The family of a high net-worth investor who’s suffering from dementia claims the banking giant took advantage of an ailing man and squandered a $50 million fortune.
Yoon Doelger says her now 86 year-old husband Peter had begun treatment for dementia when he signed a letter absolving the bank of liabilities for losses incurred as a sophisticated investor, reports Bloomberg.
The lawsuit claims the Doelgers’ fortune was essentially wiped out by the bank as it loaned millions of dollars to Peter in order to deploy leveraged bets on oil and gas securities.
Yoon says she finally hit the panic button and liquidated the holdings in March of 2020. At that point, the $50 million fortune had evaporated, leaving the couple with $400,000 from JPMorgan’s investments and $1.1 million in another account.
JPMorgan has filed a counterclaim stating that because Peter signed that letter, the couple’s claims have no merit.
And in a statement, JPMorgan says it “repeatedly suggested to Mr. Doelger that he diversify and reduce his overall exposure.”
“Mr. Doelger signed an agreement, delivered to Mr. Doelger and his personal attorney, acknowledging that advice and affirming that he was ‘financially knowledgeable and sophisticated’ and ‘fully aware of the concentration risk.'”
Yoon says the couple is now living with relatives after selling their condominium in Boston.
“We had 100% trust in them that they will manage our assets. We didn’t expect them to make us a fortune, but at least make us comfortable.”
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