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Williams v. CWI, Inc.

777 F. Supp. 1006 (1991)

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Williams v. CWI, Inc.

United States District Court for the District of Columbia

777 F. Supp. 1006 (1991)

Facts

Reggie Williams (plaintiff) was a professional basketball player in the National Basketball Association (NBA). When Williams signed his first NBA contract, he sought opportunities for investing his newfound wealth. Williams was introduced to Waymon Hunt, a financial planner, and his company, CWI, Inc. (defendant). Hunt convinced Williams to invest in heating units, which Hunt explained could provide an investment return and tax benefits. Williams agreed to buy $1 million worth of these units. Williams paid Hunt a $50,000 deposit. Immediately upon receiving the $50,000, Hunt used the money for his own purposes. Hunt repeatedly assured Williams that his investment was safe. The money was never used to purchase the units. The agreement between Hunt and Williams stated that the money must be repaid if the agreement could not be fulfilled. Hunt originally attempted to argue that he was entitled to the $50,000 as a finder’s fee for locating the investment. Hunt later admitted that he owed Williams the $50,000. Williams also argued that he was entitled to tax savings he would have received had he received legitimate financial advice.

Rule of Law

Issue

Holding and Reasoning (Sporkin, J.)

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