Just before Christmas, Primo's obnoxious brother - I can't even remember what I call him here, so we'll just call him OB, asked Primo to invest money from OB's son's trust (the son is mentally disabled and will never live independently) into a venture capital fund run by a friend of his.
OB got his friend to waive the minimum investment of $250K as a favor!
But the money had to be invested with the friend before the end of the year!
Primo asked our financial advisor, who manages the trusts for all the grandchildren, what he thought.
Financial advisor gave him a measured, "I don't have access to those kinds of funds," which to me read as, Yeah I don't do that speculative BS because I care about what happens to my clients.
Still, to get OB off his back - and Primo is in the process of turning OB's son's trust over to OB because - why should Primo and not OB be managing OB's son's trust, Primo put $25K in the friend's fund.
Now we are in July.
Primo has closed Sly and Doris' estate. He's getting ready to resign as trustee for OB's son. He'll continue as trustee for his other three nieces and nephew.
And OB emailed Primo and their brother, Second Brother (he can't be "Other Brother" for obvious reasons) suggesting that Second Brother ask Primo to invest SB's kids' money with OB's friend's fund.
Because friend - AS A FAVOR - will waive the $250K minimum.
AS A FAVOR!
Because people who take other peoples' money do things AS A FAVOR ALL THE TIME.
Because they want everyone to get rich!
Primo is furious.
1. SB has nothing to do with his (adult) children's trust or its management. (Because Sly and Doris decided to be jerks and have Primo do everything, which, to OB and SB, looks like a slap in the face, which is just what Sly and Doris intended.)
2. OB is not an investment advisor. OB doesn't even do anything. Does he have a job? No he does not. But he thinks he should live the high life.
3. OB is a presumptuous jerk. Oh wait. Did I say that already? Well, it bears repeating. OB is a presumptuous jerk.
How many of you think that this fund is a scam and that OB might be getting some sort of referral fee from his friend?
How many of you think that legitimate money managers offer to waive minimums AS A FAVOR?
I just want OB out of our lives.
