An RIA and former CFP who served wealthy families has already lost $48 million in arbitration by trying to claim that he didn't owe a fiduciary duty to clients. Now he could be on the hook for $3 million more over the same failed investment in another case.

"The arbitrator's jaw just kind of dropped," when attorneys for Lee D. Weiss, managing partner of Family Endowment Partners, claimed he was not a full fiduciary to his clients, says Glenn Gitomer, the attorney for plaintiffs in the larger case.

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