Good find Peter.
What's humorous, if not so pathetic, are some of the claims.
For example, it's stated "Plaintiff Olivier L. F. Asser, a resident of Rockville, Maryland, is a former securities trader". Okay, fair enough. A securities trader should know a bit about his profession I would think. I might wonder how many years of trading experience the individual had, especially if he's claiming to be a securities trader. To me there's a BIG difference between a "securities trader" and a "wanna be" trader. Everyone knows the late 90's were a major bull market with people quitting jobs thinking they could become traders. Some succeeded and some failed.
Then there's the assertion that the plaintiff was damaged in excess of $10 million by the Case Defendants. As I read it the case defendants were those who offered trading suggestions and those who executed plaintiffs trades (Trading Places, CyberTrader, etc.) And recall that he worked for Trading Places. Did Trading Places divulge to their clients that Asser has incurred $10 million in trading losses? I mean I would expect that someone offering advice would be reasonably successful at what they do.
Now again, the plaintiff claims to be a securities trader. What training did he have? What experience did he have? How many years was he a trader? Any trader with experience knows you don't blindly follow chat rooms and their picks. Most traders I know find their own trades. But if one is to place trades based on suggestions they pick and choose, those they feel have the highest probability of success.
I find it humorous that he's apparently suing his (former) counsel. Milstein is "an honors graduate of Harvard University and Columbia University School of Law, former Chief Counsel, Securities and Exchange Commission, former Chairman of the Executive Council of the Securities Law Committee of the Federal Bar ".
More ... "Plaintiff provided Milstein a hard-copy of a fraction of his MB Trading account transaction history, January 4 — April 1, 1999, comprising more than 3,000 transactions, $75,000 in commissions paid for over $151 million worth of securities transactions — and losses of more than $3 million on these transactions". So this "securities trader", the plaintiff, executed about 1000 trades per month, roughly 50 per day, close to 8 every hour of the trading day. He loses $3 million ... about $1 million per month. In my opinion he is nothing more than a "wanna be" trader who clearly had no business continuing to trade when he was losing on average $1 million per month. Yet he was an adult and it was his choice to continue trading. Just as it was his choice to put on 3000 transactions in the above 3 month period. He made conscious choices. But because he loses $$$ he wants someone to reimburse him for his losses.
Holy crap ... I don't think I can add up all the requested damages!
WHEREFORE, Plaintiff prays for judgment as follows:
a. Declaring that the Defendants are liable under the laws of the State of California by reason of their conduct alleged herein;
b. Finding Defendants in breach of the Agreement, in breach of their fiduciary duty to Plaintiff and guilty of grossly negligent malpractice in their representation of Plaintiff and the General Public’s claims in the Case;
c. Compelling Defendants to specifically perform theft financial obligations under the Agreement in the amount of $900,000.00;
d. Awarding Plaintiff damages due to Defendants’ breach of the Agreement in the amount of $187,500.00;
e. Awarding ‘Plaintiff damages due to Defendants’ breach of their fiduciary duty to him in the amount of $437,500.00;
f. Awarding Plaintiff the recoverable claims lost due to Defendants’ negligent malpractice in the amount of$ 10,307,000.00;
g. ‘ Awarding the General Public the recoverable claims lost due to Defendants’ negligent malpractice in the amount of $500,000,000.00;
h. Awarding Plaintiff punitive and exemplary damages by trebling the damages above to $35,496,000.00;
i. Awarding the General Public punitive and exemplary damages by trebling the damages above to $1,500,000,000.00;
j.. Entering an injunction prohibiting Defendants from further perpetrating conduct of the type complained of above;
k. Awarding Plaintiff his costs and expenses incurred in this action, including reasonable attorneys’, accountants’, and experts’ fees;
I. Awarding Plaintiff and the General Public pre- and post-judgment interest as permitted by law; and,
m. Awarding Plaintiff and’ the General Public such other relief as the Court may deem just and proper. |
