Latest Breaking News

alp227

(32,027 posts) Sun Jul 8, 2012, 03:10 PM Jul 2012

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

5 replies

= new reply since forum marked as read

Highlight:

FBI probes $17 million missing from Santa Clara County trusts (Original Post) alp227 Jul 2012 OP

Blaming it on the boyfriend? itsrobert Jul 2012 #1

Her boyfriend was also a business partner csziggy Jul 2012 #5

Why do I get the sneaking suspicion that Ms. Backhouse is a Repuke? kestrel91316 Jul 2012 #2

because that's all they do is steal and lie, and lie and steal. nt bonniebgood Jul 2012 #3

This message was self-deleted by its author earcandle Jul 2012 #4

itsrobert

(14,157 posts)

1. Blaming it on the boyfriend?

Reply to alp227 (Original post)

Sun Jul 8, 2012, 04:02 PM

Jul 2012

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

(34,136 posts)

5. Her boyfriend was also a business partner

Reply to itsrobert (Reply #1)

Sun Jul 8, 2012, 06:09 PM

Jul 2012

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)

2. Why do I get the sneaking suspicion that Ms. Backhouse is a Repuke?

Reply to alp227 (Original post)

Sun Jul 8, 2012, 04:24 PM

Jul 2012

bonniebgood

(943 posts)

3. because that's all they do is steal and lie, and lie and steal. nt

Reply to kestrel91316 (Reply #2)

Sun Jul 8, 2012, 04:36 PM

Jul 2012

Response to alp227 (Original post)

earcandle This message was self-deleted by its author.

Reply to this discussion