50,000 sat in a trust finance that was intended for Paul Riley. But over 22 years, not a dime was ever allocated to Riley. 17,000 in legal fees, annual investment management charges of almost 2 percent of assets, and court fees. 30 million in the accounts is allocated to their behalf ever.
Instead, the amount of money has been siphoned off for bank or investment company management charges and legal expenses. And for fees charged by the Massachusetts Probate and Family Court system, which includes long neglected its obligation to guarantee the money are expended for the advantage of a few of the state’s most helpless people. A Globe investigation found serious failures at every level of the system.
- Reinvestment of dividend which is similar to compounding
- Change your mentality
- Instrument: Bank Guarantee (BG)/SBLC
- 29 September 2017, 08:33 GMT+1 29 September 2017, 09:08 GMT+1
- Senses: Sensors that can detect external data
In most probate courts there’s been scant oversight of the trust funds. The bank trustees, who manage investments for the funds, failed, in many cases, to document required financial reports for several years. And the majority of the personal trustees – the individuals who decide when to tap the trusts for individuals like Riley, and who almost always stand to inherit leftover funds – didn’t spend anything for his or her mentally retarded wards.
For years, probate judges had ample chance to step in with respect to the trust beneficiaries but didn’t. In Riley’s case, for instance, judges 3 x appointed lawyers to examine his trust’s spending. Yet neither the attorneys nor judges who received their reports ever mentioned that Riley received no benefits from his trust fund.
It makes one question if there is any expects mankind, when more and more people don’t realize the basic concepts of productive satisfying lives. Funny that should appear in my give food to just as I have been reading about the rioting and looting in my own city in London. The tragedy of the teenagers included is not that these are disadvantaged, and poor, but that these regions of London have had millions of pounds pumped into them, but no one has ever asked back again them to give something.
These kids are truly disadvantaged because they have been fed a shallow, materialistic culture where they have been trained that they are victims who should be given anything they need immediately they want it. If the infrastructure that offers trainers, blackberries, and benefits fails ever, they’ll be as helpless as infants to provide for themselves and their families. Thanks, Wayne Brown.We has to take stock of what we’ve and prepares to do what we should can. Because of you, too, Peggy W. Maybe it’s a wake up call.