In a new legal filing, Aubrey Preston, the son of nursing home magnate Forrest Preston, has accused his father’s wife, Kim Phuong Nguyen Preston, and her siblings of misappropriating tens of millions of dollars from the elderly billionaire and causing him to suffer abuse and financial exploitation. Forrest Preston, the founder of Life Care Centers of America, is worth an estimated $1.4 billion and is still the CEO of the company, which generates $3 billion in revenue annually.
Aubrey Preston has filed a complaint against Kim and her family, alleging that they have violated the state’s Adult Protection Act by taking advantage of Forrest Preston’s cognitive deficits, which include dementia. They have also been accused of attempting to take control of Life Care Centers, the largest private chain of elderly care facilities in the country with over 200 locations in 27 states. Aubrey has requested to be appointed his father’s conservator to protect his assets and ensure the future of the business.
Forrest Preston has declined to publicly respond to the allegations made in the filing, stating that it is just the beginning of the legal battle. Aubrey has also filed an emergency petition seeking a faster decision on the conservatorship, citing concerns that Forrest and his wife may attempt to flee the country. The petition included sworn affidavits from Life Care executives confirming Forrest’s inability to lead the business effectively.
Kim Preston, who married Forrest in 2018 after the death of his first wife, Kathleen Preston, has been accused of unlawfully taking over $15 million in assets from Forrest, including multiple properties and cash. Aubrey alleges that Kim and her family are attempting to gain control of Forrest’s most valuable asset, Life Care Centers, which has faced financial struggles since the Covid-19 pandemic hit. Forrest’s lawyer has stated that the company is financially sound and has good management in place.
A hearing is set for November 12 to determine whether Aubrey will be appointed his father’s temporary conservator for 60 days while the court decides on a long-term solution. Kim and her family have not responded to the allegations in court, and the situation remains a private family matter that will need to be resolved through legal proceedings. Life Care Centers has affirmed its commitment to providing excellent care to its residents despite the legal challenges facing its founder and CEO.
