Adviser case ruling controversial
The case, against the unnamed adviser, was that he had put several hundred thousand dollars of a conservative, 64-year old investor’s money into various Bridgecorp and Capital + Merchant securities.
Initially the sum invested was $375,000, but that reduced to $270,000 when the client withdrew funds in 2005 to buy a house.
The adviser acknowledged these facts, plus that the client wanted to “preserve all the investment funds available for investment for future income.”
The adviser pleaded not guilty to the charges and denied he had not provided recommendations that were appropriate to the client’s needs and circumstances after taking account of her wishes; and/or ensure that his advice was appropriate and in the best interests of the client.
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