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August 31, 2023 at 11:29 AM
Charles Schwab and Creative Planning are being sued for alleged negligence tied to account management involving the loss of 45,695 shares of Boeing stock valued at about $9.5 million.
According to the suit, filed on Aug. 25 in New Jersey Superior Court for Bergen County, Bruce Bilow contends that Creative “acted negligently and breached the standard of due care” in connection with its supervision of Bilow’s investment strategy and its implementation.
Schwab acted as the custodian of the brokerage accounts opened for and on behalf of Bilow’s accounts.
According to the suit, the two registered advisors handling Bilow’s accounts were Phillip Attebery, who is also an Accredited Investment Fiduciary with Creative, and Brendon Hanna, also the Director of Complex Strategies, “and a purported and alleged expert in connection with options trading investment strategies.”
Prior to June, 2016, Bilow had inherited 45,695 Boeing shares of stock from his father, “which collateralized a $2 Million … account loan, and were used as the underlying security at risk from the aggressive options trading strategy recommended and implemented by Attebery,” the suit states.
