According to ABC News, a West Australian charity, which lost $1.5 million in the global financial crisis, is suing its former financial advisor.
The Senses Foundation, which supports people with disabilities, including those who are deaf and blind, alleges the investment company Counterpoint engaged in misleading and deceptive conduct while advising the group.
The Foundation had sold substantial assets and wanted to invest the proceeds to fund its future activities.It alleges Counterpoint failed in its duty of care when it invested the money in Basis Capital Funds, a high-risk fund linked to the US sub-prime market which collapsed. The Foundation's chief executive Debbie Karasinski says Counterpoint should have known it was a high risk investment…
Read more at http://www.abc.net.au/news/2011-09-19/charity-sues-financial-advisers/2905834?section=business
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