Financial Expert Advises on Breach of Fiduciary Duty by Private Wealth Manager

Case Overview

This case involves a Plaintiff who suffered significant equity losses while working with a private wealth manager. The Defendant provided investment advice, financial planning and other consulting services to investors. The plaintiff initially established various securities accounts with the defendants. At various points in time afterwards, the Plaintiff with Defendants, relied on his advice and investment recommendations, including development of a financial plan for which the plaintiffs paid a fee. The plaintiffs relied upon the defendants representatives concerning its abilities, expertise and recommendations. The defendants outlined a detailed financial plan whereby the account equity would be used to run plaintiffs business. This financial plan was based upon the defendants analysis of finances and other requested disclosures by the plaintiffs. The plaintiffs suffered significant losses resulting from the financial crisis and market collapse. It is alleged that the defendants did not develop or recommend a strategy that would protect the plaintiff from further equity losses. It is claimed that as a result of the respondents strategies, the plaintiffs incurred significant losses during the market crash.