Tuesday, February 07, 2012

Misappropriating Trust Funds

There are serious consequences if a trustee misappropriates trust funds.

An example of this recently occurred in Port St. Lucie, Florida. John Morgan was arrested on a grand theft charge for reportedly stealing more than $40,000 from his adult daughter’s special needs trust fund. His daughter, Sandra Morgan, who suffers from cerebral palsy and lives in a group home, was awarded $65,000 from a settlement due to a wheel chair accident that resulted in injury. Reports indicate that Morgan spent the money on personal items such as bills and purchasing a new car. Police said Morgan spent a total of $40,966.56 of his daughter’s money for his personal benefit.

For full story link over: http://www.wpbf.com/news/30389149/detail.html#ixzz1lch2bRdn

This blog entry serves as educational purposes only and does not constitute legal advice.