Money corrupted my family... The Story

Hello Monkeys, 

I wanted to share my family story as a way to get this off my chest. 
Context: My family consists of 30 members (Uncles, Aunts, 1st Cousins). We are all very close. We all love each other and helped each other when they needed it. Be it financially or emotionally. Of the 30 people, my 1 uncle became filthy rich. He is currently worth approx $250M all cash.  I know this because whenever I USED to see him or speak to him, he was usually speaking with people about various deals involving millions of dollars needing to be transferred between different accounts. Now he's become a silent politician in Europe backing various leaders financially. 

My rich Uncle is not a good man. He spent over 10 yrs ensuring his brothers and my father were never rich. For example, he convinced my father to come to Europe and work for him. My father went for 2 yrs and took us and left his job here. Long story short, my uncle lied and degraded by father until my father realized a large enough loss where he HAD to move back to the US. My mother cried and was disheartened by her brother's actions and so she didn't speak to him as much as she used to. 
The rich uncle was so terrible to his own brothers. He manipulated my other uncle (Uncle #2) to handing over his small real estate portfolio worth $5m over to him through lies and fraudulent documents. 
Why? Not because he needed the money, but because he wanted to make sure no one in our family gains wealth. 
My rich uncle degraded his sisters, he degraded my cousins and degraded my mother and my aunts. We are all now closed off from him and hate him truly. I lived with and grew up with my uncles and cousin and aunts. So I know how sweet everyone is. EXCEPT my rich uncle. 
My rich uncle is the type to give false promises and degrade you after. He promised me to get an interview with an executive at BlackRock and other firms but few months later told me "You're not even worth 1 penny for me to invest in." 
My uncle is so petty that he made my older 1st cousin beg for $3,000.... 

that small sum is literally nothing for a man worth $250m. 
Here's the mic drop. His wife (my so called Aunt) has been running a scheme, where she has somehow convinced him to fund her and her sisters and brothers lifestyle worth millions annually. His wife's part of the family now how their own businesses BECAUSE of him. 

My uncle fell hard to his wife and fulfills all her wishes. She never liked our family and had told that to us in our faces but my uncle never believes us. He is 100% convinced that our side of the family are money hungry. 
Now on to his sons (my 1st cousins). His sons are evil too. They degrade others and my side of the family behind our backs. He thinks of himself as royalty simply because he hangs around wealthy people of Europe. 
I never forget his one liner... which goes like, "You don't know me, I'm part of the billionaires boys club. When my dad passes away... I'ma run this shit." 

I guess what goes around comes around. Oh the irony. 

Long story short: My uncle, my father, all went bankrupt because of him. My one uncle recently died and his last words were, "Never trust that man".... Breaks my heart. 
My grandfather & grandmother also died uttering the words "Forget him. He is dead to us". 

I believed that families are there to bring you up and care. Instead this so called "Uncle" did the opposite and helped his wife's side of the family. 

I never asked for a handout... I am now in the CRE Asset Management space and aspire to rise above him because I know it will kill him inside knowing someone from our side of the family became wealthy without him and on our own. 

Comments (20)

  • Principal in RE - Comm
2mo

If you guys have any questions. Please do ask. 

I wish to have a discussion because I wanted to get this off my chest and get some objective POV. 

  • Principal in RE - Comm
2mo

To be 100% honest, I don't know exactly. 
What I do know is that the bulk of his cash came through few oil & gas companies and a few logistical companies. 
In his 20s he was dirt poor who immigrated to the UK. Ran a bunch of small jobs and then partnered up with a $4ish million dollar older dude and that was his way to the top. Using that link helped him gain more until he started on his own. By age 30 he made his first 1 million in cash. 

  • Principal in RE - Comm
2mo

Yes I know its a decision. But if you think of it from a neutral POV you start to realize that it IS disheartening. 

The decision would make more sense if the siblings were bullies, or manipulative, or any of the bad characteristics. His parents (my grandparents) were kind and loving and so were the siblings. 


