Peters v. Gallun, et al. was filed in the Central District of California on February 18, 2021, claiming civil damages for violations of securities law, breach of contract, and conversion.
Plaintiff is an individual working as a movie producer in California (“Peters”). The defendants are an individual acting as a business manager and equine sales agent (“Gallun”) and Gallun’s limited liability company.
Peters alleges that Gallun acted as a consultant and confidante in Peters’ family’s equestrian business, but later solicited Peters into investing $450,000 in two no-risk, high return opportunities. The first, which promised 10% of his capital every six weeks and a one-month call option, involved shipping grains between the United States and Europe for which the investor’s capital fronted the shipping costs and in return he was to receive a profit once accepted. The second, which promised a 90-day return of capital with an 8% return, involved selling farm equipment from the United States to Saudi Arabia. Gallun purportedly did not repay Peters and insisted that the COVID-19 pandemic had stunted business, which Peters accepted for some time before eventually demanding repayment.
Peters filed this complaint asserting a private causes of action under Securities Act and the Exchange Act, a California statutory claim for elder financial abuse, breach of fiduciary duty, breach of contract, and conversion. Peters seeks to recover treble damages for unpaid principle, injunctive relief, and punitive damages.