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BREAKING NEWS | |
COUPLE FILES SUIT AGAINST ONE TIME KIRKLAND BASED INVESTMENT GURU ALLEGING THEY LOST ALL THEIR SAVINGS
March 10, 2010
(SEATTLE, WA) -- A Renton couple filed a lawsuit Tuesday in U.S. District Court in Seattle in what may be the first of many lawsuits against former Kirkland securities broker Rhonda Breard, who is being investigated for running an alleged multimillion-dollar Bernie Madoff type Ponzi scheme.
James and Shelley Heath allege in the lawsuit they lost their life savings. Also named in the suit was an associate of Breard’s, Colleen Brown and ING Financial Partners, the U.S. based investment subsidiary of the Dutch financial firm that licensed Breard.
The lawsuit alleges ING Financial Services licensed Breard and Brown then failed to supervise them properly; that the firm has a history of failing to supervise brokers and has paid huge fines and/or state-ordered restitution to clients over the past several years.
The state Department of Financial Institutions said it has identified close to 20 former Breard investors who may have lost $8 Million or more.
Breard, 47, ran a company called Breard & Associates Wealth Management and projected an image of a financial expert in TV and radio ads.
She lived a high lifestyle and owned a $2.6 million house on Lake Washington and other real estate as well as many cars and boats.
No criminal charges have been filed against Breard in the ongoing investigation.
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