Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

TexasTowelie

(112,212 posts)
Fri Jul 10, 2015, 06:57 PM Jul 2015

Judge: Wells Fargo to pay $8M for fraud tied to trust set up when Dallas woman was orphan

Wells Fargo Bank has been ordered to pay a Dallas woman more than $8 million by a state judge who concluded the bank defrauded her in serving as a trustee for a trust established by her relatives in Midland when she was orphaned at age 7.

In court filings and during a 2012 bench trial before State Judge Emily Tobolowsky, Angela Militello alleged that she had been deceived by Wells Fargo, which was acting as the trustee in a trust set up for her as a child. (The original complaint is here.)

Wells Fargo sent a trust officer to Dallas County in 1999 to discuss Militello’s trust, she alleged. At a Dallas restaurant, he informed her she needed to “open a new account” and produced papers for her to assign to create a revocable trust.

In 2006, following her divorce, Militello asked her trust officer how she might get $200,000 to buy a house where she and her child could live. In May of that year, he sent her a check for the $200,000 and a form asking her to approve the already completed sale of 35 percent of the trust’s assets. Within a few months, the rest of the assets would be sold as well.

Read more: http://bizbeatblog.dallasnews.com/2015/07/judge-wells-fargo-to-pay-8m-for-fraud-tied-to-trust-set-up-when-dallas-woman-was-orphan.html/

[font color=330099]The judgment also included $3.5 million in punitive damages.[/font]

1 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Judge: Wells Fargo to pay $8M for fraud tied to trust set up when Dallas woman was orphan (Original Post) TexasTowelie Jul 2015 OP
I'm being screwed by the same bank go figure...I'm on SSDI & my fathers millions pay for my step mom Boxerfan Jul 2015 #1

Boxerfan

(2,533 posts)
1. I'm being screwed by the same bank go figure...I'm on SSDI & my fathers millions pay for my step mom
Fri Jul 10, 2015, 07:39 PM
Jul 2015

And let us say how he died is highly suspect-I was one of 3 juveniles when my father died in 1973. His will had recently been re-written to dis-inherit us kids. We never knew the extent of the damage done till we were all adults & they cut us off completely.

We never received proper consultation much less legal advice at the time of his death. And watching my step mother eat up all of the assets has been a slow torture. Especially because despite my best efforts I can no longer work & have to rely on SSDI.

I joked to my brother that at least she bought well when my dad died. The trust paid for a nice place in Woodside Ca. I figured at least that would be an asset for the trust.

NOPE-she has kept the property outside the trust & it is all legal according to a Midland attorney I talked to. I could not believe it but par for the course. She has never helped my or my siblings family in any way & will likely will the house to her side of the family-Joy.

It has been a cancer on my soul since it happened over 40 years ago. And watching the slo mo decimation of his legacy is almost too much to handle. I will never know exactly how my father died-it was in England by horseback. but I was told he was allowed to die slowly without aid after a massive head injury because "we wouldn't want him to be a vegetable". It kinda made sense when I was a kid but now I see a step mother with bad intent conning him into re-writing his will & having her way done.

Do I have any proof?

Only by her actions.
Sad but true.

Still I'll say one thing I'm glad for-I'm a better man than my father ever was-especially as a Dad.

Latest Discussions»Region Forums»Texas»Judge: Wells Fargo to pay...