It's like if you did the same with your own siblings you cared for since being a kid. If we put ourselves in that position of wealth, high chance we wouldn't do it. 

2mo
dinganddong15, what's your opinion? Comment below:

This also screams them being broke in 25 years despite having this much $. Can blow through this amount of $ easily if you're subsidizing 10-15 peoples million $+ lifestyles...That will be your sweet justice. 

 

  • Principal in RE - Comm
2mo

My uncle is now in his early 50s. 
 

I don't know the exact details but I believe my uncle has now set up businesses for his wife's side of the family. So he isn't funding the lifestyle anymore. 

What he spends most of his money on now is funding political campaigns for leaders he stands behind. I see him regularly on the news for a few of these Leaders. For example, he has funded a well know prime minister/President in Europe and is part of their party. 

Heck his 2 older sons (only few yrs younger than me) received $5M in funding from my uncle to do whatever they want with it... His genius business idea... was to manufacture POLO (the game people play on horses) equipments in cheaper nations and sell it in the UK. 

  • Principal in RE - Comm
2mo

The biggest reason for bringing this story up now is because Im getting married in a year and my uncle wants to come with his family.  
Im planning on telling him NO. 

The problem is... my aunts, mother, and uncles still see him as a brother and are thinking of allowing him to come. 

My rich uncle did call me  months ago to tell me kind words as well and how to be a good husband and etc. 

My rich uncle is still to this day rude and continues to make insulting comments that are much more subtle to my side of the family. 
 

My rich uncle is still trying to keep his foot in the family by talking to the relatives from time to time. But most of us ignore his calls. 

2mo
NoEquityResearch, what's your opinion? Comment below:

I don't see how your uncle is preventing anyone from your family becoming wealthy in your story. He is simply not assisting them in doing so which he has no obligation to do so. Sounds like a bit of a jerk but I think you might have way too high expectations of what he should doing for everyone.

  • Principal in RE - Comm
2mo

I don't think you read the story... He went out of his way to ensure my uncles don't succeed. Did I not mention how he took a small RE portfolio from his own brother? 
He also went around to other people who were working with my other uncle to defame them so they stop working with them. 

He ACTIVELY does it. 

Another example: Me being in the CRE space. My uncle asked me over 3 times to bring him possible acquisition targets. I did it for months until he told me Don't call me again for this crap. I'll buy assets from someone else if I want to. Not you. 

2mo
NoEquityResearch, what's your opinion? Comment below:

Did he in any way stop them from making money on their own???  I didn't see that anywhere. When working for him, he didn't throw wealth at them in your stories but nowhere do I see that he is actively stopping them from making money on their own.

Same with your example now. So, he didn't want your acquisition targets. Did he stop you from pitching them elsewhere or making money in some other way that doesn't involve him?

Most Helpful
  • Principal in RE - Comm
2mo

Yes. He actively stopped my uncles from forming business relationships. He lied to many people known to my uncles saying to stay away from him or you won't work with me. He stole small sums of cash from my uncles. 

He convinced my dad to go work with him in Europe... my uncle created a venture and put my dad's name on it and ran it to the ground and it went bankrupt. 

Also my dad had no intentions of leaving his job for Europe. My uncle kept asking him for months and years to come. So you tell me. 

Also. my other uncle was ACTUALLY making a successful business for my rich uncle. But my rich uncle didn't like that and kicked him out the company and hired an outside manager instead and diluted his portion of the shares to a tiny sum due to some clauses in the agreement. 

Think about it.. If your brother was bringing in good revenue for your business, would you kick him out or give them a nice compensation package. 
 

I don't know the exact details except that my dad said he did what my uncle asked and followed his steps but my uncle did things to run it to the ground. 
Oh and btw all the cash into the business was out of pocket from my dad ONLY. 

2mo
financier44, what's your opinion? Comment below:

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