Morgan, Olmstead, Kennedy & Gardner was sued.
The Los Angeles investment banking and securities brokerage firm was named in a suit filed in Orange County by Wespac Financial Corp., a Newport Beach real estate investment firm. The suit seeks $6.1 million in compensatory damages and $25 million in punitive damages. Wespac accused Morgan, Olmstead of fraud, misrepresentation and breach of fiduciary duty involving its role in investment losses from a $30-million account belonging to two Wespac-sponsored real estate investment trusts. An attorney for Morgan, Olmstead denied the allegations.
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