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Scholarship Program’s Investment Advisor May Be Liable for Failure to Match S&P 500  


Author:  Staff Editors.


Source: Volume 03, Number 02, January/February 2004 , pp.6-6(1)




Family Foundation Advisor

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Abstract: 

A recent New York appeals court case has allowed a suit by a nonprofit corporation against an investment advisor/securities broker and his firm to proceed to trial. Scalp & Blade v. Advest, 2003 N.Y. App. Div. LEXIS 10031 (4th Dept. Oct. 2, 2003). The suit sought damages for the defendants’ alleged mismanagement of the nonprofit’s account, including alleged “churning” of the fund and investment of it in an inappropriate manner.

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