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#4616041 - 12/27/17 05:15 PM Parental Barging
sleddriver Offline


Registered: 02/06/10
Posts: 4722
Loc: Central Texas
Barging here in the sailor's term when a boat attempts to cut off all others at the favored end of the starting line. Parental here because a brother did it to his eldest daughter.

I submit this to the BITOG BrotherHood for comments.

I found out this brother evidently intercepted a terminal check from an investment fund I set up in her name when she was less than a yr old, due to mature on her 21st b-day. My original investment more than tripled over the years, to her benefit.

However, she was denied the proceeds. Rather than leaving the check for her to do as she wished (my wish), he cashed/coverted it beforehand, explaining "it was to be used for school", according to her.

To the legal minds out there, how is this possible? She is certainly of legal age. Neither parents name appeared on the account. Just mine and hers, set up as a UGMA.

This stinks. He already has more than a few issues. However, to do this to his own daughter really caught me by surprise. I believe it's incredibly unfair to her and to me as her uncle. After all, she only received it because of my actions decades ago.

What say you?
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#4616065 - 12/27/17 05:36 PM Re: Parental Barging [Re: sleddriver]
14Accent Offline


Registered: 08/03/17
Posts: 433
Loc: MN
Wait... the check was made out to her? How in the world did he cash it? Or is she of the age that she still happens to have a bank account that's shared with the parents so they can deposit/withdraw money because their names are on the account?

Can you contact the investment firm? Maybe they could put a stop payment on the check. If he cashed it into his own checking/savings account, the bank will claw the money back. Otherwise, I'm not sure how he could have converted an investment payout check to any other form of spendable money.

*EDIT* On a further note, assuming you get this taken care of and have to start again, can you have them do a direct deposit into her account? Or, even better, into an account that you set up for her that only she knows about? Albeit annoying, maybe keeping her father away from her money altogether is the best plan.


Edited by 14Accent (12/27/17 05:39 PM)
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#4616072 - 12/27/17 05:41 PM Re: Parental Barging [Re: sleddriver]
AZjeff Offline


Registered: 01/14/11
Posts: 2750
Loc: PV Az
For those who don't know UGMA is:

The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund.

Yes it stinks. How do you fix it and since you said eldest daughter you're forewarned if you set up other UGMAs.

Was some sort of law broken and how far are you willing to push it?
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#4616082 - 12/27/17 05:53 PM Re: Parental Barging [Re: sleddriver]
skyactiv Online   content


Registered: 03/02/13
Posts: 4522
Loc: The Midwest
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#4616084 - 12/27/17 05:54 PM Re: Parental Barging [Re: sleddriver]
KJSmith Offline


Registered: 08/31/15
Posts: 271
Loc: TX
If we take it all at face value.

Do you really want this to become a issue between you and your Brother?
He was wrong, no doubt, but the money should still benefit the girl as you intended.... just not exactly how you intended.

Might there be an issue that you are unaware of?
21 yr olds are still pretty irresponsible.
Could her getting a wad of cash be detrimental to her?
(Thinking partying to much ect.)
Maybe he is still trying to protect her.

To your point, You intended that it be for her to do as she see's fit.
You certainly wouldn't want the money to do her harm.
We all get that.

I sometimes slip nieces and nephews a little cash here and there.
Not large amounts, just a little fun money they can blow... no harm, no foul.

How he did it? Who knows?
I think its as easy as writing an account# as endorsement on the back and sending it to the bank.

If yo want to make a fuss I would start with the bank that accepted the check.
They would be the ones that could correct it the easiest.

Just remember there could be legal repercussions for your Brother.




On Edit: I guess the link in the above post explains how he can do it.


Edited by KJSmith (12/27/17 06:02 PM)

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#4616102 - 12/27/17 06:21 PM Re: Parental Barging [Re: sleddriver]
eyeofthetiger Offline


Registered: 11/18/17
Posts: 683
Loc: South Carolina
This happened to me. My grandparents bought some mutual funds in my name when I was born, but somebody cashed out the account before I was old enough to use it. I have an account statement in my name, but the investment firm refuses to tell me who cashed it out. I actually ended up joining the military because I had no way to pay for college. shrug
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#4616116 - 12/27/17 06:39 PM Re: Parental Barging [Re: sleddriver]
fdcg27 Online   content


Registered: 09/25/09
Posts: 15844
Loc: OH
This is fraud pure and simple and is a felony in any state.
Only a ne'r do well would steal funds from an offspring.
I'd confront my brother and tell him to cough it up.
If he won't, or more likely can't, I'd be talking to the county prosecutor's office.
A thief is a thief, brother or not.
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#4616167 - 12/27/17 08:00 PM Re: Parental Barging [Re: sleddriver]
NormanBuntz Offline


Registered: 07/27/13
Posts: 2171
Loc: Outer Banks, NC
If the check amount exceeded $500, your brother forging the girl's name and cashing the check or converting it to his own use is a felony in most states. However, local prosecutors often don't like to bring charges in a case involving related parties (father and daughter).

