Children’s home estate gift nearly drained
October 17, 2010
WZTV Nashville
http://www.fox17.com/template/inews_wire/wires.regional.tn/2f158a97-www.fox17.com.shtml
SPRING HILL, Tenn. (AP) — An $800,000 estate left to a home for abused and neglected boys has been drained of most of its worth through bad investments by its former executor.
The gift was left to the Tennessee Children’s Home by retired Metro firefighter Raymond Simmons, who died in 2006.
But officials at the home say the man who once controlled the state, Daryl Bornstein, wrote $100,000 in checks to himself, invested in Iraqi dinar, and lost $340,000 investing in a Ponzi scheme
“That money would have been helpful, especially considering what we’re doing,” Children’s Home President Brian King said. King said the board would look at its options.
Bornstein could not be reached by The Tennessean for comment.
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Information from: The Tennessean,
http://www.tennessean.com
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