Awards & Settlements

$2,629,273

FINRA DR No. 17-02420

Alford v. National Planning Corporation

Award of $2,629,273 in favor of investor Sandra C. Alford. The case involved a stockbroker at National Planning Corporation who seriously mishandled the account of an elderly widow and abused the trust she had given to the broker. The Panel’s award resulted in the client recovering all of her losses, plus the money she would have made had the account been handled properly, and $1,000,000 in punitive damages, and covering her attorneys’ fees as well.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,470,000

Settlement of $1,470,000 for an investor whose brokerage account was seriously mishandled and abused through speculative private placements, unsuitable securities as well as self-serving trading of the customer’s account to generate excessive commissions and fees.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,403,500

FINRA DR No. 10-04587

Peterson et al. v. Royal Alliance Associates, Inc.

Unanimous Award of $1,403,500 for a group of three California retired AT&T employees who were defrauded by Royal Alliance Associates and its broker by encouraging them to accept a lump sum retirement package, and then investing the retirement funds in self-serving speculative real estate investment trusts and unsuitable variable annuities. The Panel’s award in this matter was much more than the net out of pocket losses and was based on a formula to make the clients whole for the diminution in the value of their accounts.  The Panel’s award also included additional recovery in the form of interest and punitive damages.  Royal Alliance appealed the Panel’s decision all the way to the California Court of Appeal, which confirmed the Panel’s decision.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,341,280

FINRA DR No. 09-05596

Gillespie v. Oppenheimer et al

Unanimous Award of $1,341,280 in favor of a Texas investor against Oppenheimer & Co.  The case involved “churning”, which is the excessive trading of a client’s account for the sole purpose of generating commissions for the broker.  The Panel’s award also included recovery of interest as well as attorneys’ fees.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,105,000

FINRA DR No. 09-05485

Turbo Investors, LLC v. Robert M. Jaffe

In one of the only successful cases against associates of Bernard Madoff, the FINRA Panel made a unanimous Award of $1,105,000 against a FINRA licensed broker, Robert Jaffe, an associate of Bernard Madoff who recommended that the investors entrust their funds in the Madoff fund, a Ponzi scheme.  After the case, FINRA barred Mr. Jaffe from any association with any FINRA members.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,090,664

FINRA DR No. 09-05044

Biren et al. v. Banc of America Investment Services, Inc.

Unanimous Award of $1,090,664 in favor of Boston investors against Banc of America Investment Services for misrepresentations and losses relating to the brokerage firm’s sale of variable annuities.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,087,500

Settlement of $1,087,500 against a large brokerage firm for mismanaging a retired couple’s retirement savings.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,042,884

FINRA DR No. 15-00333

Bien et al. v. Mid-Atlantic Capital Corporation

Unanimous Award for retired Colorado couple in the amount of $1,042,884 who were sold private, non-traded real estate investment trusts. Award included market-adjusted damages, prejudgment interest, attorneys’ fees and costs.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$1,030,000

Settlement of $1,030,000 for an investor whose brokerage account was invested in an unsuitably aggressive manner which was inconsistent with his need and desire for conservative investments which produced income.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.

$960,000

Settlement of $960,000 for a group of Ohio retirees who were invested in high-risk securities which were unsuitable for them given their retirement status and need for conservative income.

Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.