BNY Mellon Manipulated Mercer Trust Statements - - Novick & Associates
Bank's internal emails tell story of cover-up and deception
HUNTINGTON, N.Y., July 21, 2015 /PRNewswire/ -- Internal BNY Mellon Wealth Management emails involving its administration of the estate and trusts of renowned East Hampton sculptor Norman J. Mercer reveal a deliberate attempt to cover-up various financial entries in account statements.
A BNY Mellon Wealth Management Vice President routinely conspired with other bank employees to covertly reverse entries in the Mercer trust accounts in order to hide the bank's incompetence from the trusts' beneficiaries.
In a December 2014 email, she wrote to a colleague, "As we discussed, please reverse these entries so that they do not appear on the client statements." In a December 2013 email she wrote, "Please let me know if you will be able to reverse the entries (involving $416,000) so that the initial posting of the distributions to income will not show up on the client statement." The following instructions appear on a February 2013 stop payment request (for $26,000), "Please put a stop payment on the check noted above and suppress this transaction so it does not appear on the client monthly statement." In November 2014 she wrote, "It is not necessary to give descriptions (in the trust statement) of distributions from income…"
Multiple internal bank applications involving the distribution of trust income to Norman Mercer's fourth wife, former dancer Carol Mercer, required this same Vice President to indicate whether Ms. Mercer had "significant income and/or financial resources without regard to this trust". She answered "No", even though Carol Mercer owned a multi-million dollar East Hampton estate, had revealed to the bank that she had liquid assets of over $2,000,000 and had a yearly income of hundreds of thousands of dollars.
Norman Mercer's sons, retired West coast businessmen Howard and David Mercer, are engaged in an ongoing legal battle with BNY Mellon to protect their father's legacy from the alleged incompetence, negligence and wrongdoing by the bank's wealth management unit who is responsible for administering the Mercer estate and trusts.
Contact: |
Donald Novick, Novick & Associates, P.C. |
Email: [email protected] |
|
(631) 547-0300 |
SOURCE Novick & Associates, Attorneys for Mercer Sons
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