Custodial Account

[lzyjo]

I am in Tennessee, but I had a custodial account, set up by my grandparents, while in lived in New Jersey that was through brokerage firm in New York. Due to the NJ law, I was not able to control the account until my 21st birthday last year. Three days before my birthday, the custodian, my estranged mother, emptied the account, leaving one cent of the 15,000. She claims that she will send me a check for a "portion" of the investment, keeping money she claims were her dividends that were reinvested in my stocks. My question is, is this legal for a custodian to use the beneficiary's account as a vehicle for their own investments?

My own local branch of the same brokerage firm told me that I could sue her for the money.

Thank you in advance for taking the time to reply.

 

[anteater]

My question is, is this legal for a custodian to use the beneficiary's account as a vehicle for their own investments?

My own local branch of the same brokerage firm told me that I could sue her for the money.

No, it isn't. And, yes, you can sue her for the money. In fact, a suit may the only way that you will ever see any of it.

 

[lzyjo]

Thank you

Thank you replying to my question, I value the input. I haven't had any luck with my other inquiries, so I really appreciate the response. Thanks again.