FINRA DR No. 19-01006
Frank Lee vs. First Kentucky Securities
Recovered full losses for retiree concentrated in two oil and gas MLPs. These MLPs, Breitburn Energy and Linn Energy made up close to 50% of Mr. Lee’s account. First Kentucky had Mr. Lee sign a letter that he was purchasing more of these stocks against the advice of his broker, however, Oakes & Fosher argued that this was an attempt for First Kentucky to shield itself from liability while really still recommending the stocks. Notably, the Panel awarded the client all his losses on Breitburn and Linn, even those purchases made referenced in the letter. The Panel also awarded the client 1/3 of his compensatory damages back as attorneys fees.View Award
Disclaimer: The results obtained for this or any client does not indicate that similar results can be obtained for other clients.