Thursday, November 5, 2026

California Appeals Court Revives Elder Abuse and Fiduciary Duty Claims Against Morgan Stanley and Financial Advisor John Privitelli, Reopening Decades of Account History for Trial, According to Reif Law Group, P.C.

Court rules account gains do not defeat the financial elder abuse claim, reverses the trial court's 2010 cutoff, and holds that claims involving alleged tax and estate-planning advice cannot be dismissed as a matter of law


LOS ANGELES, October 13, 2026
--(BUSINESS WIRE)--Reif Law Group, P.C. today announced that the California Court of Appeal has reversed a judgment that ended its clients' case against Morgan Stanley & Co., LLC and financial advisor John R. Privitelli after the close of plaintiffs' evidence at trial. The appellate court held that gains in the account did not defeat the plaintiffs' financial elder abuse claim as a matter of law, and it reversed a ruling that had limited the case to the final 21 months of a relationship that lasted roughly two decades.

In Adam DeVone et al. v. Morgan Stanley & Co., LLC et al., the Second Appellate District, Division Three, reversed the judgment in every respect but one. The case involves the estate of Maurice Voce, a barber and self-taught investor who died in 2012 at age 93. According to the opinion, Voce began trading options with Morgan Stanley's predecessor firm in the 1980s, and Privitelli took over his accounts in the 1990s, when Voce was age 74, and worked with him continuously until June 2012, communicating with him "pretty much daily," according to evidence the court cited.

The Full Relationship Is Back in the Case

The trial court found the lawsuit timely, then ruled that no conduct before September 11, 2010 could support liability or damages. The Court of Appeal held that was error. Once a claim is timely, the court explained, the plaintiff is "entitled to seek recovery for the full course of the wrongful conduct underlying that cause of action," and the statute of limitations does not "operate to constrain the scope of actionable conduct."

The court also rejected the defendants' alternative argument under the continuous accrual doctrine. Describing the doctrine generally, the court noted that it is designed to operate in a plaintiff's favor, and that the defendants' attempt to use it to confine the conduct for which plaintiffs may recover "inverts its purpose." The court held that disputed questions about when the plaintiffs knew or should have known of their claims are for the jury to decide.

In reviewing the elder abuse claim, the Court of Appeal described trial evidence reaching well before the 2010 cutoff. According to the opinion, in 1998, when Voce was 79, Morgan Stanley sent him a letter memorializing restrictions limiting his account to a covered-call strategy and capping his uncovered options positions, and a 1999 internal Morgan Stanley communication referred to reining in uncovered options because of his age while making an exception for Privitelli's branch. The court also described evidence of a February 2009 margin call after the account had fallen by nearly half over the prior year, and a roughly $900,000 loan the trusts obtained to pay off the margin debt.

Plaintiffs contend the 2010 cutoff removed most of the relationship from the case. Based on plaintiffs' analysis of the account records, Voce's accounts reflected approximately 30,690 trades and approximately $2.0 million in trading costs from 1993 to 2012, roughly 98 percent of which predate September 2010. The Court of Appeal noted plaintiffs' expert testimony that options positions expire and are generally replaced, with each replacement generating a new commission.

Account Gains Do Not Defeat the Elder Abuse Claim

The trial court dismissed the elder abuse claim after finding that "the account only grew in value," and the defendants pointed to approximately $4.2 million in net gains from 2010 to 2012. The Court of Appeal held that was error. California's Elder Abuse Act asks what a defendant "knew or should have known" at the time of the conduct, not only how the trades turned out. "Under the Elder Abuse Act, a defendant who exposes an elder to a foreseeable risk of harm does not escape liability merely because the risk did not materialize," the court wrote. The court also held that proof of a wrongful taking under the Act does not require evidence of a net financial loss.

