Sandra DeMeo, a probate attorney, has been accused of embezzling $40,000 from the Flint Trust, an act that has plunged a family into financial distress. According to reports, DeMeo issued two unauthorized checks to herself after her removal as trustee in February 2023. The Flint family has since filed a lawsuit against her, as documented in court case number 24STCV00317, yet DeMeo has not returned the funds and has remained silent on the allegations.
The controversy deepens with the involvement of two financial behemoths, Edward Jones and BNY Mellon, both of which have been criticized for their lack of accountability in the matter. The unauthorized checks were drawn from a BNY Mellon account linked to the trust, which was under the administration of Edward Jones at the time. Despite the clear mishandling of funds, neither institution has issued a statement or taken steps to rectify the situation, raising serious questions about their commitment to client protection.
Guillermo Saade, the financial advisor who succeeded Edward Jones in managing the trust in April, uncovered the discrepancies and sought a resolution. However, the path to accountability remains murky, with no clear indication of which entity should address the alleged fraud. This is particularly concerning given the supposed fraud protections associated with the checks in question.
Adding to the scandal, DeMeo, who is rumored to be associated with the 'OC Probate Mafia,' made a bold appearance in an Orange County court to request additional funds from the trust, despite her refusal to return the embezzled $40,000. This case not only highlights the alleged misconduct of an individual but also casts a shadow over the practices of financial institutions that manage trillions in assets. Edward Jones and BNY Mellon, which pride themselves on being client-focused, appear to have fallen short in this instance, leaving a family to grapple with a significant financial loss.
