Venable And Con Man Must Face $11M Facebook Fraud Suit
Law360 (October 30, 2020, 6:26 PM EDT) -- The Third Circuit has revived an asset manager's fraud lawsuit against Venable LLP and a convicted con artist over a failed Facebook investment that landed him prison time, ruling Thursday that a Pennsylvania federal court ignored the manager's dissatisfaction with his counsel.
A three-judge panel reasoned that the district court tossed Timothy Burns' complaint despite his "clear wishes" to replace his then-counsel Joseph M. Fioravanti. Burns had accused Venable and former partner David Meyer of conspiring with incarcerated financial fraudster Troy Stratos, who allegedly stole $11.2 million belonging to Burns' clients meant for Facebook Inc. stock buys.
The appeals judges noted...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!