The allegations read: James francis willer was a subject of a customer's complaint against his member firm and respondent michael lee canney that asserted the following causes of action: breach of fiduciary duty, negligence, breach of contract, erisa violations, negligent misrepresentation, constructive fraud, failure to supervise, and respondeat superior. The causes of action related to claimant's allegation that respondents mismanaged claimant's portfolio by failing to fix an appropriate investment strategy, which caused the portfolio to underperform due to excessive cash and a concentration in a single sector of the s&p.
