Compliance October 21, 2008

Lawyer Sues Alliance Global Wealth Management after Losing $200,000

Divorce lawyer Raoul Felder is suing Alliance Global Wealth Management for $5.2 million, alleging that his financial advisers abused his trust.
Reported by

In a lawsuit filed Monday, he alleges that the investment firm lost $200,000 of his money by ignoring his instructions and investment goals, the Associated Press reported. Felder has represented celebrities, including former New York Mayor Rudy Giuliani.

The suit alleges that Alliance Global Wealth Management officials persuaded Felder to put his money into risky investments, even though he expressed his desire for relatively conservative securities. He began to experience “significant losses,’ according to the news report.

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Felder’s court papers say the Alliance financial advisers abused his trust and acted out of “greed and self-interest.’ The papers also say Felder wanted out of the fund in April, but was induced to stay until June, according to the Associated Press.


Deals & People October 20, 2008

Touchstone Investments Announces New President

Gene L. Needles, Jr. has joined Touchstone Investments as president.
Reported by

According to a company announcement, Needles will have overall responsibility for Touchstone Investments, including the company’s business management and strategy, directing all aspects of distribution, product management, marketing, administration, advisory services and relationship management as well as acquisition activities.

Needles has 27 years of experience in the financial services industry. Most recently, he served as president and chief executive officer of AIM Distributors where his responsibilities included the oversight of all U.S. retail distribution.

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Prior to his career with Invesco AIM, Needles held positions with MetLife, State Street, and Putnam Investments.

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