Thursday, October 25, 2012
The boyfriend of Christine Backhouse, a Silicon Valley Estate Manager, has stolen $17.3 million in funds from her client's accounts, including trusts. Her boyfriend, Leo "Josh" Kennedy stole the money by wiring money from the accounts to a new company. The family members are justifiably angry at this situation, and are in the process of tyring to re-coup the losts that they have incurred. Some of these people are curious as to why Ms. Backhouse is still able to do business as an estate manager, especially when one considers the scope of the funds that were lost and the federal investigation by the FBI. The problem here is that Ms. Backhouse appears to be an innocent bystander in all of this because she claims that Kennedy did all of the accounting. This is difficult for the family members to understand, considering that Ms. Backhouse is a state-licensed fiduiciary and oversees numerous accounts. These family members want more done, but the attorney for Ms. Backhouse, Andrew Watters, stated that she done a great deal because has taken the proactive steps to recover the embezzled funds and in the investigation.
See Karen de Sa, Victims of Multimillion-dollar Trust Thefts Want Silicon Valley Estate Manager Out of Business, MercuryNews.com, Oct. 25, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.