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Decedent
Decedent inherited substantial wealth from her parents and a
great uncle. Her lifestyle was not lavish; she lived comfortably
on the income and dividends from her investments.
At an unspecified date in the early 1960s, decedent met
Madelyn Hurley (also known as Lynn Hurley); they thereafter
developed a close friendship. Initially, Ms. Hurley began helping
decedent by performing secretarial and administrative chores (such
as sorting mail, paying bills, and depositing checks); she was not
compensated for these services. At an unspecified date in early
1980, decedent engaged Richard Ross to serve as her financial
adviser. Thereafter, Mr. Ross and Ms. Hurley worked together, and
decedent began compensating Ms. Hurley for her services.
On June 4, 1984, decedent suffered a stroke that left her
partially paralyzed. After the stroke, decedent entrusted all of
her financial affairs to Mr. Ross and Ms. Hurley. At that time,
decedent’s assets, which consisted primarily of real estate,
stocks, and bonds, were worth more than $13 million.
Mr. Ross and Ms. Hurley opened three checking accounts into
which they deposited decedent’s funds and over which they had
signature authority. Mr. Ross and Ms. Hurley also held powers of
attorney that allowed them to conduct transactions through
decedent’s brokerage accounts.
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Last modified: May 25, 2011