Chapter 6 - Greg’s Explanation
Greg asked to meet with lawyers present.
I agreed.
No children.
He looked terrible.
Not ruined.
Sleep deprived.
He began:
“I was going to replace the UTMA money after my October bonus.”
Priya asked:
“Did you document a loan?”
“No.”
“Can a custodian lend himself the child’s money?”
Greg’s lawyer interrupted:
“He understands that was improper.”
Greg continued:
“I contributed most of it originally.”
Richard corrected later that he had contributed the largest opening gifts.
But even if Greg had:
Gifted money becomes child’s.
You do not get it back because sentiment changes.
I asked:
“Why not buy Chloe something cheaper?”
He looked ashamed.
“Because I promised.”
“You promised your sister a necklace, so you took money from a six-year-old and four-year-old.”
“I knew I could replace it.”
“That isn’t an answer.”
“It was available.”
There.
Available.
Like my house.
Like my signature? Not this story. Different.
Available.
“I was under pressure.”
“What pressure?”
He looked at his lawyer.
Then:
“I lost money.”
My stomach tightened.
“Where?”
Personal brokerage.
Not casino.
Not secret bookie.
Greg had begun active trading two years earlier.
Technology stocks.
Leveraged ETFs.
Options occasionally.
He had done well initially.
Then badly.
How badly?
Approximately $74,000 in realized losses over eighteen months.
Not our entire life.
Enough to embarrass him.
He hid it.
The monthly money I thought was mortgage had partly replenished his brokerage and personal cash flow.
Then Chloe’s birthday arrived.
He wanted to maintain appearances.
The UTMA accounts were liquid.
He told himself:
three months.
Then back.
Children never know.
I said:
“You stole quiet money because children couldn’t ask where it went.”
He cried.
No defense.
May you like
That was accurate.
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