What do you do for an encore after you have already gone from being the former CEO and chairman of investment bank Keefe, Bruyette & Woods to pleading guilty to securities fraud and leaking inside information to your porn star mistress? How do you top that?
If you’re James McDermott, who served five months in jail for his high-profile insider trading and porn star-tipping exploits, you move on to allegedly stealing from your own mother who suffers from Alzheimer’s disease. The NY Daily News reports that McDermott’s family recently filed suit against him alleging he emptied the family trust while his mom, Mary, is in a nursing home. The lawsuit claims that after the death of his father in 2003, McDermott quietly moved all the funds from the family trust into bank accounts he and his wife controlled. McDermott has reportedly acknowledged that he’d transferred the family’s money to cover his growing personal debts.
