Boston, MA — Crime novelist Patricia Cornwell has won a negligence and breach of contract lawsuit against her former money managers for nearly $51 million after a seven week trial.
A federal jury in Boston concluded yesterday that Anchin, Block & Anchin LLP mishandled Cornwell’s finances, costing her and her wife Staci Gruber a king’s ransom.
For Patricia Cornwell, in short, it was a “mystery” where all her money went.
Cornwell is the best-selling author of the Dr. Kay Scarpetta series of mystery novels.
Forbes summarized the allegations against the financial advisers:
“Cornwell had accused the firm … of squandering her fortune through unauthorized investments in high-risk financial instruments, unwanted renovations to real estate propertie,s and unethical self-dealing.
Cornwell apparently gave the firm the boot in 2009 after discovering that her net worth had dropped to $13 million, “despite having eight-figure earnings in each of the previous four years,” the Washington Post reports.
The firm blamed Cornwell’s losses on a down economy and the author’s lavish, 1% lifestyle.
At trial, the firm denied the allegations is considering an appeal. In a statement, the firm asserted that “For more than 90 years, the professionals at Anchin have built a reputation for honesty and integrity. the firm will endure despite today’s outcome.”
The award could even go higher if the judge determines that the firm violated consumer protection laws which could trigger punitive damages, according to the Boston Globe.
Are you a fan of Patricia Cornwell’s crime novels featuring medical examiner Kay Scarpetta?
[Top image credit: Wikipedia]