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Ex-Red Hat CEO Szulik sues over $60M loss

Dec 29, 2010, 14:02 (0 Talkback[s])
(Other stories by Lee Weisbecker)

"Former Red Hat CEO Matthew Szulik, his wife, father and other family members have filed a federal suit against a St. Thomas-based investment advisory firm, claiming the family lost $60 million in high risk and illiquid investments they did not approve.

"The relationship between TAG Virgin Islands LLC (formerly Taurus Advisory Group) and the Szulik family began around 1996 and terminated in 2009, according to the lawsuit.

"The Szuliks' investment agreement with TAG called for the advisers to put the family's money into blue chip stocks, bonds and other securities using a "conservative" investment strategy."

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