Mr. Huff used to run a company called The American Benefit Institute (ABI). It was an insurance marketing organization. ABI entered into a referral agreement with TriArc Advisors, LLC to share commission income. ABI, at Mr. Huff’s direction, intentionally violated this agreement.
TriArc sued ABI and received a default judgment that it is now attempting to collect for an amount in excess of $200,000.
Any advisor who doesn’t follow the contracts that are signed meets my definition of a “bad advisor.”
For a definition of what a bad advisor is, please see my book Bad Advisors: How to Identify Them; How to Avoid Them.