I am one of 4 people that was left money through The Private Trust Company a subsidiary LPL. My friend passed and left us a large sum and The Private Trust Company refuses to release any money.
On top of that they kept moving investments around which keeps incurring costs. We have asked numerous times for them to distribute the money but they are using every trick in the book to hang on to the money. In the meantime they keep charging the Trust fees.
I have in the meantime incurred about 10k in lawyers fee trying to get them to release the money. In my opinion this is a highly unethical company using clients money to run up fees and refusing to do a distribution.
Product or Service Mentioned:
The Private Trust Company Customer Care.
Reason of review: Problems with payment.
Preferred solution: Distribute the money to all persons in the trust..