An advisor facing first-degree murder charges will likely first face a class-action suit from clients after a court ruling refusing to block that motion.
An advisor facing first-degree murder charges will likely first face a class-action suit from clients after a court ruling refusing to block that motion.
An Alberta court has presented its reasons for allowing a class action lawsuit involving a former advisor to go through, while also being accused of causing the death of one of his clients.
Brian Malley, accused of first-degree murder in the letter bomb death of client Victoria Shachtay in 2011, has yet to stand trial for these allegations, which have yet to be proven in a court of law.
Several of Malley’s former clients have launched a class action suit against Malley, his wife, Christine and Red Deer, Alta.-based Assante Capital Management Ltd, the investment firm Malley once represented.
The suit alleges negligence or fraud in Malley’s management of the clients’ accounts. The ex-clients are seeking a total of $80 million worth of damages, which includes $50 million for their financial losses, $20 million for general damages, and $10 million for punitive damages.
The decision handed down by the court notes that the Malleys claimed the civil and criminal proceedings are related. This is due to the fact that the criminal case is based on circumstantial evidence, and evidence of alleged mismanagement of client funds.
Additionally, the evidence brought forth by the court might help to uncover Malley’s motive for the alleged murder.
Related Stories:
Financial advisor found guilty of murder
Fraudster, who fled to Canada, jailed for 17.5 years
Nova Scotia fraudster faces another lawsuit
An Alberta court has presented its reasons for allowing a class action lawsuit involving a former advisor to go through, while also being accused of causing the death of one of his clients.
Brian Malley, accused of first-degree murder in the letter bomb death of client Victoria Shachtay in 2011, has yet to stand trial for these allegations, which have yet to be proven in a court of law.
Several of Malley’s former clients have launched a class action suit against Malley, his wife, Christine and Red Deer, Alta.-based Assante Capital Management Ltd, the investment firm Malley once represented.
The suit alleges negligence or fraud in Malley’s management of the clients’ accounts. The ex-clients are seeking a total of $80 million worth of damages, which includes $50 million for their financial losses, $20 million for general damages, and $10 million for punitive damages.
The decision handed down by the court notes that the Malleys claimed the civil and criminal proceedings are related. This is due to the fact that the criminal case is based on circumstantial evidence, and evidence of alleged mismanagement of client funds.
Additionally, the evidence brought forth by the court might help to uncover Malley’s motive for the alleged murder.
Related Stories:
Financial advisor found guilty of murder
Fraudster, who fled to Canada, jailed for 17.5 years
Nova Scotia fraudster faces another lawsuit
