Wealth Management Co. Founder Sues In Del. Over 'Betrayals'

By Jeff Montgomery (October 12, 2021, 7:22 PM EDT) -- The founder and minority shareholder of Tocqueville Management Corp. sued his successor and six of the successor's relatives in Delaware's Chancery Court on Tuesday, saying he was "utterly betrayed" by the man he allegedly groomed to take over the wealth management firm.

The five-count direct and derivative suit filed by François D. Sicart, who founded what would become TMC in 1985, accused Robert W. Kleinschmidt of seizing control of the business and diverting funds and assets away from it after Sicart diminished his own role and investment beginning in 2012.

Among other allegations, Kleinschmidt, who was described as having been hired...

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