An arbitrator has awarded two investors more than $48.4 million for the alleged misrepresentations of a registered investment adviser and investment firm that the claimants’ counsel said bordered on a Ponzi scheme.
The award against Family Endowment Partners LP and partner Lee D. Weiss included $17.4 million in actual damages, $990,705 in attorney fees and costs, and $30 million in treble damages. Philip S. Cottone of the American Arbitration Association issued the arbitration award Tuesday.
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