The court described evidence that Privitelli received a December 2010 email from the family describing Voce's memory lapses, disorientation and declining health, and that Privitelli testified he was "on notice" of Voce's cognitive impairment in early 2011 and executed trades on Voce's instructions during that period. Asked at trial whether those reports should have been escalated to risk management or a supervisor, Privitelli answered, "Sure. It should have been." The court also noted testimony that Morgan Stanley had the right to revoke the trading authorization at any time, and held that a jury could weigh the firm's decision not to do so.

Claims Involving Alleged Tax and Estate-Planning Advice Are Revived

The trial court had also barred claims over alleged tax and estate-planning advice because the defendants were not hired or paid to give it. The Court of Appeal held that the scope of a broker's fiduciary duty depends on the facts of the relationship as a whole, including its duration and any advice actually given, not solely on the terms of a formal engagement. The court cited evidence of Privitelli's near-daily contact with Voce over the relationship, his Certified Financial Planner designation, and evidence that he told the trusts' estate planning attorney he had advised Voce on the tax treatment of certain gifts. Plaintiffs allege that tax advice resulted in approximately $640,000 in interest and penalties, and that related advice led to a split-dollar life insurance policy and costs exceeding $700,000. 

"The defendants asked the courts to judge this case by the account balance, and the Court of Appeal disagreed," said Brandon S. Reif, of Reif Law Group, P.C., counsel for the plaintiffs. "The Elder Abuse Act asks what a financial professional knew or should have known at the time. The trial court's cutoff excluded, by our count, roughly 98 percent of the trading in this account. The Court of Appeal restored that history, and we look forward to presenting the full record to a jury."

"When a family raises concerns about an older client's cognitive decline, those concerns deserve serious attention," Reif added. "In our view, a profitable account is not a license to ignore reported concerns of mental decline due to a client aging."

The court affirmed dismissal of one theory, a breach of fiduciary duty claim based on excessive trading, and reversed the judgment in all other respects. The court emphasized that its ruling does not compel a finding of liability. The allegations have not been proven, and the defendants dispute them. The case returns to the Los Angeles County Superior Court for a new trial.

Case: Adam DeVone et al. v. Morgan Stanley & Co., LLC et al., California Court of Appeal, Second Appellate District, Division Three, Case No. B339219. Opinion filed October 8, 2026.

Wednesday, November 4, 2026

Senators part of hearing on isolation


PITTSBURGH - U.S. Sen. Dave McCormick, a member of the U.S. Senate Special Committee on Aging held a field hearing in Pittsburgh last week alongside U.S. Sen. John Fetterman examining loneliness and social isolation among older Pennsylvanians and how federal programs can better help seniors stay connected to their communities.

"Pennsylvania seniors helped build our communities, worked our mills and mines, and served our country, and they deserve to stay connected," said McCormick. "Today's hearing is about finding practical ways to reach isolated seniors and ensuring local organizations across Pennsylvania have the support they need to help."

Pennsylvania is home to more than 2.5 million residents age 65 and older, and that population continues to grow. For many seniors, losing a spouse, living far from family, or no longer being able to drive can make it harder to stay connected. Social isolation is not just a quality-of-life issue; it can have serious consequences for older Americans' health and well-being.

"I've always believed in the importance of connecting forgotten communities and making sure they aren't left behind. That includes our aging neighbors and the often unaddressed needs they have," said Senator Fetterman. "Hearing that Meals on Wheels might be the only human contact older folks have that week is alarming. Social isolation and loneliness are serious issues, and I'm grateful for the witnesses' testimony today and understanding how we can better serve the community."

The hearing featured four experts in aging services and research, representing Allegheny County, Penn State, the Jewish Healthcare Foundation, and Meals on Wheels of Lancaster.

Witnesses discussed how the Older Americans Act can better support meal delivery, senior centers, transportation, and other services that help seniors stay connected. Pennsylvania receives approximately $45 million annually through the Act. Senator McCormick cosponsored its bipartisan reauthorization, which passed the Senate unanimously in July. 

