FRAUD I BREACH OF FIDUCIARY – Drew Brees alleges Breach of Fiduciary Duty against SD Jeweler Vahid Moradi
June 07, 2019
The Brees v. Moradi civil jury trial commenced earlier this week in San Diego Superior Court. The underlying causes of action include: Fraud, Breach of Contract and Breach of Fiduciary Duty. Specifically in the Plaintiff’s opening statement and the direct examination of Drew Brees the evidence presented established that the relationship between the two parties transcended that of a jeweler and customer.
Specifically the relationship transformed in 2008 following the economic crash when Vahid Moradi advised Drew Brees about an “alternate class of investments” that was “flying under the radar”. The Defendant represented that colored diamonds were a secure investment that would appreciate in value at an unprecedented rate. These “investment discussions” took place for years prior to Mr. Brees making his first investment purchase. Specifically Moradi and Brees met numerous times in person and exchanged thousands of emails, texts and calls well before an initial investment purchase was made. In these discussions and correspondence Moradi held himself out to be an expert on colored diamonds and would advise as to their appreciation, the potential return on investment and further gave the impression that Moradi had exclusive access to these “investment diamonds” and he could secure them well below market costs.
Moradi, by representing himself to be a colored diamond investment specialist and offering his assistance to the Brees family created a fiduciary relationship. A fiduciary duty is a duty or responsibility to act in the best interest of someone else. A fiduciary is the person who owes the duty to the other party in a fiduciary relationship. Generally a fiduciary is responsible for the management and protection of another’s assets. A fiduciary duty is in place when a relationship with a client calls for unique trust, or dependability, on the fiduciary to be discrete when acting on behalf of the said client.
The Plaintiffs are alleging that Moradi, extended him self out to be acolored diamond investment specialistand a fiduciary was created. Once the fiduciary was created, Moradi had an obligation to behave with the highest standard of integrity, transparency and may not, in any way, have benefited personally at the Brees’ expense.
If you or someone you know has fallen victim to a breach of fiduciary, breach of contract,investment fraud or have any questions as to investor rights, we encourage you to call our offices today at 619-432-5145 for a free consultation with one of our Fraud Attorneys and Investment Lawyers.