Financial Planner Costs Client Millions In Lost Investments

Case Overview

This arbitration involves a wealthy plaintiff who suffered significant financial harm when the defendant financial planner allegedly altered her account without permission. The defendant CFP initially attempted to put approximately $5 million in funds into a non-qualified investment account but was unable to do so. The defendant then attempted to move the funds back to a qualified tax-deferred account. As a result, the plaintiff ended up paying more than $2.5 million in taxes and lost investments. These actions were all performed without the plaintiff’s express permission. An expert CFP to opine on this case and testify at arbitration.

Questions to the Business expert and their responses

Please briefly describe your experience and familiarity with the issues in this case.

I am a certified public accountant. I am familiar with the general fact pattern, including the tax-related compliance problem, and I am well-versed in the literature about tax ramifications to people in similar circumstances.

Do you have experience serving as a CFP for individuals similar to the plaintiff in this case?

I have experience testifying in a state Supreme Court in actions involving a reasonable rate of return to apply to the pool of assets expected to be received via equitable distribution.

About the expert

This highly qualified expert earned his BS in Accounting from The State University of New York at Albany. Additionally, he is currently active within his field as a member of numerous societies that include, The New York State Society of Certified Public Accountants, The Forensic and Valuation Services Section of the AICPA, and The Estate Planning Council of Eastern New York. He has also published 25 articles and is currently a Partner at an Accounting Firm based in New York City.