Atty's Bad Advice Led To CFTC Suit, Broker-Dealer Says

Law360, New York (December 5, 2013, 2:24 PM EST) -- A former owner of commodity pool operator Chicago Trading Managers LLC hit Colorado-based law firm Henderson & Lyman with a complaint in Colorado federal court Wednesday, alleging its attorney's poor advice caused him to be sued by the U.S. Commodity Futures Trading Commission.

Brian Reynolds alleged that Henderson & Lyman partner Douglas Arend told Reynolds and his business partner Spencer Montgomery that federal law did not require them to disclose debits in the capital accounts of their broker-dealer firms Arjent Capital Markets LLC and Chicago Trading...
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