Boston-based Vitale Caturano & Co. is facing a malpractice suit for allegedly failing to properly investigate a number of red flags that could have tipped a prominent New England family off to the looting of some $57 million from its trust funds.The Ayer Family Trusts hold several hundred million dollars for about 100 descendents of industrialist Frederick Ayer. Those trusts had been largely overseen by the corporation's former chief operating officer, and employee of more than 30 years, John Doorly.
According to court documents, Doorly engaged in the "systematic looting" of $57 million from the trust funds, much of it through the use of duplicate accounts.
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