Man Steals $500,000 from Elderly Parents
In Salinas, CA, a report from the Monterey County Herald states that a man that is well-known for grand prix motorcycle racing and fundraising for cancer-prevention has been arrested and charged with elder abuse, grand theft and money laundering for stealing $500,000 from his parents. 40-year-old Joe Cubbage pleaded not guilty to the charges. Prosecutors in the matter argued that Cubbage’s intent was to empty his father’s account that was setup for his retirement.
Both of Cubbage’s parents are named as victims in the reports of the incident. Cubbage argued that his mother instigated the charges initially as retribution for showing loyalty toward his father and his mistress of 20 years. The report states that Cubbage had obtained power of attorney over his father’s assets after his father contracted a rare form of encephalitis, a disease that causes inflammation of the brain. As a result, Cubbage’s father was deemed incapable of making informed financial decisions and therefore Cubbage was given power of attorney. However, after receiving power of attorney, Cubbage’s father’s retirement accounts began depleting and were completely emptied. The total amount that Cubbage attained was estimated at slightly less than $500,000.
Everybody knows every story has two sides. In this incident, Cubbage argues that the allegations are untrue and that the charges are unwarranted. However, Cubbage’s mother and sister argue otherwise, stating that Cubbage took advantage of his father and used him to steal all the money that he stole. The decision on which argument is true should rightfully be left to the courts. However, if there is significant evidence that demonstrates that the allegations are true, then the Cubbage family should have the justice that they seek. Regardless of whether Joe Cubbage was formerly a well-known racer and philanthropist, it does not excuse him from any sort of punishment if these allegations are true.
40 year old Joe bilked his parents, and whoever he is, he should be punished to the fullest extent of the law. A similar situation occured to someone I know quite well. This person and his wife gained access to the husbands parents accounts and slowly turned an agreement to helping their parents pay minor bills into one of deception, thievery and cconvenience to themselves rather than helping their 84 year old, (now deceased mother) and 92 year old Dad. The sadness lies in that they call it "gifting" and their was another sibling involved that never disturbed the parents accounts and found out about the thievery after their Mom died. Greed controls some people, but the Bible is true...your sins will find you out.The following definition is one to be remembered: misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose,by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any person with a responsibility to care for and protect another's assets (a fiduciary duty). It is a felony (a crime punishable by a prison sentence). (See: fiduciary, embezzlement, theft, larceny)