Laidlaw & Company Ltd is a financial institution providing wealth management services and investment banking to individuals and institutions in the United Kingdom and the United States. The company also offers advisory services on divestitures, acquisitions, management-led buyouts and fairness opinions, among many others. Although the company has a large customer base, spanning the UK and the US, it is mired in controversy. Allegations of fraudulent activities by its principals (Matthew Eitner and James Ahern) continue to taint its reputation to date.
Some of the reports of impropriety leveled against Laidlaw & Company Ltd have resulted in lawsuits. Relmada Therapeutics Inc. instituted legal proceedings against the firm in the US District Court of Nevada over an attempt by Laidlaw to unlawfully take over the therapeutics company. Having served as an investment banker for Relmada, Laidlaw had kick-started the procedure of effectively taking over their client’s company, breaching US financial regulations.
Earlier this year, Relmada sought to amend the charge sheet against Laidlaw to include breach of fiduciary duty. According to the new amendment, Laidlaw violated banking laws by disclosing confidential information about its client, Relmada Therapeutics. Relmada now awaits a stern action against Laidlaw principals, James Ahern and Matthew Eitner. The court had issued a temporary injunction against the two.
Laidlaw is deeply mired in corruption. The company’s executives have a history of malpractice and customer complaints. One of the executives, Leonard V. Gallick, is notorious for corrupt underhand dealings at the company. In 2013, a client registered a complaint against Gallick for engaging in improper trade practices. The company silenced the customer with $350,000 compensation.
Allegations of corrupt dealings and breach of commercial laws are rife at Laidlaw & Company. Its principals, Matthew Eitner and James Ahern, face numerous customer complaints and court cases. Investors would; therefore, be well advised to stay clear of this institution.
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