The former JPL financial analyst was told by LeClair’s brother that he would earn up to 14 percent on his investment and was guaranteed to get his principal back. He invested in Windsor Pictures and in the musical Twist—which listed LeClair as a producer and her partner today, Tena Clark, as lyricist.
Robert was not told LeClair was earning a commission, or that the investment was highly inappropriate. When the principal dropped, and he and his wife stopped receiving checks.
At the time, Robert’s net worth was $1.2 million. He invested a third of it, $400,000, stressing that the money must be shielded from losses because it was needed for his father-in-law’s care in case of an emergency. LeClair’s brother told him that the principal was protected, and that if there was a problem, his sister was wealthy enough to cover it.
If Robert would turn over his investments, he was promised he would get a monthly check for $3,000. LeClair met with him and assured him his money was safe. When he turned over the money, Robert stressed once again that he could not afford to lose the money because it was needed for his father-in-law. He was again assured the principal was guaranteed.
Robert was not told LeClair was earning a commission, or that the investment was highly inappropriate. When the principal dropped, and he and his wife stopped receiving checks, they contacted LeClair, who assured them the problem was temporary and would be fixed.
“I have everything covered,’’ she told them.