The Heir to MetLife Is Suing His Dad for Plundering His Trust Fund
William P. Stewart III, great-grandson of the founder of MetLife Insurance, took his father William P. Stewart Jr., to court, claiming Dad siphoned money out of his son's trust fund. Stewart III's mother was thrown off the account for taking millions from it without Stewart his consent.
William P. Stewart III--who goes by Tres--has had his $100 million trust fund looted by his parents to support their tastes for private jets and boats named Scheherazade.
Tres sued his father to produce accounting of what he spent all that money on. The elder Stewart only appeared after he was threatened with contempt of court. The ledger showed millions spent on personal luxuries, expensive trips, and vacation homes.
The elder Stewart sits on the throne of MetLife Insurance, the company his grandfather founded. The insurance giant which turned a $5.6 billion profit in 2012. So why he was using his son's trust fund as a piggy bank is anyone's guess, but he was liberally withdrawing from the account, taking out as much as $9 million in 2011 alone.
This isn't the first time Tres has taken his folks to court over money. In 2006, as the elder Stewart and his wife were going through a divorce, Tres wanted them both thrown off the account for stealing from it, but only succeeded in tossing his mom.
Even with all the money spent on homes in Maine, mansions in Bermuda, the Swiss ski chalet, Tres is left with over $37 million in the bank.
(h/t: NY Post)
Send your story tips to the author, Raillan Brooks.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Village Voice's biggest stories.