I have a sister who's a dirtbag. If she did something like this, I'd fight for a criminal prosecution. When bums and dirtbags get away with breaking the law, where is their incentive to change, go straight and be a good citizen?
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#4616184 - 12/27/17 08:26 PM Re: Parental Barging [Re: fdcg27]
Mr Nice Offline


Registered: 09/12/04
Posts: 21375
Loc: Orlando, FL
Originally Posted By: fdcg27
This is fraud pure and simple and is a felony in any state.
Only a ne'r do well would steal funds from an offspring.
I'd confront my brother and tell him to cough it up.
If he won't, or more likely can't, I'd be talking to the county prosecutor's office.
A thief is a thief, brother or not.


Yeah but few (if any) would prosecute this shady brother...

Theres more serious criminals that need to be behind bars.

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#4616204 - 12/27/17 08:59 PM Re: Parental Barging [Re: sleddriver]
JHZR2 Offline



Registered: 12/14/02
Posts: 41906
Loc: New Jersey
I guess the question is, did he pay for her college? If he did, then he may have some say to it as payback. My parents cashed out some of my mutual funds when I was in college, including when I was 21. Of course, I didn't have a concern or argument, and it was kind of their money to begin with (UGMA that they funded iirc).

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#4616235 - 12/27/17 10:01 PM Re: Parental Barging [Re: 14Accent]
sleddriver Offline


Registered: 02/06/10
Posts: 4722
Loc: Central Texas
Yes.
Not sure how, that's why I'm asking.
Not sure of her finances, nor her checking account.

Very annoying.....
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M1 10W-30 HM
"It's never a mistake to buy tools, defined broadly. They're not a cost, they're an investment." - J.B. Peterson

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#4616237 - 12/27/17 10:03 PM Re: Parental Barging [Re: AZjeff]
sleddriver Offline


Registered: 02/06/10
Posts: 4722
Loc: Central Texas
The next-in-line's amount will be handled directly: Me to him.
_________________________
1998 Volvo V70 T5 226,808 mi. Original Owner.
M1 10W-30 HM
"It's never a mistake to buy tools, defined broadly. They're not a cost, they're an investment." - J.B. Peterson

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#4616239 - 12/27/17 10:06 PM Re: Parental Barging [Re: KJSmith]
sleddriver Offline


Registered: 02/06/10
Posts: 4722
Loc: Central Texas
Too late for that. Just one in a very long series...
She's a responsible kid. No party-animal by any means.
This wasn't a large amount of money, less than a couple of grand. Can't get in too much trouble...
Unfortunately, he's gotten away with a lot....
_________________________
1998 Volvo V70 T5 226,808 mi. Original Owner.
M1 10W-30 HM
"It's never a mistake to buy tools, defined broadly. They're not a cost, they're an investment." - J.B. Peterson

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#4616241 - 12/27/17 10:09 PM Re: Parental Barging [Re: sleddriver]
Eddie Offline


Registered: 12/07/03
Posts: 9658
Loc: Florida, Cape Coral
I set out a 529 college account and a Custodial account for each of my grandchildren. If anyone messed or tried to mess with either of those accounts without talking to me, there would be much trouble for them. I love my brother and we do have differences but, never would either of us would stop to that low a level. As suggested, I'd start with the bank that cashed the check. Ed
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#4616243 - 12/27/17 10:11 PM Re: Parental Barging [Re: fdcg27]
sleddriver Offline


Registered: 02/06/10
Posts: 4722
Loc: Central Texas
He's due for quite the confrontation. After all, he's earned it.

I intend to see that it's personally delivered: Good and hard.

Unfortunately, I'll have to lay it all out to her, which will be awkward. Part of being an adult though. Time to wear big girl pants.
_________________________
1998 Volvo V70 T5 226,808 mi. Original Owner.
M1 10W-30 HM
"It's never a mistake to buy tools, defined broadly. They're not a cost, they're an investment." - J.B. Peterson

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