The recent downturn in the economy has resulted in, among other things, the unveiling of a multitude of Ponzi schemes1 and, predictably, litigation. The enormity of the losses and the inadequate assets of the issuers to satisfy these losses have sent many defrauded investors searching for other sources to satisfy the losses.
Many broker-dealers and investment advisors recently have been sued by investors, not as conspirators but for recommending the investment or failing to perform adequate due diligence. Quite a few firms have even gone out of business due to this litigation exposure.
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