Opinion ID: 1939379
Heading Depth: 1
Heading Rank: 4

Heading: Keith Fountain Matter

Text: Keith Fountain of Philadelphia was introduced to Respondent by Wright. Respondent told Fountain that he could advise him in certain areas as investment counsel. Since Respondent was an attorney, Fountain had confidence in him. Fountain gave Respondent $8,000 on March 24, 1982 for oil investments. Respondent on his attorney stationery, gave Fountain a promissory note to pay $16,000 before April 24, 1982. Respondent personally guaranteed the initial investment to Fountain. The record is silent as to the facts surrounding another promissory note which Respondent gave Fountain on October 8, 1982 whereby Respondent agreed to assign all future earning [sic] up to $50,000 beginning November 1, 1982. Fountain did not receive the expected return from his investment. He, too, had great difficulty contacting Respondent. At various times, Fountain and Wright together received a total of about $2,900 from Respondent which they shared. This was the only return they received from their investments. On November 4, 1982 Wright and Fountain filed a civil complaint against Respondent in which Wright sought $17,000 and Fountain, $8,000. On March 29, 1983 a default order was entered against Respondent for failing to file a timely answer to the complaint. Wright and Fountain complained to the Ethics Committee about Respondent by letter dated January 17, 1983 and a formal Ethics complaint was issued December 9, 1983.