Orlando, FL
Litigation Lawyer at Orlando, FL
Practice Areas: Litigation, Securities & Investment Fraud
OUTCOME: Plaintiff obtained $772,000 judgment against Blue Earth Solutions, Inc. and the jury rendered a verdict in favor of the remaining Defendants.
Jury trial involving Plaintiff’s claim that Defendants engaged in violations of Florida law related to the sale of preferred stock.
OUTCOME: Alan M. Grayson, et al. awarded $852,000
An arbitration panel has ruled that Wachovia Securities Inc. must pay an ex-congressman from Florida $852,000 for damages related to an alleged Ponzi scheme. The award represents a fraction what form ... er U.S. Rep. Alan Grayson sought compensatory damages stemming from "stock loan" agreements he had participated in with Derivium Capital LLC and Derivium Capital (USA) Inc. Derivium's business collapsed in 2005, leaving participants in its loan program with hundreds of millions of dollars in combined losses. Grayson alleged that Wachovia, which was acquired by Wells Fargo & Co. (WFC) in 2008, aided and abetted in a breach of fiduciary duty related to Grayson's involvement in the loans, according to documents from the Financial Industry Regulatory Authority arbitration panel. While arbitration proceedings can often take more than a year to resolve, this case was unusually protracted, spanning five years and 44 separate hearing days. Grayson and his AMG Trust alleged that Wachovia facilitated the scheme by engaging in brokerage and trading activity "when it knew, or should have known, that Derivium was a 'Ponzi' scheme," Florida-based Morgan & Morgan, the law firm which represented Grayson, said in a statement Monday. A spokesman for Wells Fargo declined to immediately comment. (http://online.wsj.com/article/BT-CO-20120423-716915.html)
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