A local businessman was convinced to loan money in exchange for a security interest in a fine art collection. After the loan was made, it was discovered that the art collection never existed. The borrower turned out to be a blue-blooded con man who went to jail for swindling investors. The borrower was sued by many of his victims.
Attorney Salinas developed a different legal strategy for his client. He sued a financier who brokered the loan. The financier was the trustee of a trust that purportedly held the art collection. Attorney Salinas argued that, as a trustee, the financier had a fiduciary duty to confirm the existence of the art collection before granting a security interest in the trust.
The case was tried over three days in the Essex County Superior Court. A jury returned a verdict awarding $570,000 to his client.