Judge Tosses 'Sophisticated' Investor's Fraud Claim
An investor who claimed he was defrauded of $4 million had his case dismissed by Manhattan Commercial Division Justice Anil Singh, who said it is "not the court's role to insulate sophisticated business entities from the consequences of their own risky investments."
November 05, 2015 at 08:18 PM
3 minute read
An investor who claimed he was defrauded of $4 million had his case dismissed by a Manhattan Commercial Division judge, who said it is “not the court's role to insulate sophisticated business entities from the consequences of their own risky investments.”
Justice Anil Singh said Katzrin Finance Group owner David Azar's case against Vincent Ney and Jon Greidel failed because Azar could not show “justifiable reliance” on the defendants' assurances the investment was likely to reap large returns.
“It is much more difficult for sophisticated parties acting under the advice of counsel to plead justifiable reliance than those with little-to-no business experience,” Singh said.
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