A real estate investor is suing a Wells Fargo Advisors broker for $3.35 million, claiming he was encouraged to invest that money into a musical revival of the 1990 film “Ghost”, and now the money has vanished.
Marko Gnann said that broker Donovan Mannato gave Gnann the opportunity to invest in Ghost: The Musical in 2010. Gnann made two investments between 2012 and 2014. However, following the investments, Mannato allegedly misled Gnann about the status of his funds until 2020. A complaint was filed in January stating that it was clear in 2020 that the money was stolen.
Gnann said that, in 2012, he wired around $389,000 to an offshore bank account as part of his initial investment in the Ghost revival. The production opened in England in 2011, and Gnann received an initial $133,000 that year, but allegedly never received further payouts, according to the lawsuit. The production opened on Broadway in April 2012 but closed less than four months later.
Gnann wired around $3.18 million to the offshore account in 2014 for the musical’s international run, which toured several countries between 2014 and 2022.
According to Gnann’s complaint, Mannato never responded to his inquiries about the production until 2020, when he told Gnann that the investment was lost. A Wells Fargo spokeswoman said that the firm is reviewing the complaint and “will respond through the legal process.”
Based on the hit 1990 romantic fantasy thriller film of the same name, the musical had its world premiere at the Manchester Opera House in Manchester in March 2011. Ghost then began its West End premiere in summer 2011, opening on 19 July. A Broadway transfer opened in April 2012. It toured the UK in 2013, after the London production closed in October 2012. Several subsequent regional and touring productions have taken place in the years since.
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Avoid Wells Fargo. Being big and well known does not a good company make.
I’ve never had an issue with Wells Fargo in over 30 years of working with them. This seems to be fraud by an individaul investment advisor operating outside Company policy.
That is why they call it Wells Fraudo. The same bank that would create ghost checking accounts, and credit card accounts on customers in order to hit production quotas. Never Shocked. Just Disappointed.
Exactly! That happened to us.
Charged fees on multiple accounts that we didn’t even understand were opened?
Also, when we had a mortgage there and on autopay coming from our Wells Fargo checking to Wells Fargo mortgage, they would for whatever reason purposely delay moving the funds over sometimes a week past the day it was on auto pay. I still don’t know why this was happening but it was annoying and we never knew for sure when they money was actually coming and going, date wise, even thought it was set up on a specific date of the month. Oh, then there was the data leaks and all the spam I still get bc they failed to protect my person information and SSN.
If anyone else experienced the random mortgage payment timeline like we did, we would love to know and hear if you ever found out an explanation. 🙁
This guy is greedy , he wanted to hand his money to someone else to make it grow for him without having to work.
I am a real estate investor too , I stick to what I know