The plaintiffs, Steven Goldin and Rachelle Goldin were beneficiaries to their parent’s accounts. They claim that TAG Virgin Islands caused them $4.5 million in damages when they began to liquidate conservative investments and transferred the funds to companies which were struggling. The companies which received the funds specialized in private horse racing, business intelligence and technology. The plaintiffs alleged that the company drafted notes in such a way that TAG and their account manager were the only ones who benefitted. The complaint filed by the Goldin’s claims fraud and breach of contract against the company and legal malpractice against Feiner, an attorney who drafted the scheme and designed the convertible note instruments.
Judge Eileen Bransten dismissed the claims against Feiner for two reasons: the first complaint was filed beyond a three year statute of limitations and the attorney did not have an attorney-client relationship between them. Bransten also dismissed the claims against the company officials since the complaint only included “conclusory statements” pertaining to their involvement in the scheme. There was no factual predicate only assumption on the plaintiff’s part.
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