California Court Revives Family's Elder Abuse Lawsuit Over $19M Fortune

Maurice Voce spent decades working as a barber while teaching himself the stock market, eventually building a fortune worth approximately $19 million through stock-options trading. Following his death at age 93, his family raised concerns about the management of his accounts by financial adviser John Privitelli and Morgan Stanley while Voce experienced declining cognitive health.

In a recent decision, the California Court of Appeal reinstated the family's financial elder abuse claim and portions of a breach-of-fiduciary-duty case. The appellate court determined that a lower court had incorrectly dismissed the claims based on the fact that the investment accounts experienced net gains during the disputed period.

The family's lawsuit contended that the adviser continued executing risky trades and collecting commissions even after acknowledging awareness of Voce's memory issues and disorientation. While the appeals court revived key parts of the dispute, the ruling does not determine that the defendants committed any wrongdoing, and the case has been sent back for further proceedings.