Lawyer Profile - Adam Weinstein

Adam Weinstein - Lawyer Profile

Adam Weinstein

OVERVIEW

Associate Attorney Adam Weinstein is a member of our Securities and Commercial Litigation Department. His focus is on complex litigation matters including defective securities products, improper portfolio allocation, corporate fraud, commercial disputes, and whistle blower actions.

RECENT CASES OF NOTE

• Client v. McGinn Smith & Co.: We represented a retiree against his broker-dealer for recommending an inappropriate private placement fund.  At hearing, evidence was presented that McGinn Smith engaged in self-dealing by creating shell funds in order to invest in other private placement funds all created, managed, and operated by McGinn Smith and their affiliate entities.  The panel found that McGinn Smith had engaged in self-dealing and awarded our client his full losses.   Approximately three months after the hearing, the SEC instituted an action against McGinn Smith that resulted in the firm being unwound.  The SEC concluded that McGinn Smith’s entire private placement operation was a ponzi scheme to defraud investors out of millions of dollars.

• Client v. Morgan Keegan & Company, Inc.:  We represented a retail customer who purchased Morgan Keegan’s bond funds from third party broker-dealer.  Claimant alleged that Morgan Keegan misled investors and their brokers concerning the funds holdings.  After intense litigation, the chair rejected Morgan Keegan’s argument that those who relied on the firm’s representations contained in the prospectus and other materials disseminated by the firm did not have standing to hold the firm liable in FINRA and awarded Claimant her full loss. 

• Client v. UBS Financial Services Inc.: We represented a retail customer in the inappropriate purchase of a private placement that defaulted on its debt.  The Claimant argued that the purchase of the private placement violated the Investment Advisor Act of 1940’s “Qualified Purchaser” provision that was designed to protect consumers from investing in speculative investments.  The panel awarded Claimant restitution with interest.