NFL Player Files Lawsuit Against Former Financial Advisers
Recently, InvestmentNews.com reported that Pro Bowl NFL player Dez Bryant had filed a breach of fiduciary duty lawsuit against his former investment advisers. The lawsuit also accuses his ex-advisers, a group led by current Texas State Senator Royce West, of fraud and gross negligence. All financial advisers have a legal obligation to look out for the best interests of their clients. If you believe that your financial adviser breached their fiduciary duty, and you sustained losses as a result, you should speak to an experienced investment fraud lawyer as soon as possible.
The Allegations Against the Financial Advisers
According to the lawsuit filed by Mr. Bryant, his financial advisers were very close to him. Bryant believes that his advisers took advantage of their position, and his trust, in order to further their own personal financial interests. Specifically, Bryant’s allegations surround a legal entity known as Dez Enterprises. This was an entity that Royce West, and other financial advisers, used to obtain marketing deals using Bryant’s name and likeness. However, Bryant contends that:
- Dez Enterprises was set up without his permission;
- He never approved of, and was not notified about, many of the marketing deals involved; and
- Much of the money made from selling his name and likeness never actually reached him.
Instead, Bryant believes that his former financial advisers pocketed the money from the endorsement contracts. In all, Bryant is alleging that his financial advisers directly stole $200,000 from him. Beyond that, he believes that he suffered an additional $300,000 in damages as a result of the breach of fiduciary duty.
The Interests of the Client Must Always Come First
Under the Investment Advisers Act, all financial advisers owe a fiduciary duty to their clients. The meaning of this is relatively simple: when it comes to handling client funds, or dealing with any issue related to a client’s financial interests, financial advisers must act solely in the best interests of their clients. They must not allow their own personal interests to have any impact on their decision making. This is critical because an adviser’s own personal interests and the client’s financial interests will not always be aligned. Therefore, if a financial adviser fails to put the client’s interest first, they can suffer tremendous financial damage. In Florida, when a breach of fiduciary duty occurs, the responsible party can be held liable for full extent of the losses that were sustained by the investor. Further, in some limited cases, investors may also be entitled to equitable relief or even to punitive damages. Breach of fiduciary duty claims are always complex and they should be handled by an experienced attorney.
Contact Our Miami Office Today
At Carlson & Associates, P.A., our Miami investment fraud lawyers have experience representing victims in many different types of fraud cases. If you believe that you have been the victim of a financial adviser’s failure to live up to their fiduciary duties, our team is ready to help. Please contact our office today to schedule your fully confidential initial consultation.
