Trust v. Briggs, Briggs Ventures

Stephen Gregory Hammers

Case Conclusion Date:September 20, 2011

Practice Area:Business

Outcome:Court awarded Mr. Hammers' client $410,000.00 in compensatory damages, $1 Million in punitive damages and $92,000.00 in prejudgment interest.

Description:Mr. Hammers represented a Trust with regard to a series of coin transactions that resulted in a loss of $410,000.00. The manner in which the transactions were handled appeared fraudulent. Representatives of Briggs Ventures sold several rare coins to the Trust over a period of six months. Briggs also assisted the Trust in purchasing over a half million in gold bullion. After earning the trust and confidence of the trustee, the Briggs representatives offered to make a trade with the trustee. Briggs would provide a rare, numismatic, platinum coin, dated 1850, in exchange all the gold bullion and rare coins purchased by the Trust. Briggs claimed that the numismatic coin was worth more than $1 Million on the open market. To further encourage the Trust to complete the transaction, Briggs also offered to market the numismatic coin at a number of trade shows, and through various internet sites. Briggs failed to follow through on the promises to market the coin, and the Trust ended up selling the coin at public auction for only $120,000.00. At trial, the Verdict issued on 9/20/11.

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