Former deceased stockbroker Bob McLean, a major philanthropic donor, has been discovered swindling $67 million from investors and creditors. McLean ended his own life shortly after coming under scrutiny last September after being accused of defrauding investors. Investors thought McLean was investing their funds, but bankruptcy officials say McLean used much of the cash for his own gain and to make donations.
McLean had bought houses and gifted investors money to family and friends, charitable organizations as well as the Middle Tennessee State University (MTSU). The MTSU has agreed to pay back the estate of Bob McLean $570,000, closing an embarrassing chapter in the university’s history.
The disgraced stockbroker had also donated an undisclosed amount to the Tennessee’s Country Music Hall of Fame and Museum. The Museum used the funds to acquire Bill Monroe’s Gibson F5 mandolin and Maybelle Carter’s Gibson L 5 guitar.
The legendary Carter guitar, and Monroe’s famous mandolin are among the most-revered instruments in country music history. The bankruptcy trustee has filed a lawsuit against the Country Music Hall of Fame to retrieve the music industry donations. The dispute remains unsettled. Thus, the future of two of the worlds most revered instruments remains uncertain for the moment.
Additional reading The Tennessean.com