96-Year-Old Philanthropist Shaken Down for $25M – Lawsuit

(NewsWorthy.news) – Veteran philanthropist, Regena Cole, has settled a 2022 lawsuit against a university, after she claimed it coerced her into donating $25 million. The 96-year-old alleged in the lawsuit that she was subjected to fraud, elder abuse and negligent misrepresentation by both the Board of Trustees of the California State University system and the 49er Foundation, which is in charge of CSU’s charitable donations.

Cole wanted over $500,000 in damages after she was allegedly manipulated into donating the money towards music education at CSU Long Beach. The woman had been a longtime philanthropist to the university. Cole also sought a court order to render her donation contract null and void. Court records state that the Board of Trustees, the foundation, attorney Adam L. Streltzer and Cole’s guardian signed off the June 7 settlement in an agreement at the Los Angeles Superior Court.

Cole and her husband, Bob Cole, worked together in real estate. The wealth amassed from their business went towards a number of charities, such as the 49er Foundation. Cole committed $16.4 million to the college’s music department in 2008 to pay tribute to her late husband’s passion for music. The donation, which was the biggest single contribution in the history of CSU Long Beach, was used to create the Bob Cole Conservatory of Music.

Regena Cole’s bio is still featured on the CSU’s website, which describes her as a dedicated “community leader” who enthusiastically supported CSULB. According to the CSU, the couple invested in the university’s music program because it was inclusive towards talented students from a wide range of backgrounds. The university’s feature on the philanthropist also states that Bob Cole considered her invaluable to their successful business – Bob Cole Realty – that they worked together on for over 30 years.

CSULB claimed in 2022 that Cole’s attorneys filed an “insupportable” and “ill-considered” allegation in her name. The statement expressed the university’s gratitude for Cole’s support and its sadness in response to the attorneys’ claims.

The lawsuit alleges that due to Cole’s history of supporting CSULB the 49er Foundation’s former CEO, Michele Cesca, knowingly took advantage of the elderly woman’s confusion and memory lapses. Cesca has been accused of exploiting her relationship with Cole to gain access to confidential information relating to an attorney and their client before proceeding to trick the philanthropist into giving away her wealth.