Winning Cases
Larry Roberts v. Dean
Witter Reynolds, Inc.
and Brian Smith
Brian Smiley & Mike Bishop represented Larry Roberts, a retired defensive end from the San
Francisco 49'ers. Mr. Roberts contended that his broker at Dean Witter misled him into
investing $140,000.00 in a company which allegedly developed, renovated and sold homes
through an HUD program. The investment quickly failed and it was determined that the
investment was not guaranteed, as represented. Mr. Roberts brought claims against Dean
Witter and its broker, Smith, for violations of Georgia securities laws, breach of
fiduciary duty, fraud and violation of securities industry rules. A panel of NASD
appointed arbitrators ruled in favor of Larry Roberts and awarded him $242,143.00 in
compensatory damages, including interest. In addition, Mr. Smith was held liable for
$100,000.00.00 in punitive damages. The case was featured in a front page article in the
Wall Street Journal, January 27, 1999, "Old NFL Man Trusts His Money to Another, But
Soon Regrets It - Investment at Dean Witter Vanishes, and the Broker Washes His Hands of
It."
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