California barber built $19m fortune; court revives elder abuse claims
Maurice Voce, a successful barber whose financial savvy amassed significant wealth, tragically deteriorated in health prior to his passing. Following his death, concerns arose about the effectiveness of his financial adviser's management amid Voce's cognitive difficulties. His family has since initiated a lawsuit against Morgan Stanley and adviser John Privitelli, alleging financial elder abuse.
Maurice Voce, a barber from California, built a $19 million fortune through stock-options trading in his own time. However, in his final years, concerns arose about the financial professionals managing his investments due to his declining cognitive health. Now, a decade after his death at 93, a California appeals court has revived claims brought by his family against Morgan Stanley and financial adviser John Privitelli.
The court ruled that the family's financial elder abuse claim and parts of its breach-of-fiduciary-duty case should not have been dismissed, sending the dispute back for further proceedings.
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