Monday, February 22, 2021
Schottenstain said that her two grandsons that managed her money at JP Morgan "forged documents, ran up commissions with inappropriate trading and made her miss tens of millions of dollars in gains."
Schottenstein decided to stay an independent review of her accounts and what she found was devastating, "[h]er two financial advisers at JPMorgan Chase & Co., who oversaw more than $80 million for her, had run up big commissions putting her money in risky investments they weren’t telling her about. It was the latest red flag about the bankers. There had been missing account statements. Document shredding. Unexplained credit-card charges."
Against friends and family's advice, Schottenstein decided she was going to take action. After an arbitration hearing with her grandsons and JP Morgan, Schottenstein was awarded $19 million to be paid by her grandsons and JP Morgan.
See Tom Schoenberg, At 93, She Waged War on JPMorgan—and Her Own Grandsons, Bloomberg Law, February 17, 2021.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.