Siblings who used their positions as founder of a hedge fund and stock broker to boost the brother’s personal accounts to the detriment of his limited partners have been ordered by a Manhattan judge to pay nearly $77 million to the partners.
New York Supreme Court Justice Herman Cahn, in 212 Investment Corp. v. Kaplan, 603029/2004, upheld an arbitration panel’s award and its finding that defendants Myron and Barbara Kaplan “knowingly and willfully breached their fiduciary duties” by “intentionally and wrongfully” engaging in post-execution allocation of securities trades.
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