Titan Wealth Advisors LLC v. Donald Fairman

CourtMichigan Court of Appeals
DecidedJuly 13, 2026
Docket368019
StatusUnpublished

This text of Titan Wealth Advisors LLC v. Donald Fairman (Titan Wealth Advisors LLC v. Donald Fairman) is published on Counsel Stack Legal Research, covering Michigan Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Titan Wealth Advisors LLC v. Donald Fairman, (Mich. Ct. App. 2026).

Opinion

If this opinion indicates that it is “FOR PUBLICATION,” it is subject to revision until final publication in the Michigan Appeals Reports.

STATE OF MICHIGAN

COURT OF APPEALS

TITAN WEALTH ADVISORS, LLC, UNPUBLISHED July 13, 2026 Plaintiff/Counterdefendant- 9:12 AM Appellant/Cross-Appellee,

v No. 368019 Oakland Circuit Court DONALD FAIRMAN, WENDY MASEN, LC No. 2021-189175-CB JENNIFER CONLEY, and HENRY CONLEY,

Defendants/Counterplaintiffs/Third- Party Plaintiffs-Appellees/Cross- Appellants, and

KEVIN VANDENHAUTE and CLARK HARRIS,

Third-Party Defendants- Appellants/Cross-Appellees.

Before: GADOLA, C.J., and REDFORD and RICK, JJ.

PER CURIAM.

Plaintiff/counterplaintiff Titan Wealth Advisors, LLC, and third-party defendants Kevin Vandenhaute and Clark Harris (collectively, the Titan parties) appeal as of right the judgment entered in favor of defendants/counterplaintiffs/third-party plaintiffs Donald Fairman, Wendy Masen, Jennifer Conley, and Henry Conley (collectively, defendants). Defendants cross-appeal as of right, but their cross-appeal is conditioned on this Court granting the Titan parties appellate relief. We affirm.

I. FACTUAL BACKGROUND

Titan is a financial services firm located in Bloomfield Hills, Michigan. It is owned by Harris and Vandenhaute as equal partners. Defendants Fairman, Masen, and Henry Conley (collectively, the advisors) were employed by Titan as financial advisors. They were compensated

-1- by commissions on investment products they sold to clients. Their employment contracts contained noncompete and nonsolicitation provisions that restricted their freedom to solicit Titan’s clients after they resigned their employment. However, Fairman had an additional agreement with Titan, which enabled him to buy his “book of business,” which would exempt his clients from the noncompete and nonsolicitation agreements. Fairman completed the installment payments in this arrangement, but did not continue to work for the requisite number of years to fulfill the contract. The advisors, Harris, and Vandenhaute, each held Series 6 General Securities Representative Licenses, which allowed them to sell basic investment products such as mutual funds and variable annuities. The advisors also held Series 7 General Securities Representative Licenses. The Series 7 licenses allowed them to sell more advanced investment products than the Series 6 licenses. These products included individual stocks and “illiquid securities,” which are financial instruments that pay income, but are difficult to liquidate or cash out because they have no readily available secondary market.

Titan had a group-production affiliation agreement with Sigma Financial Corporation and Sigma Planning Corporation (collectively, “Sigma”). Sigma served as Titan’s broker-dealer. The advisors were members of the production group and were required to sign the agreement. Harris was the group representative. Sigma paid commissions to the Titan parties by transferring them to a bank account that Harris held in his individual capacity. Harris then distributed commissions to the advisors. Sigma was also responsible for monitoring Titan’s compliance with securities regulations.

In February 2021, one of Harris’s clients e-mailed regarding his concerns about a poorly- paying illiquid security. These e-mails came to the attention of Sigma’s compliance officer, John McClellan. Fairman also received a copy of the e-mail because he was listed on the client’s account as the advisor who sold him the illiquid security. Relevant to the issues presented in this matter, defendants maintain that Harris completed the transaction by fraudulently using Fairman’s Series 7 license and forging Fairman’s signature. They further allege that Harris conducted other fraudulent Series 7 transactions and that these transactions jeopardized defendants’ licensure and clients. Conversely, the Titan parties allege that Fairman was sufficiently involved in the transaction to comply with licensing regulations.

In response to the discovery of Harris’s Series 7 transactions, Sigma terminated Harris’s status as group representative and later terminated its affiliation with Titan. In April 2021, defendants resigned from Titan, purportedly because they believed that Harris’s actions made Titan a disreputable firm. However, the Titan parties believed that defendants exaggerated the seriousness of Harris’s actions as a pretext to resign their employment and violate the noncompete and nonsolicitation agreements. The Titan parties thereafter initiated this lawsuit against defendants, raising claims of breach of contract, breach of fiduciary duty, and related business torts. Defendants filed a counterclaim against Titan and a third-party complaint against Harris and Vandenhaute, also raising claims of breach of contract, breach of fiduciary duty, fraudulent inducement, civil conspiracy, and related claims.

