BOSTON, June 1 (UPI) -- Federal prosecutors in Boston are investigating the alleged looting of a trust for the heirs of a 19th-century magnate.
The Boston Herald, citing sources, said a longtime employee of the Ayer family trust may have stolen as much as $57 million. He allegedly spent money on a jet plane, condos, gambling, golf and girlfriends.
About 100 people benefit from the trust, which has a total value of $600 million. The fortune was made by Frederick Ayer, who first became rich through patent medicines, and later invested in textiles, railroads and telephone companies.
The family has filed a lawsuit in state court against John Doorly, who was fired last year as the trust fund's overseer, the Herald said. Doorly was president of Tenens Corp., also known as Essex Street Associates, the corporate name for the fund manager.
