On December 15, 2016, Chief Judge Carl L. Bucki of the United States Bankruptcy Court, Western District of New York, granted summary judgment to Webster Szanyi LLP’s client, a retiree who lost approximately 80% of his initial investment in Prestige Wealth Management Fund, LLC (the “Fund”), against the Chief Investment Officer of the General Partner of the Fund. As a result of the Order, a Judgment was entered against the individual in the principal amount of $201,142.44, plus interest, on a finding that the loss was the result of fraud in a fiduciary capacity and violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder.
Kevin T. O’Brien of Webster Szanyi LLP represented the client in the United States Bankruptcy Court, Western District of New York proceeding.