Several of the parties’ claims and counterclaims were either voluntarily dismissed or dismissed through summary disposition. The remaining claims proceeded to trial. Relevant to this appeal, the jury found that both Fairman and the Titan parties breached the contracts between them, but the Titan parties breached first. The jury awarded the Titan parties $554,355 in damages

-2- and awarded Fairman no damages. The jury additionally found that, while Fairman did not breach his fiduciary duty to the Titan parties, the Titan parties breached their fiduciary duty to him. The jury thus awarded Fairman $130,000 in damages. With regard to fraudulent inducement, the jury found that the Titan parties omitted a material fact to Fairman, which Fairman relied on when he entered into contracts with the Titan parties. However, the jury found that he did not sustain any monetary damages in relation to that claim.

The jury next found that Henry Conley and the Titan parties both breached their obligations under Henry Conley’s contract, but once again, the Titan parties breached first. The jury awarded the Titan parties $170,996 in damages and Henry Conley no damages. The jury found that Henry Conley did not breach his fiduciary duty to the Titan parties, but the Titan parties breached their fiduciary duty to him. The jury awarded him $25,000 in damages. With regard to fraudulent inducement, the Titan parties omitted a material fact to Henry Conley, which he relied on when he entered into contracts with the Titan parties. However, the jury awarded him no monetary damages.

The jury next found that neither Masen nor the Titan parties breached their obligations under their contract with Masen. Additionally, the jury found that Masen did not breach her fiduciary duty to the Titan parties, but they breached their fiduciary duty to her. The jury awarded Masen $40,000 in damages. With regard to fraudulent inducement, the jury found that the Titan parties omitted a material fact to Masen, which Masen relied on when she entered into contracts with the Titan parties. However, the jury found that she did not sustain any monetary damages. The jury additionally found that Masen did not engage in common-law conversion, statutory conversion, or tortious interference with a business relationship and that there was no civil conspiracy by any party. This appeal followed.

II. ANALYSIS

A. THE TITAN PARTIES’ DIRECT APPEAL

1. BREACH OF FIDUCIARY DUTY

The Titan parties first argue that the trial court erred by denying their motion to dismiss defendants’ claim for breach of fiduciary duty on summary disposition, and again erred in denying their motion for a directed verdict at trial. They also argue that the trial court erred by permitting witnesses to give testimony that amounted to expert or legal opinions on fiduciary duty.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Caperton v. A. T. Massey Coal Co., Inc.
556 U.S. 868 (Supreme Court, 2009)
Cooper v. Auto Club Ins. Ass'n
751 N.W.2d 443 (Michigan Supreme Court, 2008)
West v. General Motors Corp.
665 N.W.2d 468 (Michigan Supreme Court, 2003)
In Re Susser Estate
657 N.W.2d 147 (Michigan Court of Appeals, 2003)
Yee v. Shiawassee County Board of Commissioners
651 N.W.2d 756 (Michigan Court of Appeals, 2002)
Willoughby v. Lehrbass
388 N.W.2d 688 (Michigan Court of Appeals, 1986)
In Re Contempt of Henry
765 N.W.2d 44 (Michigan Court of Appeals, 2009)
Lewis v. LeGrow
670 N.W.2d 675 (Michigan Court of Appeals, 2003)
Moore v. Detroit Entertainment, LLC
755 N.W.2d 686 (Michigan Court of Appeals, 2008)
Heaton v. Benton Construction Co.
780 N.W.2d 618 (Michigan Court of Appeals, 2009)
Campbell v. Department of Human Services
780 N.W.2d 586 (Michigan Court of Appeals, 2009)
Bradley v. Gleason Works
438 N.W.2d 330 (Michigan Court of Appeals, 1989)
Jimkoski v. Shupe
763 N.W.2d 1 (Michigan Court of Appeals, 2008)
Able Demolition, Inc v. City of Pontiac
739 N.W.2d 696 (Michigan Court of Appeals, 2007)
Thorin v. Bloomfield Hills Board of Education
513 N.W.2d 230 (Michigan Court of Appeals, 1994)
Rooyakker & Sitz, PLLC v. Plante & Moran, PLLC
742 N.W.2d 409 (Michigan Court of Appeals, 2007)
City of Bronson v. American States Insurance
546 N.W.2d 702 (Michigan Court of Appeals, 1996)
Vicencio v. Ramirez
536 N.W.2d 280 (Michigan Court of Appeals, 1995)
Fassihi v. Sommers, Schwartz, Silver, Schwartz & Tyler, PC
309 N.W.2d 645 (Michigan Court of Appeals, 1981)

Cite This Page — Counsel Stack

Bluebook (online)
Titan Wealth Advisors LLC v. Donald Fairman, Counsel Stack Legal Research, https://law.counselstack.com/opinion/titan-wealth-advisors-llc-v-donald-fairman-michctapp-2026.