The arrest of Palm Beach socialite Nancy Tsai is big news in Toronto, where she once ruled the charity circuit as one of “The Glitter Girls” (also the title of a 1993 book about her and her clique).
Tsai, 66, ex-wife of the late Primerica chairman Gerald Tsai, was charged last week with defrauding millions of dollars from the trust account of Helga Marston, 92, a friend of four decades who has dementia and “zero mental capacity.”
Among the purchases were a $2.3 million beachfront penthouse condo, a $170,000 Bentley and a $28,000 private jet day-trip between Florida and Canada.
After a small-town childhood, where she grew up pitching hay, Tsai, then known as Nancy Paul, was the founder of the Canadian Breast Cancer Foundation.
“Her pièce de résistance is when she hosted Valentino himself at a lavish party at her home, in 1986,” said Canadian social columnist Shinan Govani. “It’s a party some people still talk about. Apparently, she still holds the city record for that event for having the most flowers delivered to a single home.”
Tsai, whose daughter E. Sarah Paul was the beneficiary of Marston’s most recent will, was Marston’s trustee and had power of attorney. Police say Tsai was also having an affair with Dennis Melchior, the broker of the trust until UBS terminated him last year.
Melchior denied any misconduct to police, and said all the expenditures were for Marston’s benefit.
But Marston, who lives in a nursing home, certainly didn’t enjoy a $7,000 dinner at Café L’Europe or a $3,000 meal at Chez Jean Pierre, another Palm Beach restaurant.
Palm Beach Police Capt. Jeff Trych said, “The woman will certainly never be taking a drive in a $170,000 Bentley.”