Oh Brother: Financial Advisor Targeted for his Sibling’s Fraud
A financial advisor was recently named in a multi-million dollar malpractice matter in Texas arising from the alleged fraud of his brother. The financial advisor – the managing partner of DEW Wealth Strategies, LLC – allegedly allowed his brother to use the firm’s offices. Innocent enough, right? But according to the complaint, the brother and a company he owned, Gateway Special Opportunities Fund LLC, backed out of providing the plaintiff with millions in funding for a large condominium project in California. The brother ultimately agreed to pay the plaintiff $30 million after conceding he misrepresented the financial position of his company and the plaintiff secured a $30 million judgment. When the plaintiff could not collect on the judgment he found a new target: he is now pursuing fraud and related claims against the financial advisor.