JPMorgan Chase Faces Allegations of Mismanaging $50 Million in Investor Funds Amid Dementia Concerns
The family of a wealthy investor diagnosed with dementia alleges that a major banking institution exploited the condition of the investor, resulting in the mismanagement and loss of a $50 million fortune.
Yoon Doelger reports that her 86-year-old husband, Peter, already undergoing dementia treatment, signed a document absolving a major bank of any liabilities for losses incurred as a sophisticated investor, according to Bloomberg.
The lawsuit contends that the Doelgers' wealth, once valued at $50 million, was decimated by the bank through loans extended to Peter for high-risk investments in oil and gas securities.
In March 2020, Yoon liquidated their investments as the $50 million had dwindled to just $400,000 in JPMorgan's holdings and $1.1 million in another account.
JPMorgan has responded with a counterclaim, asserting that Peter's agreement to the terms negates the couple's claims.
The bank has stated that it had advised Mr. Doelger to diversify his investments and reduce risk exposure, with Mr. Doelger acknowledging this advice in a signed agreement, recognizing his financial sophistication and awareness of the risks involved.
The couple, now residing with relatives after selling their Boston condominium, reflects on their misplaced trust in the bank, expecting not wealth, but at least financial comfort from their investments.
Dec 24, 2023
