NBA legend Jerry West, Dodgers third-baseman Nomar Garciaparra and a bevy of other major sports figures have accused their prominent Los Angeles investment advisor of gouging them out of more than $3 million in excessive commissions on bond trades, the Los Angeles Times reports.
Gary R. Fournier, who has handled investments for scores of sports stars and celebrities, allegedly misrepresented his commissions and “churned” accounts to generate unnecessary trades and exorbitant fees, according to a claim filed with securities regulators.
In papers filed with the Financial Industry Regulatory Authority, West and the others seek unspecified damages from Fournier’s former employer, UBS Financial Services Inc.
The claim is similar to a civil lawsuit and will be resolved through binding arbitration proceedings slated for July. It does not name Fournier as a party to the case, although the allegations focus on his actions.
Fournier, who has denied wrongdoing, declined to comment.
“All I can tell you is I am confident he is going to be fully exonerated after this gets heard,” his lawyer, Michael Blumenfeld, said.
UBS contends the allegations are baseless. “We disagree with the clients’ statement of claim, and we intend to defend ourselves vigorously in this matter,” UBS spokeswoman Karina Byrne said.
Read the full L.A. Times story