LOS ANGELES – April 17, 2015 – Clark & Trevithick today announced that it has obtained a $7,695,249 judgment, including punitive damages, on behalf of its client, an 84 year old successful businessman who was the victim of financial elder abuse. The defendants were engaged in the Numismatic Industry, the buying and selling of rare coins, with the case arising out of their unfair practices in dealing with predominantly senior citizens. They touted the purported security of the investments, the great potential for capital appreciation and the value their special industry expertise brought to the purchase/sale transactions. Clark & Trevithick’s litigation team was led by veteran trial attorneys Philip W. Bartenetti and Leonard Brazil.
The defendants engaged in sharp business practices to induce the client to provide them $8,875,000 for the purchase of gold coins, falsely promising to look out for his best interests and reap large investment returns by subsequently selling the coins for substantial profits. Defendants also promised to provide the client with over $8.875 million worth of gold coins as collateral for his “investment.” However, by the time the client realized he had been duped the coins remaining in his possession were valued at only $34,500, defendants having sold the other coins and keeping all cash proceeds for themselves.
“While the defendants maintained very few records of their dealings with our client and claimed he was not misled, we overcame those challenges and proved they victimized him,” said Mr. Bartenetti. The amount of the judgment along with punitive damages, costs and attorneys’ fees will be well in excess of $8,000,000.
About Clark & Trevithick
Since 1977, Clark & Trevithick’s litigation department has earned a reputation of having trial lawyers who do not shy away from taking cases to trial if all reasonable settlement efforts have been exhausted. We know our clients’ businesses well and maintain close relationships with them to ensure we are addressing and satisfying their legal and business objectives. To that end, we also strive to develop close working relationships with our clients’ accounting, banking, and investment professionals.