JPMorgan Chase Accused of Losing $50 Million Fortune Due to Risky Investments as Investor Battled Dementia
The family of a wealthy investor suffering from dementia has accused JPMorgan Chase of taking advantage of their ailing relative and squandering a $50 million fortune. Yoon Doelger claims that her husband, Peter, who is now 86 years old, signed a letter absolving the bank of any liabilities for losses incurred as a sophisticated investor shortly after receiving his dementia diagnosis.
According to Bloomberg, the lawsuit alleges that JPMorgan loaned millions of dollars to Peter in order to make leveraged bets on oil and gas securities, resulting in the depletion of the Doelgers’ entire fortune. Yoon finally decided to sell their holdings in March of 2020, only to discover that their $50 million fortune had evaporated, leaving them with just $400,000 from JPMorgan’s investments and $1.1 million in another account.
JPMorgan has countered the claims by stating that the couple’s accusations hold no merit since Peter had signed the letter absolving the bank of any responsibility. The bank also argued that they repeatedly advised Peter to diversify and minimize his overall exposure.
In response, Yoon expressed her disappointment, saying that she and her husband trusted the bank to manage their assets and make them comfortable. Now, they are living with relatives after selling their Boston condominium.
The legal battle between the Doelgers and JPMorgan will continue as both parties present their arguments in court.