spent it "All"! He got the news from his mother over the phone because he was intending to go home and it would be discover it soon enough.

  • There was a ne'er do well from high school. Spoiled, got most anything he wanted from his parents. His father passed and his mother received some insurance money. She put it in the bank. He tricked his mother with a ruse and got her to withdraw the funds and somehow got his hands on it and left town. He spent it all!
__________________

__________________
chinaco is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-12-2010, 08:37 AM   #2
Full time employment: Posting here.
Badger's Avatar
 
Join Date: Nov 2008
Posts: 824
I have a slime ball older brother who was the trustee for my mothers money/investments. After he succeeded in convincing my sister and I that mom should be declared incompetent to handle her finances since she was having failing mental health he then also acquired active power of attorney according to the instructions of the trust.

He then began taking money out of the trust for his own purposes directing it to him, his children, their spouses, his grandchildren as well as to his favorite charities some of which he was associated as a board member.

Once we found out it took a lot of time and lawyers to force him to return a good portion of it although he still made off with many tens of thousands of dollars. At least we stopped him from further embezzelments.

Our parents would have been shocked at his behavior since everything he did was contrary to their expressed wishes which were also clearly written in the trust.

His greed dishonored my parents although I doubt he sees it that way.
Needless to say he is no longer considered family by the rest of us.

You just never know!
__________________

__________________
Badger is offline   Reply With Quote
Old 09-12-2010, 08:55 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Mar 2007
Posts: 3,323
I had a CPA who inherited a good amount from his grandpa when he died. The father stole all the money donated to both grandsons and made off with it all. The CPA and his sibling didn't find out about it until the father passed. I think these things go on all the time. Sad but true.

When I was a puppy I worked for an attorney who did alot of Wills in family law. He said you see humans at their very worst during death and divorce, and I can see that for sure.
__________________
Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
Orchidflower is offline   Reply With Quote
Old 09-12-2010, 08:59 AM   #4
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
I didn't have any of these problems as there are no brothers no sisters and there was no money. Simple!
__________________
73ss454 is offline   Reply With Quote
Old 09-12-2010, 10:02 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Quote:
Originally Posted by Orchidflower View Post
...

When I was a puppy I worked for an attorney who did alot of Wills in family law. He said you see humans at their very worst during death and divorce, and I can see that for sure.

I believe it. In settling estates... even if heirs trust one another may not agree on how to handle certain situations.... sometimes even the smallest details.
__________________
chinaco is offline   Reply With Quote
Old 09-12-2010, 10:54 AM   #6
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,032
When his mother died, my dad found out that a lot of money was missing from her accounts. Apparently, my uncle and his family had been fleecing granny for years. My dad and my uncle haven't talked since settling my grandmother's estate.
__________________
FIREd is online now   Reply With Quote
Old 09-13-2010, 06:56 AM   #7
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,501
I saw a lot of that when I was doing fraud investigations, which included identity theft. When family members did it, usually the acts were drug-driven.

One in particular I remember the look on a mother's face when I showed her the ATM photos from the contested withdrawals. It was her son, and she had no idea it had been him.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 09-13-2010, 08:52 AM   #8
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,412
I suspect the prevalence of family related fraud is one reason banks are so reluctant to replace or refund money taken unlawfully from accounts, even when banking regulations require them to do so.
__________________
MichaelB is offline   Reply With Quote
Old 09-14-2010, 07:30 AM   #9
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,501
The banks will replace the funds, at least the ones I worked with did. But they did reasonably require that the account holder sign an affidavit of forgery/unauthorized withdrawal so the bank could go after the person who did the transaction. Without the affidavit there could be no legal action.

And that was the stumbling block for many families because it meant that they were signing a document that meant a family member could go to jail. In some cases that was impossible for them to do.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 09-14-2010, 11:38 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Damn, this is ugly reality isn't it?

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 09-14-2010, 04:19 PM   #11
Full time employment: Posting here.
Badger's Avatar
 
Join Date: Nov 2008
Posts: 824
Quote:
Originally Posted by Walt34 View Post
The banks will replace the funds, at least the ones I worked with did. But they did reasonably require that the account holder sign an affidavit of forgery/unauthorized withdrawal so the bank could go after the person who did the transaction. Without the affidavit there could be no legal action.

And that was the stumbling block for many families because it meant that they were signing a document that meant a family member could go to jail. In some cases that was impossible for them to do.
Although this wasn't our situation, I would have gladly signed an affidavit and encouraged the bank to pursue having my embezzeling brother thrown in jail had it been. Anyone who is low enough to screw over family loses any claim to be family. They are worse than a stranger who would steal from you because they are also destroying the family bond and trust. I don't understand folks that enable this kind of behavior by not pursuing legal action regardless of whether it is a family member or not.
__________________
Badger is offline   Reply With Quote
Old 09-14-2010, 04:42 PM   #12
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,412
Quote:
The banks will replace the funds, at least the ones I worked with did. But they did reasonably require that the account holder sign an affidavit of forgery/unauthorized withdrawal so the bank could go after the person who did the transaction. Without the affidavit there could be no legal action.
I worked two cases where the banks had to be forced to replenish. One took 6 months, the other 18. My greater surprise was their hostility and uncooperative attitude, which I attribute to a policy of push-back designed to weed out family theft situations.

Quote:
Damn, this is ugly reality isn't it?
Yeah. Much of it is motivated by addiction. Ugly and heartbreaking.
__________________

__________________
MichaelB is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Newest Member of Calgary_Girl's Family! Calgary_Girl Other topics 17 12-06-2009 03:57 PM
Could it be identity theft? FIREd FIRE and Money 4 09-25-2009 09:35 AM
identity theft Corporateburnout Other topics 21 10-27-2006 05:00 PM
charitable family foundations--family first! astromeria Other topics 4 09-25-2006 10:49 PM
Identity Theft - Maybe Eagle43 Other topics 6 06-11-2006 04:19 PM

 

 
All times are GMT -6. The time now is 07:19 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.