Tatum v. Legg Mason Wood Walker, Inc.

Defendant Bernie L. Smith III (“Smith”) ran a financial advising and planning business. Plaintiffs Pat Tatum, Waller Funeral Home, Patricia M. Miller, Dr. Winn Walcott, and Smith’s parents — Bernie L. Smith, Jr., and Lucille J. Smith — invested funds with Smith’s business. Smith originally invested these funds in stock and mutual funds. Then he began speculating in the commodities market. Smith became affiliated with Defendant Howard, Weil, Labouisse, Friedrichs, Inc., (“Howard Weil”) a commodities brokerage firm. When his commodities accounts performed poorly, Smith attempted to cover his…