Legal News

Raoul Felder Sues His Investment Firm

By Dan Slater

Comedian Jackie Mason (right), with Raoul Felder in the Old Library at Oxford University, Oct. 29, 1996. The pair were to address the student union on the question of O.J.Simpson and the state of the Union. (AP/Dave Caulkin)

The last few times we checked in on Raoul Felder, the famed matrimonial lawyer, we found him loving the divorce season, offering pro bono advice to Paris Hilton, and taking flack for a controversial book he co-authored with Jackie Mason, entitled “Schmucks! Our Favorite Fakes, Frauds, Lowlifes, Liars, the Armed and Dangerous, and Good Guys Gone Bad” (pictured, right).

Now Felder has a new project: suing an investment firm that he says lost $200,000 of his money by ignoring his instructions and investment goals. Here’s the AP report. Felder’s $5.2 million suit against Alliance Global Wealth Management reportedly claims that officials induced him to put his money into risky investments after he asked for relatively conservative securities and he “began to suffer significant losses.”

Felder’s court papers, reports the AP, say Alliance Global advisers abused his trust and acted out of “greed and self-interest.” Felder’s papers say he asked out of the fund in April but they made him stay in until June. “This kind of fraud is being duplicated all over America,” Felder said.

Alliance Global didn’t immediately return the AP’s call seeking comment.

Full post as published by Law Blog - WSJ.com on October 21, 2008 (boomark / email).