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The United States District Court for the Northern District of Illinois, applying Illinois law, has held that a registered representative was not performing Professional Services so as to implicate coverage under a securities broker-dealer professional liability policy where the representative advised clients to invest in what turned out to be a Ponzi scheme. Everest Nat’l Ins. Co. v. Komarek, 2023 WL 3074678 (N.D. Ill. Apr. 25, 2023). The investments were not approved by, or offered for sale through, the registered representative’s broker-dealer employer. A “selling away” exclusion also applied.

Wiley Executive Summary

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