ATTORNEY NEWSLETTER
Four Year Legal Saga Since Lee’s Death
Allegations Of Misuse Of Power Of Attorney
Business Manager Used Power To Fire Former Advisers And Bankers
Seniors are vulnerable to financial elder abuse by any number of financial predators including their own advisers and business managers. Any senior, rich or poor, man or woman, straight or gay, is a potential victim of financial elder abuse. Whenever an older person loses their spouse or partner, they are especially vulnerable, as the case of the Marvel Comic legend Stan Lee, discussed below, illustrates. Whatever the form and extent of abuse, Evans Law Firm, Inc. represents financial elder abuse victims and their families in Los Angeles and throughout California. We pursue all remedies available to the injured senior or his or her family including double damages and payment of attorneys’ fees and costs for having to bring suit to get their money back. Cal. Probate Code § 859 (double damages); Cal. Welf. & Inst. Code § 15657.5 (mandatory attorneys’ fees and expenses in financial elder abuse cases). Sales of unsuitable investments or other fraudulent investments may also constitute violations of federal law. See Securities Act of 1933, 15 U.S.C. §§ 77a et seq., and Rule 10b-5 under the Securities and Exchange Act of 1934, codified at 17 C.F.R. § 240.10b-5. If you or a loved one is a victim of financial elder abuse by a broker, advisor or other party in Los Angeles or elsewhere in California, call our lawyers today at (415)441-8669. Our toll-free number is 1-888-50EVANS (888-503-8267).
Financial Elder Abuse Case Settles
Prior to his death in 2018, Marvel Comic Legend Stan Lee sued his business manager and the manager’s lawyer,[1] referring to them in court documents as “unscrupulous businessmen, sycophants and opportunists” seeking to take advantage of him following the death of his wife, Joan Lee. The manager, a florist-turned-publicist, had entered Lee’s inner circle as a consultant on Lee’s wife and daughter’s various business endeavors before ending up with power of attorney over Lee after Joan’s death. He was given the title of “senior adviser,” handling caregiving duties for Lee. Following Lee’s death, his estate continued the suit against the former business manager and lawyer. The suit against the business manager has now settled, while the estate’s action against the attorney remains open. According to the original complaint, the business manager had fired Stan Lee’s banker of 26 years along with his lawyers and transferred roughly $4.6 million out of his bank account without authorization. After convincing Lee to sign over a power of attorney to him, the manager allegedly appointed his own lawyer, as Lee’s lawyer without disclosing the conflict the interest. Prior to his death, Lee claimed the manager tricked him into loaning $300,000 to a merchandising company masquerading as a nonprofit organization dedicated to racial peace, bought an $850,000 condo using his money, removed almost $1.4 million from his accounts through a series of wire transfers and modified his will. He alleged fraud, financial abuse of an elder and misappropriation of name and likeness, among other claims The details of the estate’s settlement of these claims against the business manager have not been disclosed.
Safeguarding Your Older Loved Ones From Financial Elder Abuse
If you are a family member of an older loved one the best way to protect them from the kind of fraud described in the reported case is to stay involved in their lives and financial affairs so that outsiders do not have the opportunity to exert undue influence over them or separate them from their trusted advisers of many years and their own families. Accompany your older loved ones to any business meeting whatsoever; an older person can be easy prey if they are alone in a business meeting and coaxed to sign papers they may not understand. Never, ever allow your older loved one to give a power of attorney to anyone, especially a business manager or caregiver. If your loved one needs to grant a power of attorney, use a professional, licensed fiduciary.
Contact Us
Ingrid M. Evans represents victims of financial elder abuse by accountants, bookkeepers, financial advisors, insurance agents, brokers, retirement planners, investment promoters, caregivers, trustees, or other person in Los Angeles or elsewhere in California contact at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our toll-free number is 1-888-50EVANS (888-503-8267).
[1] Evans Law Firm, Inc. is not involved in the case in any way.
