Self-represented plaintiffs commenced an action in 2022 alleging that their investment advisor misappropriated inheritance funds deposited into a brokerage account in 2005.
The defendants brought a motion for summary judgment asserting no genuine issue requiring a trial and that the action was statute-barred.
The court found that the plaintiffs had documentary evidence of the account and its transactions in 2004 and 2005, and that they necessarily would have discovered the alleged loss of funds by 2014 when they closed all accounts with the defendants.
The court held that the two-year limitation period under the Limitations Act, 2002 had expired well before the action was commenced in 2022.
The court further held that the plaintiffs' claim of misappropriation was unsupported by evidence and rested on conjecture, including a forensic document examiner's report given no weight for failing to comply with affidavit requirements.
The motion was granted and the action was dismissed.
