Legal Question in Wills and Trusts in Michigan
How may the sum of a bond/surity bank account ,emptied by its conservator illega
Unbeknownst to the surity/bond company,which set up and bonded me as the conservator of an under $100,000. bank account,I foolishly acquired and squandered the entire sum of the account belonging to a relative and over whom I am the conservator.
How,if at all can the account be made whole again and what civil,criminal or both action might I expect as a result of my actions and irresponsibility?
please respond,thank you sincerely.
1 Answer from Attorneys
Re: How may the sum of a bond/surity bank account ,emptied by its conservator il
The money must be replaced, with interest, immediately.
Your actions can result in both civil and criminal penalties, including: (1)your removal as conservator; (2)a surcharge against you for the money removed and lost interest; and/or (3)if your relative is a vulnerable adult (over age 18)possible jail time and/or a fine equal to 3 times the amount of money taken.
This is a very serious matter. It would be in your best interest to retain an attorney to assist you. Our office often handles these types of matters. Contact us if you need further assistance.
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