A financial advisor accused of killing one of his clients is
now facing an $80 million class-action lawsuit. According to cbc Brian Malley, 55, is charged with first-degree murder in the death of
Victoria Shachtay, a disabled mother who died in November 2011 when an
explosive package was delivered to her home in Innisfail, Alta. Malley, who worked for Assante Wealth Management,
is accused of sending that package.
Malley now faces allegations he lost an estimated $50
million for dozens of clients. The claims are contained in a lawsuit filed this
week in Red Deer Court of Queen's Bench. "This was their retirement
savings," said Rob Armstrong, one of lawyers behind the lawsuit. "The
allegations are that Mr. Malley was placing them in very speculative and high
risk investments and losing money."
The document further alleges that Malley "acted in his
own best interests which were in conflict with the interests of his client
class members." The lawsuit claims that Malley invested in equities that
were riskier than what his clients may have wanted and made frequent trades
within a short time-frame to earn more commissions….
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