Maine Court Weighs Financial Adviser's Duty in $1.3M Elder Scam

Justices examine limits of adviser's responsibilities and red flags of diminished capacity in high-profile case.

Mar. 3, 2026 at 11:19pm

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The Maine Supreme Judicial Court is hearing oral arguments in a case that examines whether a financial adviser has a fiduciary duty to protect a client from being scammed out of their retirement savings. The case involves a retired couple from Falmouth who lost $1.3 million to bitcoin scammers, and their lawsuit against their financial adviser firm R.M. Davis Inc. The justices are considering whether the firm should have done more to prevent the couple's losses despite the couple initially lying about their plans for the money.

Why it matters

This case highlights the growing threat of elder financial exploitation and the evolving responsibilities of financial advisers to protect vulnerable clients. It raises questions about the limits of an adviser's fiduciary duty and whether firms can be held liable for failing to recognize and intervene in scams targeting their clients.

The details

In February 2022, 80-year-old Bruce MacMillan directed his financial adviser at R.M. Davis to liquidate $1.3 million from his investment accounts, telling the adviser he had an "exciting real estate opportunity." MacMillan later admitted he lied and had actually transferred the money to a bitcoin scam. MacMillan and his late wife, Linda, sued R.M. Davis, claiming the firm had a responsibility to protect them from the scam. A lower court ruled in favor of the firm, but the MacMillans appealed to the Maine Supreme Judicial Court.

  • The Maine Supreme Judicial Court heard oral arguments in the case on March 3, 2026.
  • The couple filed the lawsuit in June 2023.
  • Linda MacMillan died in June 2025 while in memory care.

The players

R.M. Davis Inc.

A prominent Portland-based wealth management firm that was sued by the MacMillans. R.M. Davis is registered with the SEC and manages over $7 billion in assets.

Bruce MacMillan

An 80-year-old retired Falmouth resident who was scammed out of $1.3 million that he and his late wife, Linda, had saved for retirement.

Linda MacMillan

Bruce MacMillan's late wife, who died in June 2025 while in memory care. The couple had been clients of R.M. Davis for over 15 years.

George Carr

The financial adviser at R.M. Davis who worked with the MacMillans.

Justice Andrew Mead

A justice on the Maine Supreme Judicial Court who posed questions during the oral arguments.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee

What’s next

The Maine Supreme Judicial Court is expected to issue a decision in the coming weeks.

The takeaway

This case highlights the growing threat of elder financial exploitation and the evolving responsibilities of financial advisers to protect vulnerable clients. It raises questions about the limits of an adviser's fiduciary duty and whether firms can be held liable for failing to recognize and intervene in scams targeting their clients.