Writer Patricia Cornwell Sues Finance Management Firm
A famed crime novelist sits at the center of a tale of alleged fraud, misdoings, and betrayal.
But the story isn’t from a novel: it’s from the author’s life. Patricia Cornwell, an award-winning American crime writer, is suing her former financial management company in a Boston court over alleged negligence and mismanagement. According to this story in The Boston Globe, Cornwell has accused Anchin, Block & Anchin LLP, and its former principal, Evan Snapper, of bilking her out of millions of dollars, and losing many more millions in risky investments. Cornwell is seeking damages that could potentially top $100 million.
According to the lawsuit, Cornwell agreed to pay Anchin $40,000 a month for the firm’s services. Cornwell alleges that Anchin billed her for more than $3 million over more than four years. The lawsuit also alleges that Anchin cost her millions when it made high-risk investments when she wanted to be conservative.
Cornwell also contends that Snapper gave her real estate advice that appeared “shady,” since it seemed to benefit his associates. Cornwell claims that she lost millions in these ventures, adding that the stress caused her to miss a book deadline (her first ever). That misstep cost her millions more. Other transactions (such as the mishandling of a sale of rare books, and missing money from the sale of her Ferrari) were detailed in the lawsuit.
When Cornwell began questioning her financial managers in 2009, she was “flabbergasted” to learn that her net worth was only eight figures — her annual income in each of the previous four years. She filed the federal lawsuit the same year.
Anchin’s lawyer denies any wrongdoing, and claims his client only charged appropriate fees.
Financial professionals sometimes encourage clients to invest in risky ventures that devalue their assets, or they act without the client’s knowledge. In some cases, securities fraud or stockbroker fraud victims may be able to recover some or all of their losses. If you believe that you or a loved one has been taken advantage of by a securities fraud scam, call Sokolove Law today.