Miscellaneous

Bronx Jeer

By Anne Skove, Esq.

What's as good as cash?

The answer is not risky securities.

Yet, the Bronx Surrogate's Court office of public administration invested millions from the dead not-so-wisely.

Frankly, we're surprised this doesn't happen more often. As the demographic ages and market slumps, watch for this kind of accident to happen more often.

How can it be avoided? Pay attention to these offices and officers. Make rules regarding the types of investments that may or may not be made (although many such rules already exist). Let the sun shine in.

See Audit: Court Invested Bronx Estate Cash Illegally, Barbara Ross, New York Daily News (June 1, 2009).

Full post as published by court-o-rama.org on June 03, 2009 (boomark / email).