Based Underground is now a conservative news aggregator AND curated newsletter.
(Natural News)—The baby boomer generation is getting up there in age, and so are the portfolios of many of these older people who just so happened to ride the wave of the housing and financial bubble to millionaire and sometimes multi-millionaire status. But are their finances being managed properly?
A new report from Bloomberg tells the story of Peter Doelger, who by the age of 78 was worth around $50 million. Doelger built his own company, sold it to a conglomerate and successfully bet the proceeds on stocks and oil.
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.”
(Related: Learn more about how to protect against Alzheimer’s and dementia with these five foods.)
Wall Street, a den of vipers
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 is surging in scale as the baby boom generation retires with a record stockpile of wealth,” Bloomberg reports.
“Legions of boomers have enough saved to be deemed ‘accredited’ or ‘sophisticated’ investors under U.S. securities laws, qualifying them to buy into riskier, complex asset classes with juicy commissions for intermediaries. Yet many of those clients will inevitably face cognitive decline. The industry lacks a formal system to detect when that happens.”
A Securities and Exchange Commission (SEC) study on financial sophistication found that households of accredited investors who are at least 80 years in age typically score far worse on competency tests than unaccredited investors a few decades younger.
“This case screams out for more attention to how waning cognitive abilities affect older people’s capacity for financial decision-making and independent financial management,” commented Naomi Karp, a consultant on aging, law and policy who worked as an analyst for the Consumer Financial Protection Bureau, about the Doelger case.
“We need to put more responsibility on financial firms since they are well-positioned to detect warning signs.”
More related news coverage can be found at Collapse.news.
Sources for this article include:
‘Merely Coincidental’: Secular Scientist Work Overtime to Explain Away the Miracles of Christ
by Harbingers Daily
Was the miracle of Jesus feeding the 5,000 with just five loaves and two fish a little less than miraculous? Well, that’s what a group of scientists are claiming in a recent paper published in a scientific journal. Instead of a supernatural provision by the Lord, they claim the feeding…
Google Hosts Party for Democratic Operatives Plotting To ‘Resist the Republican Agenda’
by Free Beacon
The resistance’s bar tab is on Google. Priorities USA, a top Democratic super PAC with an affiliated dark money group, is convening a summit of left-wing digital activists on Wednesday afternoon to deliver a post-mortem on Vice President Kamala Harris’s election loss and strategize how to “resist the Republican agenda,”…
“The Correction Before the Surge”: Why Gold and Silver’s Future Is Brighter Than Ever
by Sponsored Post
It was long overdue by most estimates. Precious metals prices have been steadily rising for far longer than even the …
Ukraine Denies Reports From Think Tank That It Is Months Away From Developing a Nuclear Weapon
by Natural News
Ukraine has denied reports suggesting it could develop a nuclear weapon soon, following claims by a Ukrainian military think tank. The report, published by the Ukrainian think tank and nongovernmental organization the Center for Army, Conversion and Disarmament Studies, claimed that Kyiv could use spent nuclear fuel from its remaining…
Alex Jones Reveals Elon Musk Saved Infowars From Being Sold to The Onion
by End Times Headlines
Alex Jones has declared ‘the cavalry is here’ as attorneys for Elon Musk’s X jumped in to help put a temporary pause on the sale of his controversial Infowars to The Onion. The satirical news publication said the bid was sanctioned by the families of Sandy Hook Elementary victims who…
FBI Whistleblower Says FBI Intentionally Blocking Security Clearances for Trump Officials
by The Conservative Treehouse
It should not come as a surprise to see the same methods deployed against President Trump in 2024 that were used by the FBI in 2016. The difference is now that President Trump understands the full power of his office in the security clearance process and that he doesn’t need…
Pastor Greg Locke Burns Voodoo Doll He Claims Was Found on His Property
by End Times Headlines
Even amid ongoing warfare, we are called to stand firm on the Word of God. Pastor Greg Locke knows well the spiritual and physical attacks directed at him; he was recently targeted by a gunman. Now, he faces another spiritual assault, this time from someone attempting to place a curse…
Trump’s Incoming FCC Chief Already Putting Target on Big Tech ‘Censorship Cartel’
by WND
Social media companies have become a “cartel” for suppressing information with which they disagree, and that agenda now is going to be getting the attention of Brendan Carr, President-elect Donald Trump’s pick to be the chairman of the Federal Communications Commission. It was social media companies who played a role…
Sabotage: Two Undersea Internet Cables Connecting Four NATO Nations Were Severed
by Publius
Many in the international community are claiming sabotage as the only viable explanation for two fiber optic internet cables in the Baltic Sea being severed less than 24-hours apart. Fingers are being pointed at Russia as one of the the cables connected NATO nations Germany and Finland. The latter was…
Pennsylvania Supreme Court Orders Democrats to Immediately End Counting of Illegal Ballots
by Infowars
The Pennsylvania Supreme Court on Monday ordered Democrats in several counties to immediately halt their unlawful counting of illegal ballots in the Senate race recount. The Pennsylvania Supreme Court had ruled before the election that mail-in ballots lacking formally required signatures or dates should not be included in official results….
22-Year-Old Woman With Depression Was Almost Euthanized, She Changed Her Mind Right Before She Was Killed
by Life News
Why do you oppose euthanasia, Wesley? If people want to die, we should help them die. No. And here’s an individual example explaining just one reason why. A deeply depressed woman was about to be lethally injected in the Netherlands — but changed her mind just in the nick of…
“Massive Breach”: T-Mobile Network Hacked by Chinese State Sponsored Intelligence
by Tyler Durden, Zero Hedge
(Zero Hedge)—Where’s John Legere in a pink t-shirt when you need him? Among the multiple stories over the last few weeks about Chinese intelligence and hackers either attempting to, or outright gaining access, to U.S. cell phone networks (with reports stating President Trump and his team were targeted), comes news…
Trump’s Idea to Shut Down Department of Education Gets High Five From Top Christian Evangelist
by WND
A priority for the incoming administration of President-elect Donald Trump is to tackle the Deep State, the bureaucracy in Washington that is a self-perpetuating industry, to find what American taxpayers don’t need or want. And get rid of it. One of the targets he’s already identified is the Department of…
Experts Sound Alarm Over ‘Shocking’ Spike in Strokes Among ‘Healthy’ Young People
by Slay News
Health experts have issued a chilling warning to the public over a “shocking” spike in strokes among “healthy” young people. The “alarming” surge was identified in official UK government data. The data shows that recorded cases of deadly strokes skyrocketed in 2023 and continued soaring this year. In 2023/24, the…
