Boyd C. Davis Jr., who once ran his family’s Pennsylvania company with his brother, was arrested July 5 on charges of “massive theft” from his parents’ estates,
the
Philadelphia Inquirer
reported.
Charges against the 70-year-old Davis include allegations of forgery and receiving stolen property from fraudulent transactions, the article said.
Davis allegedly used his power of attorney to misappropriate money from his parents’ account or put up their properties as collateral, the
Inquirer
article said. His father, Boyd Davis Sr., died at 91 in 2007; his mother, Nelda Wynn Davis, died at 96 in August 2010.
… Davis had been at odds with his younger brother Brooke W. Davis Sr. and his sister, Jane Helmstaedter over the terms of their parents’ wills, which appear to leave nothing to the latter two siblings.
About ten years ago, Brooke Davis had sued his brother, claiming he had financially ruined the family company, Davis Oil Co. of West Chester, Pa., which the two of them had run together after their father retired in 1981, the
Inquirer
article said. A judge ordered Boyd Davis Jr. to pay Brooke Davis $12.5 million in 2009 for “neglect … which resulted in the demise … of the value of the company,” according to the
Inquirer
report.
Davis Oil Co., begun in the 19th century as a lumber business, began selling auto fuel and heating oil in 1909, the article said. Boyd Davis Sr. took over the fuel division in 1955 and grew it into a chain of gas stations and convenience stores. (Source:
Philadelphia Inquirer,
July 6, 2011.)
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