Anybody notice that Joe Nacchio, the former CEO of Qwest Communications who served nearly 5 years in prison for insider trading, just won a $14.2 million lawsuit for “breach of fiduciary duty” against his former financial advisor whose testimony helped convict him?
Nacchio and his wife sued an advisor at Ayco Co., a firm owned by Goldman Sachs, saying he did not understand or properly explain the $95 million in VUL coverage he sold Nacchio in 2000. The suit was brought in 2010 after his new advisor discovered Nacchio didn’t get the coverage he thought he was getting.
A jury agreed and to
Source of insurance-forums.net
Nacchio and his wife sued an advisor at Ayco Co., a firm owned by Goldman Sachs, saying he did not understand or properly explain the $95 million in VUL coverage he sold Nacchio in 2000. The suit was brought in 2010 after his new advisor discovered Nacchio didn’t get the coverage he thought he was getting.
A jury agreed and to
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