Florida Supreme Court ordered Naples Investment Advisors Bill Beynon and Blaine Ferguson to pay legal fees as the Appellate Court Ruling against them is Upheld
NAPLES, Fla., Nov. 8, 2022 /PRNewswire/ — The Florida Supreme Court recently ruled against Bill Beynon and Blaine Ferguson, longtime partners and co-founders of Capital Wealth Advisors Inc., by declining to accept jurisdiction over the Collier County case and awarding attorney’s fees to the Plaintiff. The case is now expected to proceed to trial in the 20th Judicial Circuit of Florida.
Beynon, one of the co-chairs of the Naples Winter Wine Festival, is the CEO of Capital Wealth Advisors, Inc. Ferguson is the COO of Capital Wealth Advisors, Inc. In 2018, Capital Wealth Advisors, together with Beynon and Ferguson individually, were named as defendants in the multi-million-dollar lawsuit in Naples, Florida.
The complaint alleges that a commission contract was executed with the Plaintiff to provide Beynon with access to a highly valuable network of carefully cultivated referral sources. Through this network, Beynon and his firm were introduced to ultra-high-net-worth clients. In turn, the defendants were to share commissions from life insurance premiums with the Plaintiff.
The Plaintiff’s complaint at hand stems from Capital Wealth Advisors, Inc. writing business with referrals through the Plaintiff’s network of sources, but not reporting to and concealing this business from the Plaintiff. Per the contract, Plaintiff alleges it is owed multi-million-dollar commissions from the defendants. Beynon and Ferguson argued they are not required to share any commissions because they were personally compensated by the insurance carrier and Capital Wealth Advisors, Inc. never directly received any money. The legal argument shifted over time, and the defendants claim Capital Wealth Advisors, Inc. received all commissions, and therefore the individually named defendants should be removed from the suit.
After years of legal maneuvering, the case has run through a gambit of Judges in the 20th Judicial Circuit, the 2nd Court of Appeals, and the Florida Supreme Court. The Florida Supreme Court remanded the case to the 20th Judicial Circuit Court, and a new Judge was recently assigned, with the parties awaiting a trial date.
Capital Wealth Advisors LLC specializes in providing leads and referral sources to insurance agencies and asset managers. The Company specializes in the areas of Life Insurance, Annuity, and Asset Management Related Business. The Company differentiates itself by specializing in very few highly targeted leads with a very limited number of counterparties. Capital Wealth Advisors is based in Naples, FL.
SOURCE Capital Wealth Advisors