How a senior citizen recovered stolen investments

Financial loss due to negligence, misleading or illegal behaviour by an investment advisor can happen to anyone – even seasoned investors like Jeff. Here is Jeff’s story of how victims can fight back with the help of specialist financial disputes law firms such as Maurice Blackburn.

Even a seasoned investor like Jeff, with years of investment experience behind him, can fall victim to improper – or in Jeff’s case – illegal - conduct at the hands of a financial advisor he trusted.

“I invest, I spent my life investing,” Jeff said. But just because Jeff was not new to investing funds for future financial security, doesn’t mean that he was not a target. In this case, the person who helped him to establish a trust fund committed the crime - and breached Jeff’s personal and professional trust - by stealing his money.

Jeff has always been an investor - he has a passion for it and relishes the challenge of taking calculated risks to grow his retirement funds and he relies on trusted financial advisers to assist him. But in this instance, such advice cost him dearly.

“I found out by chance one day on a phone call that suddenly, a great deal of money I had invested in an educational trust had been stolen,” he said.

“I was devastated at this loss, not so much because of the amount, but the fact that it was in a trust fund which the person who stole it had helped me establish.”

Many people in Jeff’s situation feel angry, yet helpless because they believe they have no recourse against such unethical, criminal behaviour. Or they feel that a lawsuit can be lengthy and too costly considering they have just lost a considerable amount of their hard-earned savings.

“I first approached my solicitors about the matter and they were most unhelpful,” he said.

Frustrated by his solicitors’ lack of knowledge, Jeff wasn’t about to let it end there. Instead, he looked for a lawyer with financial disputes.

Lawyers from Maurice Blackburn’s Sydney office took on Jeff’s case and successfully fought back against the negligence and theft he’d experienced and settled his claim. Jeff was relieved that the whole unpleasant episode was handled quickly, professionally and satisfactorily.

“The matter went as smoothly as could ever be expected, and the beauty of the thing was that I was able to work with them rather than be told how I should act,” Jeff said. “They helped me and as a team type of thing, we worked together and we finalised the matter.

“It takes a very specialised person to open the door and get a foot in to handle this kind of work.

“At Maurice Blackburn, they’ve got a good reputation - I’ve never heard or read a bad thing about them. And they're specialists in this field.”

Sadly, Jeff is not alone. He has friends who have also borne the brunt of misleading financial advice - but he now knows how best to advise anyone who is unfortunate enough to be in his situation.

“We did have a friend in a very similar circumstance and they are now with the same law firm. That speaks for itself,” he said.

“I’d always recommend them.”

Contact us on 1800 810 812 to see how we can help you recover your losses.

TOPIC: Financial advice disputes
RELATED LEGAL SERVICES: Financial advice disputes

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Josh Mennen

Maurice Blackburn Sydney
Josh Mennen is a Principal in the Superannuation and Insurance practice in Maurice Blackburn's Sydney office. He regularly visits Melbourne, Brisbane and Canberra, and is available to see clients in these locations as well. Josh practices in a range of jurisdictions, including State and Federal courts and tribunals. He has an impressive record representing consumers of insurance products in claims and disputes including life insurance, income protection and superannuation claims. Josh also represents victims of negligent financial planning and stockbroking advice, including through the compensation schemes such as the CBA Open Advice Review Program and the Macquarie Private Wealth compensation scheme. Josh works closely with various unions, and a range of consumer and other community support groups including the Leukaemia Foundation, the MS Society, social workers, financial counsellors and many more. He presents seminars and acts pro-bono for these groups and their members to increase consumer rights awareness, and give a voice to those disempowered by illness, injury and socio/economic barriers. Memberships & Accreditations New South Wales Law Society member Law Council of Australia’s Consumer Law Committee member Australian Lawyers Alliance member ALA Disability Insurance National Special Interest Group Executive Committee member ALA superannuation and insurance spokesperson Financial Planning Association planning and policy committee member ...

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