Gloria Mackenzie, a 90-year-old girl in Jacksonville, Fla., who had a successful Powerball ticket six years in the past, filed a lawsuit in opposition to her son, Scott Mackenzie, and his monetary advisor, claiming they mismanaged her cash, in line with the Related Press.
Mackenzie turned Florida’s largest Powerball winner in 2013, when she took house $278 million (after taxes). She gave her son management of her funds, and he employed Hank Madden, a fee-only advisor, co-founder of Madden Advisory Companies and host of a call-in radio present, to handle her investments. Gloria claims her portfolio consisted of low-return investments, equivalent to CDs and cash market funds, whereas she was paying $2 million in charges. The go well with alleges breach of fiduciary responsibility, breach of contract, negligence and exploitation of a weak grownup.
In court docket paperwork, Scott Mackenzie says his mom's claims "are primarily based solely on allegations that Scott launched Gloria to an funding adviser who put her in conservative funding autos, in accordance together with her chosen funding targets, and successfully preserved her wealth.”
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