Regan, Riley, Madison, and Mackenzie were partners in a law firm.Regan gave the other partners written notice that he was leaving the partnership on March 31. The other partners purchased Regan’s interest and agreed that he would not be liable for any future partnership debts. At the end of May, it was discovered that Riley had, during the previous month, made various investments on behalf of a couple of elderly clients. The investments were either unsecured or undersecured and the elderly clients lost over $250 000.None of the other partners were aware of Riley’s activities although the law firm had occasionally invested funds on behalf of clients in the past.Who is responsible for the elderly client’s losses?What precautions could the partners have taken to prevent this situation?