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Financial Advisor Facing Some Legal Troubles

1. A class-action lawsuit by investors. 2. Murder via bomb charges. Brian Malley, 55, is charged with first-degree murder in the death of Victoria Shachtay, a disabled mother who died in November 2011 when an explosive package was delivered to her home in Innisfail, Alta. Malley, who worked for Assante Wealth Management, is accused of sending that package. Malley now faces allegations he lost an estimated $50 million for dozens of clients. The claims are contained in a lawsuit filed this week in Red Deer Court of Queen's Bench. "This was their retirement savings," said Rob Armstrong, one of lawyers behind the lawsuit. "The allegations are that Mr. Malley was placing them in very speculative and high risk investments and losing money." The statement of claim suggests Malley's conduct was "high-handed, malicious and highly reprehensible." The document further alleges that Malley "acted in his own best interests which were in conflict with the interests of his client class members." The lawsuit claims that Malley invested in equities that were riskier than what his clients may have wanted and made frequent trades within a short time-frame to earn more commissions. $80M lawsuit filed against financial advisor accused of murder [CBC]
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1. A class-action lawsuit by investors.
2. Murder by bomb charges.

Brian Malley, 55, is charged with first-degree murder in the death of Victoria Shachtay, a disabled mother who died in November 2011 when an explosive package was delivered to her home in Innisfail, Alta. Malley, who worked for Assante Wealth Management, is accused of sending that package. Malley now faces allegations he lost an estimated $50 million for dozens of clients. The claims are contained in a lawsuit filed this week in Red Deer Court of Queen's Bench.

"This was their retirement savings," said Rob Armstrong, one of lawyers behind the lawsuit. "The allegations are that Mr. Malley was placing them in very speculative and high risk investments and losing money." The statement of claim suggests Malley's conduct was "high-handed, malicious and highly reprehensible." The document further alleges that Malley "acted in his own best interests which were in conflict with the interests of his client class members." The lawsuit claims that Malley invested in equities that were riskier than what his clients may have wanted and made frequent trades within a short time-frame to earn more commissions.

$80M lawsuit filed against financial advisor accused of murder [CBC]

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