West End Financial Threatened With Ch. 11 Trustee

Law360, New York (March 24, 2011, 7:33 PM EDT) -- The U.S. trustee moved on Wednesday to appoint a Chapter 11 trustee to preside over West End Financial Advisors LLC’s bankruptcy in New York, accusing the investment funds’ de facto receiver of gross mismanagement.

Raymond J. Heslin, who has overseen West End since it ceased operations in the wake of numerous securities fraud allegations against former management, has ignored investors while paying himself handsomely from West End’s dwindling assets, according to a motion filed in the U.S. Bankruptcy Court for the Southern District of New York....
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