Dramatic fall of socialite who married Wall Street's first Chinese titan

The downfall of former Toronto "Glitter Girl" Nancy Tsai has been swift and stunning.

As the beautiful blonde wife of late billionaire Gerald Tsai - the Shanghai-born financial wizard who conquered 1960s Wall Street - she became a fixture of New York's social scene.

She and her husband were famed for their philanthropy, giving US$3 million to the Norton Museum of Art in Palm Beach, Florida, where they spent winters. They divorced in 2006.

The ageing playboy took up with Sharon Bush, the former sister-in-law of then-US president George W. Bush. Nancy Tsai was cut from an US$8 million trust created by Gerald for her benefit. He died two years later, aged 79.

Today, 66-year-old Nancy Tsai, a former flight attendant, stands accused by police of trying to maintain a jet-set lifestyle by fleecing an elderly woman.

Police in Palm Beach have accused her of stealing millions from a rich Alzheimer's patient over whose affairs she had power of attorney.

Among the items that police say Tsai lavished upon herself using Helga Marston's trust fund were a US$2.3 million Palm Beach penthouse, a US$170,000 Bentley coupe and two Mercedes-Benz models, as well as flights in private jets.