Orphans Get Fleeced, Rich Widows Should Be Next: Susan Antilla - Bloomberg: "It’s hard to imagine why anyone would fleece a widow or an orphan when there are so many inexperienced municipalities and dumb sports team owners to hoodwink.
Rich widows, I suppose, will always be tempting marks for con artists. But orphans? If the allegations in a recent lawsuit are true, I’d say we’ve sunk to a new low in financial roguery.
Hillcrest Children’s Center, formerly the Washington City Orphan Asylum, claims a money manager stole $8 million of the group’s $17 million endowment, according to a complaint filed last month in U.S. District Court for the District of Columbia.
Hillcrest, founded in Washington as an orphanage in 1815 to help children left homeless by the War of 1812, in its more recent history has tended to the mental-health needs of local children and families. In 2008, its board of directors retained Gibraltar Asset Management Group Inc., which represented itself as a prominent Washington wealth adviser, according to the complaint.
If the allegations are true, Hillcrest would have been better off stashing its money in a safe and leaving the door open.
Gibraltar prides itself on the firm’s “availability to our clients,” according to the company website. Rallying anyone these days at Gibraltar is not so easy."
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