Full Article & Source:
Senators part of hearing on isolation 

Tuesday, November 3, 2026

Jason Taylor Sentenced for Financially Exploiting Family Members

For Immediate Release
Date: November 02, 2026


Concord, NH – Attorney General John M. Formella announces that Jason Taylor, age 38, of Pelham, New Hampshire has been sentenced in Hillsborough County Superior Court Southern District for financially exploiting family members through a scheme that caused more than $260,000 in losses.

Taylor pleaded guilty to two counts of financial exploitation and two counts of theft by deception. The charges stemmed from a scheme in which Taylor fabricated a fictitious legal case and created false correspondence purportedly from attorneys, a prosecutor, and the Chief Justice of the United States. He used the fabricated documents to persuade family members to provide money, promising that the funds would be reimbursed.

“Financial exploitation can have devastating consequences, particularly when someone abuses the trust of family members who believe they are helping a loved one,” said Attorney General Formella. “Protecting older adults from fraud and financial abuse is an important responsibility of this office. We will continue to hold those who exploit vulnerable adults accountable under the law.”

The court sentenced Taylor to 2½ to 5 years, stand committed, on the financial exploitation charges, and 7½ to 15 years, all suspended, on the theft by deception charges. As a condition of his suspended sentences, Taylor is prohibited from working with or serving as a fiduciary for any elderly, disabled, or impaired adult. The court also ordered Taylor to pay a total of $260,048.69 in restitution to the victims.

The case was prosecuted by the New Hampshire Department of Justice Elder Abuse and Financial Exploitation Unit and investigated in conjunction with the Hudson and Pelham Police Departments.

Anyone who believes they or a loved one may be the victim of elder abuse or financial exploitation should contact local law enforcement, the Bureau of Adult and Aging Services (www.nheasy.nh.gov), and the FBI’s Internet Crime Complaint Center (www.ic3.gov) and report the incident promptly. Quick reporting may improve the chances of recovering stolen funds and prevent additional victimization.
 

Contact
Michael S. Garrity, Director of Communications
(603) 931-9375 | michael.s.garrity@doj.nh.gov
Nancy A. DeAngelis, Senior Assistant Attorney General, Chief, Elder Abuse and Financial Exploitation Unit
(603) 271-3671 | Nancy.A.DeAngelis@doj.nh.gov

Source:
Jason Taylor Sentenced for Financially Exploiting Family Members

Missouri man sentenced after stealing $240K from elderly mother

by Jared Bush


KANSAS CITY, Mo. — A Missouri man has been sentenced after stealing just over $240,000 from his elderly mother.

Michael McLin of Grain Valley pleaded guilty on Thursday, Oct. 29, to fraudulent use of a credit/debit card device. All his other charges were dismissed. He was sentenced to three years in prison.

He was charged in April 2025 with financial exploitation of the elderly, a class A felony, and stealing, a class C felony.

According to court documents, McLin and his girlfriend moved into his mother’s house in 2021 or 2022.

In June 2022, court records say McLin began withdrawing money from his mother’s bank accounts without her knowledge or permission after adding his name to them without her knowledge.

This continued until 2024, when his mother discovered $160,000 missing from her bank accounts. His mother then closed the bank accounts and opened new ones so that McLin no longer had access to them. 

McLin’s mother moved out of her home in June 2024 to live with her grandson and his wife. Eviction notices were put on the home in order to McLin and his girlfriend to leave.

After bank records were reviewed, it was determined that McLin stole a total of $230,319.77 from his mother’s two bank accounts. He also used her Discover Credit Card to spend nearly $10,000 without her permission.

In total, McLin stole $240,075.58. 

Full Article & Source:
Missouri man sentenced after stealing $240K from elderly mother 

Sunday, November 1, 2026

Center Point couple accused of stealing $93K from grandparent


By KCRG Staff 

LINN COUNTY, Iowa (KCRG) - A Center Point couple is accused of stealing more than $93,000 from one of their grandmothers.

