Talley v. Miller & Schroeder
Plaintiff and appellant Bruce R. Talley sued a number of individual and corporate defendants for fraud and related theories, based upon their different roles in allegedly participating in a securities fraud scheme, the "Heritage Bonds" transactions lasting from 1996-1999. Plaintiff was a securities sales representative who was previously employed by securities firm Miller & Schroeder Financial, Inc. (Miller & Schroeder), the now bankrupt predecessor of one of the current defendants and respondents, the Marshall Group, Inc. (Marshall).[1] Plaintiff alleges that in the scope of his employment by Miller & Schroeder, he sold worthless Heritage bonds to his investor clients, who then sued him and others, resulting in the loss of his livelihood and other injury. He seeks to recover damages from the various defendants and respondents on different theories, based on the nature of their participation in the Heritage Bonds securities fraud, and he claims personal financial loss of over $5 million. Court therefore reverse the judgments of dismissal as to U.S. Trust and Valuation only, but affirm the balance of the dismissal judgments.
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