(Download) "Caproni V. Prudential Securities" by United States Court Of Appeals For The Sixth Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: Caproni V. Prudential Securities
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 07, 1994
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
Plaintiff Carolyn Caproni came into some money in 1984 as a result of the sale of a family owned newspaper; she received $800,000 in cash plus $400,000 paid to her over ten years. Mrs. Caproni says she spent most of her life as a housewife and thus had little or no knowledge regarding investments, so she went to her tax attorney, Gary Matthews, for advice on what to do with the money. Matthews put her in touch with defendant Terrance Sullivan, who was an investment broker with defendant Prudential Securities (Prudential) in Michigan. After meeting Sullivan once, Caproni had Matthews write a letter to Sullivan outlining her "investment objectives," which were to invest the money safely and conservatively so as to protect the principal while producing approximately $75,000-$90,000 in income yearly. On May 9, 1984, Sullivan wrote Caproni a letter outlining several proposed investments. On May 12, 1984, Caproni met with Sullivan again to talk about what to do; as a result of the meeting, Caproni bought a $50,000 share of Almahurst Bloodstock IV, a limited partnership dealing in "standardbred" horses. By December 31, 1985, Caproni had made a total of six different investments on Sullivan's recommendation; her principal totalled over $330,000.
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