Aarika and Richard Ortega are both charged with theft and financial exploitation of an older person, money laundering and credit card fraud.

A criminal complaint says Aarika became her grandmother’s guardian in November of 2025.

By March, she had put her grandmother in assisted living and transferred $25,000 out of her account as a “wage” for taking care of her.

The Linn County Sheriff’s Office says they continued to take from the account. Charges included a new dirt bike and pickup truck, repairing a four-wheeler and a trip to a St. Louis Cardinals game, among other charges.

Both are being held at the Linn County Jail.

Full Article & Source:
Center Point couple accused of stealing $93K from grandparent 

Leelanau County Man to Stand Trial on Embezzlement Charges


LANSING
— On Wednesday, in the 80th District Court in Harrison, Donovan Leonard, 34, of Cedar, was bound over to stand trial on felony charges of embezzlement, forgery, uttering and publishing, and failure to file taxes, announced Michigan Attorney General Dana Nessel. The case was investigated by the Michigan Department of Attorney General, which then charged Leonard in August of this year.

In 2023, Leonard obtained power of attorney over an elderly man, with whom he’d been close for many years, who was at that time suffering from dementia. It is alleged that Leonard soon after sold off assets belonging to the man and took more than $100,000 from his bank accounts. Leonard allegedly created and filed with the probate court false receipts to justify the stolen sums.

“Power of attorney is a significant legal authority one person can grant to another in a time of need, but it is not a license to steal,” said Attorney General Nessel. “Vulnerable and elderly Michigan residents often must rely on a trusted relative or friend to help manage their finances or other affairs. When that trust and legal privilege is abused, my office will act to hold unscrupulous actors accountable.”

Leonard is charged with:

  • 1 count of Embezzlement from a Vulnerable Adult - $100,000 or more, a 20-year felony;
  • 1 count of Embezzlement by an Agent - $100,000 or more, a 20-year felony;
  • 1 count of Forgery, a 14-year felony;
  • 1 count of Uttering and Publishing, a 14-year felony; and
  • 2 counts of Taxes – Failure to File, a 5-year felony.

Leonard will next appear before Judge Tara S. Hovey in the 55th Circuit Court in Clare County.

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Please note: For all criminal proceedings, a criminal charge is merely an allegation. The defendant is presumed innocent unless and until proven guilty. The Department does not provide booking photos. 

Source:
Leelanau County Man to Stand Trial on Embezzlement Charges

Saturday, October 31, 2026

I helped a billionaire couple tell their kids they’d already received their inheritance. They didn’t take it well


By Christina Wing 

On October 20, Wells Fargo released a study of affluent families that every parent with an estate plan should read.

Based on a survey of 800 Baby Boomers and 800 Gen X or Millennial children, the researchers found that 61% of adult children said inheritance had already caused problems in their families, from hurt feelings and arguments over fairness to estrangement and legal disputes. Only 29% of older parents said the same. Among the adult children, 49% believed inheritance conversations have the potential to trigger family conflict—which is one reason so many people avoid having them.

My book, Unspeakable, came out the same day as the survey, and that data provided an illustration of the book’s core idea in the book: Many families are avoiding conversations because they’re afraid of discomfort, even if this avoidance can cause harm. Estate planning is just one of the topics I cover in Unspeakable, but as I’ve traveled to give talks and answer questions about the book, it’s one that’s coming up most frequently.

In my work advising family businesses, I see this avoidance in various forms. In many cases, older parents hire my firm to help them inform their children about their estate plans. This is complicated work, but I find it fulfilling because I believe that in most cases, relationships become better when financial secrets are brought out into the open.

To help illustrate this, let me tell you about my work with a couple I’ll call Jose and Natalia.

Born and raised in Latin America, Jose was educated as an accountant and worked for investment banks before founding a wildly successful private equity firm. The couple, who now live in San Francisco and are in their eighties, have built substantial wealth. Their assets total over $1 billion.

