My grandma set up stock accounts for all 10 of her gradkids when we were very young. It was to be used to help finance college and to buy our first house. My step dad told myself and my brother that we lost everything because it was invested in a company that went under. I have recently discovered that was a lie. The money was still in the account 2 years after that and he sold it and used it for something. The accounts were in my name and my brothers, not in his name. So should I hold him accountable and sue him for the money?
2006-06-28 06:40:25 · 17 answers · asked by stark2602 1 in Business & Finance ➔ Other - Business & Finance
Yes.
It was most likely in a UGMA account (Uniform Gift to Minor Account) if he could access it. He will probably claim he used it for your benefit, and it will be hard to prove he did not.
Now, if it truely WAS in a trust account...then the custodian of the account and all trustees (fiduciaries) should be sued. If the trust specifically said the money is for college...and it was withdrawn by someone other than the beneficiary and used for something other than college...then that is pretty straight forward. And, if the money was in a trust account and invested poorly...that too is a lawsuit you should pursue. Fiduciaries have an obligation for prudent investments.
You need to find out
1) what kind of account it was
2) who held it
3) when the money was taken
4) what it was used for
If you were NOT minors....it doesn't matter WHAT kind of account it was....THE ONLY PEOPLE WHO SHOULD HAVE BEEN ABLE TO ACCESS IT WOULD BE YOU OR YOUR BROTHERS.
Go to the bank and start questioning people. Calmly impress upon them the seriousness of this. Bump it up to the next level when you get roadblocked.
If it was held at a brokerage account, mention getting their compliance officer involved.
Start writing letters and demanding answers. If it was an amount over say $50k, you should be able to find an attorney who will help you.
2006-06-28 06:50:33 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Difficult..Probably you would like to keep on having an OK communication with your stepfather, if that is the case now..
On the other hand, it seems like he might put you in a difficult situation by what he has done..Another thing is that he have been lying about something quite seriously, and that in it self is not good. If you have a good financial situation, it might not be worth the hassle, but if this makes a huge difference concerning your chance to get an education and have a house, it might be better to do something about it now, than ending up resenting him later.
IF you decide you want to sue him, be very sure you even have a chance legally. Maybe ask a lawyer for advice.
Do you think your stepfather might be willing to solve it with you privately?
2006-06-28 06:56:20 · answer #2 · answered by ayla_sim 2 · 0⤊ 0⤋
If the accounts where in your name, you are of age and you have the proof he took the money then go after him. You need every penny for college and buying a house in this market is very expensive. If you sue get a good lawyer and have all your paperwork in order, that way you have a better chance of winning. Try to catch him off guard.
2006-06-28 06:46:44 · answer #3 · answered by Wise Hermit 3 · 0⤊ 0⤋
What kind of relationship do you have with your step-dad? If you're willing to end it once and for all, by all means go ahead and sue him. You may actually have cause against the bank---if the account was not in his name, how did he get the money?
2006-06-28 06:43:09 · answer #4 · answered by Allen 3 · 0⤊ 0⤋
Sounds like what he did was very selfish. If I was you I would get all my ducks in a row and go see an attorney (say nothing to no one) and see what a reputible attorney would say to do. Include the attorney fees and see if it would be worth it in the end. Sue him for everything! He should never have done something like that to you guys!
2006-06-28 06:47:06 · answer #5 · answered by Lost 2 · 0⤊ 0⤋
First, determine if the amount of money lost is worth filing suit and potentially ruining your relationship with him? Second, do you think you'd get your money back from him? Does he own a home or have money that you could get from a lawsuit?
If what you described is true, then what he did was illegal. You might want to gather all of the facts and speak to a lawyer.
Scott.....
2006-06-28 06:45:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Damn straight sue the SOB and not only that file criminal charges with your local PD. He is your (Step) Father and not legally entitled to access anything that has to do with your biological family unless your Mother allowed it, and if that's the case sue her also. One more item you can do to get even Report him to the credit agencies as not having repaid a legal debt, do this every 6 months forever this will get him where it hurts bad his credit rating.
2006-06-28 06:48:39 · answer #7 · answered by maddogbyrd 1 · 0⤊ 0⤋
Yes and hold him and the bank accountable for the trust and the interest that would have accrued. You have the right to go after each one separately, regardless if one or the other pays...And when your don't have him charged because what he did is criminal.
2006-06-28 06:45:30 · answer #8 · answered by micki_g 4 · 0⤊ 0⤋
Your grandma had her 10 grandkids at heart and I would think wanted you guys to get a good college education, hence the reason for her decision. Firstly your stepdad lied to you guys about money he knew nothing about, depriving you and your brother of what was rightfully yours. For me if I was in your shoe I would take his *** to court, cause that's first degree theft.
2006-06-28 06:51:31 · answer #9 · answered by Shamar 1 · 0⤊ 0⤋
If the accounts were in your names, your step-parent should not have had access and the bank can possibly be held liable. I would consult a lawyer.
2006-06-28 06:55:20 · answer #10 · answered by sovereign_carrie 5 · 0⤊ 0⤋