A Long Island business man is suing billionaire investor Ken Fisher for aiding a former executive at his firm, Mark Swanson, in fraud, the New York Post’s Page Six is reporting.
The lawsuit was filed in New York state supreme court by Tony Lin, who is seeking $2.1 million in damages. He claims Fisher allowed Swanson to carry out the fraud, in which Swanson was funelling investor money to himself for gambling.
Lin alleges that Swanson, a former VP at Fisher’s Private Client Group, solicited him to invest in the “Stellar Fund.” Lin was later told Swanson had been terminated. Then, “Swanson admitted . . . [his] entire investment . . . was gone and that the Stellar Fund was a fraudulent entity created . . . in order to fuel Swanson’s long-term gambling addiction,” the suit says. It blasts Fisher Investments’ “willful blindness” and “unlawful and negligent conduct.”
A Fisher spokesperson told the Post that Swanson was immediately dismissed when his actions were uncovered and the investor had no hand in Swanson’s fraud.
Aside from the billions he manages for investors, Fisher is also well-known as a writer and business columnist. He’s authored the book “How To Smell a Rat: The Five Signs of Financial Fraud.”