A member of the Coe Memorial Park Advisory Committee said she will approach the City Council in an attempt to move the trust that funds the park’s upkeep away from Bank of America, alleging that the bank has not managed the funds from the trust properly.
Susan Coe Holbrook said she does not believe Bank of America is guilty of anything illegal, though she does think the trust has been “mismanaged.” Holbrook is a member of the Coe Memorial Park Advisory Committee and one of 61 descendants of Adelaide Coe Godfrey, who initially set up the trust to benefit the park.
Holbrook brought the matter to Litchfield Probate Court last year, telling the court in a letter that “Bank of America has failed in its fiduciary responsibility in several ways,” primarily that the trust has seen essentially no growth since the bank took over management of the funds in 2004.
Holbrook: “Over the years, it’s been badly misused.”
Full Article and Source:
Coe Park funds ‘misused’
Susan Coe Holbrook said she does not believe Bank of America is guilty of anything illegal, though she does think the trust has been “mismanaged.” Holbrook is a member of the Coe Memorial Park Advisory Committee and one of 61 descendants of Adelaide Coe Godfrey, who initially set up the trust to benefit the park.
Holbrook brought the matter to Litchfield Probate Court last year, telling the court in a letter that “Bank of America has failed in its fiduciary responsibility in several ways,” primarily that the trust has seen essentially no growth since the bank took over management of the funds in 2004.
Holbrook: “Over the years, it’s been badly misused.”
Full Article and Source:
Coe Park funds ‘misused’
4 comments:
No growth? Hmmmmmm, let's count the reasons why:
#1) I have a feeling that there was growth, but all of that went to the fees for being in charge of this fund.
From my personal experience, Coe Memorial Park Advisory Committee should be on their knees giving thanks that there there are any funds in the trust to transer.
This is an interesting concept. The trust has been mismanaged because it's seen no growth since 2004.
I agree, it's worth looking in to.
But, why can't the courts can have this same understanding regarding a trust dealing with human beings?
In guardianship, the funds are expected to be depleted. That's just the awful way it is. And it's wrong.
Guardians should have a fiduciary responsibility to invest and grow their Ward's funds appropriately.
And when they don't, they should be subject to mismanagement charges from their Wards.
Guardians are not held responsible for their actions and inactions. They enjoy immunities that's why they are out of control with each passing year. Get away with a little, that leads to getting away with a lot. This will get worse and they have their eyes on US or I should say on our $$$$!
Guardianship is the new American product, so get ready for what is laying in wait - the guardianship racket.
bac is a bad bank.
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