well no-it isn't true and the ghastly NoTW admits it.

Talk about making a story out of air !

I don't mean this rudely, but it's pretty clear that Susan Boyle suffers from some kind of learning difficulty and therefore may not be able to handle her financial affairs herself.
Therefore I see no reason at all why there's anything wrong with keeping her money in some sort of a trust fund.
Yes, it's possible somebody is taking advantage of her situation but frankly I see no real evidence of it.
(I'm sorry I've been a bit quiet on the board in recent months- I've been busy with various projects but I promise I still read here regularly).

Simon Cowell put her onto a superb management company who will look after her.