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By Tobias Salinger | January 25th, 2022

After wealth managers helped sell scandal-plagued private placements to an estimated 4,000 seniors and 13,000 other retail clients, they’re getting hit with a steady stream of arbitration awards.

MSC-BD, a brokerage owned by Austin, Texas-based investment banking firm Madison Street Capital, must pay 75-year-old widow Maria Albers an award of $221,000 in compensatory damages, attorney fees and costs in connection with her investments in limited partnerships managed by GPB Capital, according to a Jan. 18 decision by a panel in St. Louis and Albers’ attorney, Bruce Oakes of Oakes & Fosher.

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