A Florida couple has alleged that the advisory firm they hired, Crew Capital Group, failed to supervise their now-deceased friend and former advisor, who ran a decades-long, $29 million Ponzi scheme, causing them to lose $850,000.
The lawsuit initiated by the couple also accused the advisory firm of failing "to reasonably follow up on red flags relating to the advisor's ongoing fraudulent conduct."
According to the couple's complaint, from 2011 to 2022, the advisor operated a fraudulent investment offering that raised more than $29 million from more than 50 investors. According to FinancialAdvisor.com, three years later, as the scheme was collapsing, the advisor committed suicide.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
