FBI probes $17 million missing from Santa Clara County trusts
Source: San Jose Mercury News
The FBI is investigating how $17.3 million has vanished from the trust funds of dozens of people who relied on a Silicon Valley money manager to oversee their life savings.
A love betrayed and an alleged embezzlement scheme are emerging as the storylines behind this latest chapter exposing he vulnerability of trust funds and estates.
Santa Clara County probate court records show the case centers on the office of Christine Backhouse, who administers more than $104 million in assets -- and lacked sufficient insurance to make up for the theft.
While she is responsible for the money, Backhouse claims she was the victim of an unscrupulous boyfriend who, court records allege, secretly wired millions of dollars out of the trusts.
Read more: http://www.mercurynews.com/rss/ci_21031651
itsrobert
(14,157 posts)She needs to own up to her own actions. She was entrusted to keep these funds secure. How does someone she engages in sex with get access to these accounts?
csziggy
(34,139 posts)From the link in the OP: "The FBI probe focuses on Backhouse's longtime personal and professional partner, Leo Kennedy, who worked as controller in her office. Kennedy is linked in probate court records with unauthorized wire transfers of $17.3 million from 35 individual trust accounts."
You're right, though, she has to own up to own actions. She's the one who did not make sure the accounts were secure, did not check on them enough, and did not carry enough insurance to cover the investments she was responsible for.
kestrel91316
(51,666 posts)bonniebgood
(943 posts)Response to alp227 (Original post)
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