They have four children in their fifties, all well-educated and financially independent. Years ago the parents gave each child a significant gift—about $25 million each. The family had never discussed the provisions of Jose and Natalia’s will, but the children have always assumed they would inherit most of the estate when the parents die.

Here’s the secret: They won’t. The children will be given lifetime use of the family’s home, which are to be placed in a trust with maintenance funds. But everything else will be used to fund a charitable foundation devoted to mental health and education programs, run by an outside adviser. Decisions will be guided by their eleven grandchildren, now in their twenties—who had no idea they’ll inherit this responsibility. Additionally, Jose has chosen his longtime executive assistant to vote his company shares going forward and has left her a substantial bequest—about $10 million at his death and $1 million a year thereafter.

Although very few families have this kind of wealth, many take the same secretive approach to estate planning. Children are afraid to ask about wills because they don’t want to appear greedy. Parents are reluctant to talk about them because they’re afraid the children will be disappointed. Neither party wants to initiate a conversation that’s bound to feel morbid.

Yet these conversations are becoming more urgent as older generations prepare to pass on enormous amounts of wealth. UBS’s 2025 Global Wealth Report estimates that more than $83 trillion will change hands worldwide over the next 20 to 25 years, passing between spouses and down to children. A 2025 Fidelity survey of U.S. parents age 55 and older with at least $500,000 in investable assets found that 70 percent had a will or estate plan, but 68 percent hadn’t shared inheritance details with their children. The silence risks leaving heirs unprepared for the responsibilities they’ll inherit with those assets—and the lack of transparency can also imperil relationships.

Jose was torn about how open to be with his family about estate planning. “I know at least one of my children will have a real problem with [my plan], and I don’t feel like dealing with the conflict,” Jose told me. (To protect client confidentiality, in addition to using pseudonyms, I’ve changed several other identifying biographical details in describing his family.) Over many months I tried to convince them to have a more open and candid conversation with their children about their plans. Here’s a condensed version of the points I made:

  • Because Jose is older than Natalia, he’s likely to die first. If they don’t deal with this before he dies, they’re leaving a mess for Natalia, and the children might lean on her to change her will after Jose is gone.
  • If the children are surprised by this estate plan, there’s a chance they’ll sue. The provisions involving Jose’s assistant are especially likely to cause the children to consult a lawyer.
  • Discussing your plan with your children isn’t the same as debating it—you’re not giving them a vote. The goal should be to inform them, reduce surprise, limit conflict, head off litigation, and help the grandchildren prepare for their role in the new foundation.

Even as I made these arguments, I was sympathetic to their viewpoint. In my own family, we haven’t always been direct about what we wish to happen when we die. When my grandparents died, we knew they wanted to be cremated, but we’d never discussed what they hoped we’d do with the ashes—so their remains sat in a closet in my home for seven years. (We eventually scattered their ashes in the places we thought each of them would’ve picked.) When my father died, I had no clue what was in his estate plan or where he wanted to be buried. His secrecy added stress on top of the grief I felt, and it’s part of the reason why, in both my work and my personal life, I urge people to communicate openly about their final wishes.

The Topic So Many of Us Avoid

I see evidence of our reluctance to deal with death planning in other areas of my professional life. I’m a faculty member at Harvard Business School, and most of the MBA students I teach are in their late twenties. Each fall I teach a class on family enterprises that touches on estate planning, and during the first meeting I ask a simple question: “How many of you have a will?” Around five percent of the students raise their hands. Then I ask a follow-up question: “How many of you have children?” About 20 percent raise their hands. That always blows my mind. If you have a child but don’t have a will with guardianship provisions, you’re allowing the state to decide who will raise your children if you and your spouse die. Students who get into HBS are hyper-responsible rule-followers, and it’s telling that so many of them have skipped over estate planning—which I consider an integral part of being an adult.