On November 8, 2012, Boston Celtic Jason Terry (“Terry”) filed suit in United States District Court in Pennsylvania against his financial advisors, William C. Crafton, Jr. (“Crafton”), Adam Fein (“Fein”), Suntrust Banks, Inc, CSI Capital Management Inc., CSI Capital Management Inc. The complaint alleges that Terry incurred $2,400,000 in investment losses from “high risk, illiquid investments.”
The complaint alleges that in 2006 Crafton and Fein became Terry’s investment advisors and money managers. Crafton later “came to control and exercise discretionary authority” over Terry’s assets and finances.
Terry allegedly “had specific conversations with Crafton about employing a conservative investment strategy, with a liquid portfolio of assets aimed at preserving the money that Plaintiff had and would accumulate during Plaintiff’s professional career.” However, Terry claims that Crafton placed him into “high-risk, alternative investments, which were Ponzi Schemes or other fraudulent investments run, managed, controlled, operated and/or created by individuals with whom Crafton had a personal relationship, business dealings or kickbacks.”
Terry v. Suntrust Banks Inc., No. 12-CV-06341 (E.D. Penn.).