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...

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