Complaint Accusing Advisor of Churning Retirees' Accounts Dropped

A lawsuit accusing a Connecticut investment advisor of making excessive and inappropriate trades for a retired couple has been withdrawn.

In a complaint filed in November, Terry and Nancy Chabot alleged that Samir Shehu, managing principal at Shehu Asset Management, an RIA in Southbury, Connecticut, cost the couple more than $800,000 over 18 months by churning their holdings and investing in penny stocks.

Terry Chabot died nine days after the suit was filed, Connecticut Superior Court records indicate. The couple’s attorney withdrew the complaint July 26, according to a court filing that didn’t offer an explanation.