Goerge Edward and his 80 year old mother, Elizabeth Edwards, who he lives next door to, both have bank accounts at the First National Bank of (Your Jurisdiction) Limited. George manages his mother's finances since it is difficult for her to physically go to the Bank to complete transactions (such as pay utility bills) and she is not technologically savvy. He is her only son and she has one daughter, Natalia Charles. On Monday 29th August, 2022, George went to the FNB to obtain a bank draft (cheque). One of the Bank's workers asked him about his mother and whether she was able to purchase the property that she requested the bank draft for. George became furious. He did not know about the bank draft nor about the plan to purchase any property. He tells them that everyone knows that his mother has Alzheimer's disease. He demands to know the details of what transpired and the bank worker tells him that his mother was brought in by Michael Charles, who took custody of the bank draft after it was prepared. George instructs the Bank to stop the bank draft but it is too late. The money was already paid to the seller who deposited the draft on Tuesday 9th August, 2022. Elizabeth was approached by her grandson Michael Charles, for help to purchase a home. He knew that his wealthy grandmother inherited US$6M when her husband passed away 5 years ago. Her deceased husband owned an immensely profitable real estate business, which was sold. He also had considerable money from investments etc. the bulk of which passed to his wife, and not to his children, when he died. Michael was surprised when his grandmother agreed to give him the US$1M to purchase the home and happily drove her to the bank to make the withdrawal and purchase the bank draft. On the afternoon of Monday 29th August, 2022, Michael receives an angry phone call from his uncle George, who demands to know why Michael took advantage of his own grandmother. Advise George, Michael and the Bank.
Goerge Edward and his 80 year old mother, Elizabeth Edwards, who he lives next door to, both have bank accounts at the First National Bank of (Your Jurisdiction) Limited. George manages his mother's finances since it is difficult for her to physically go to the Bank to complete transactions (such as pay utility bills) and she is not technologically savvy. He is her only son and she has one daughter, Natalia Charles.
On Monday 29th August, 2022, George went to the FNB to obtain a bank draft (cheque). One of the Bank's workers asked him about his mother and whether she was able to purchase the property that she requested the bank draft for. George became furious. He did not know about the bank draft nor about the plan to purchase any property. He tells them that everyone knows that his mother has Alzheimer's disease. He demands to know the details of what transpired and the bank worker tells him that his mother was brought in by Michael Charles, who took custody of the bank draft after it was prepared. George instructs the Bank to stop the bank draft but it is too late. The money was already paid to the seller who deposited the draft on Tuesday 9th August, 2022.
Elizabeth was approached by her grandson Michael Charles, for help to purchase a home. He knew that his wealthy grandmother inherited US$6M when her husband passed away 5 years ago. Her deceased husband owned an immensely profitable real estate business, which was sold. He also had considerable money from investments etc. the bulk of which passed to his wife, and not to his children, when he died.
Michael was surprised when his grandmother agreed to give him the US$1M to purchase the home and happily drove her to the bank to make the withdrawal and purchase the bank draft.
On the afternoon of Monday 29th August, 2022, Michael receives an angry phone call from his uncle George, who demands to know why Michael took advantage of his own grandmother.
Advise George, Michael and the Bank.
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