My sisters and I are in the process of suing Private Trust Company N.A. Our mother was convinced by an investment firm associated with LPL to move our father's credit shelter trust to this trust company. The trust company then delegated investment authority to the investment firm, and allowed them to sell commssioned based products (loaded variable annuities) to the trust. This is not the way fee based managment is supposed to work. With this arangement, the investment firm is rewarded greatly, no matter how the trust performs. Private trust endeavored to withhold the annual statement from the remaindermen. Upon review of the annual statement, it was determined that all most all of the trust assets were sold in order to purchase millions of dollars of loaded variable annuities that pay very high commission, and have extremely high fees. We have numerous documented instances of deceptive and evasive behavior on part of the trust company and the investment firm. Lack of disclosure, misrepresentation, false statements, and accounting deficiencies has also been a problem with this company. They have created a nightmare for the remaindermen of the trust.
Ben Martin
cell: 760-613-9798
