Fraud, Professional Negligence, Conversion and Breach of Fiduciary Duty
Oakland County Circuit Court
Clients individually hired Keith Epstein as their financial advisor. Epstein systematically transferred all client funds from secure retirement accounts to variable or fixed annuities without conducting any type of suitability study. Over the years Epstein withdrew funds from the clients’ accounts, many withdrawals were unauthorized, and he convinced the clients to reinvest the funds in fraudulent mutual funds, KLE and E & R. Epstein then cashed the checks and deposited the funds in to his own personal account. Epstein concealed the events by preparing false and misleading statements. Epstein fraudulently converted in excess of $2,000,000 to his own use.
The civil case was recently settled. Confidentiality agreement prohibits disclosure of the amount. A FINRA claim is pending against Mutual Service Corporation, the broker/dealer supervising Epstein
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