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By Daniel Pipes
Strict traditional laws impact modern life
Topic - Garfield Taylor
A Washington-area executive accused in a lawsuitof bilking millions of dollars from a charity founded more than 200 years ago by Dolley Madison is facing a lifetime ban from the securities industry.
When negotiating with the Hillcrest Children's Center to handle millions of dollars from the District-based nonprofit group's endowment, executives at Gibraltar Asset Management Group held themselves out to be responsible investment managers whose advisers included top faculty at Howard University, according to court records.
The D.C.-based Hillcrest Children's Center, a mental health provider that began as an orphanage nearly 200 years ago and was first led by Dolly Madison, is accusing a Washington financial firm of bilking $8 million of its investments.
In response, Mr. Taylor said the strategy was complicated and other advisers "did not and could not" follow it because of the amount of work and sophistication required to execute it successfully," the lawsuit said.
Mr. Taylor said the strategy was complicated and that other advisers "did not, and could not," follow the strategy because of the amount of work and sophistication required to execute it successfully," the suit said.