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Doelger is doing well financially but not mentally. His family says he started to show signs of dementia around the time he made his fortune, and after signing it all over to JPMorgan Chase & Co. to manage, Doelger’s holdings dwindled in value all the way down to around $1.5 million.
The family’s claim is that Doelger’s fortune was mismanaged by JPMorgan without his knowledge. Financial experts at the banking giant were supposed to keep Doelger’s money and holdings intact and growing, but instead they allegedly whittled it down to just about nothing.
In the end, Doelger and his family had to sell their Boston condominium and move in with relatives since his fortune is now a thing of the past. And apparently this kind of thing is happening more and more as wealthy baby boomers on the verge of dementia get taken advantage of by the corrupt financial system.
“We had 100 percent trust in them that they will manage our assets,” stated Peter’s wife Yoon about Doelger’s relationship with JPMorgan. “We didn’t expect them to make us a fortune but at least make us comfortable.”
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The Doelgers are now fighting it out legally in Boston federal court to try to hold JPMorgan accountable for letting a wealthy client sliding into dementia to lose almost his entire fortune at the company’s hands. The Doelgers’ hope is that JPMorgan will eventually be forced to pay out at least some of what was lost.
Peter, who is now 86, can barely even remember what happened leading up to this point. In an interview, he attempted to tell the story of how he built his business, but got lost in the conversation trying to explain what happened after that, including his relationship with JPMorgan.
A court-ordered exam declared Peter unable to testify in the litigation, and both sides of the case have agreed not to contest this ruling.
“The couple’s situation spotlights an issue that has always lurked on Wall Street but…
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