January 7th, 2010
A panel of arbitrators through the Financial Industry Regulatory Authority (FINRA) has awarded a 95-year old man $1.6 million in damages against StockCross Financial Services in a stock broker fraud claimthat resulted in triple damages based on a finding of elder abuse.
The claim was filed in March 2009 on behalf of David Wolfson, who alleged that StockCross and two of their brokers, Thomas B. Cooper and Peter L. Boorn, took advantage of Wolfson’s age and “bilked” the elderly investor of nearly all of his assets, including cash reserves, home equity and insurance money, and then dropped him as a client.
According to the elder financial abuse claim, the brokers put Wolfson’s money into overly risk investments, actively traded on margin and encouraged him to leverage his him equity into investment capital. Wolfson asked the panel to award compensatory damages of more than $300,000, disgorgement of all commissions and fees paid, lost opportunity costs and other damages, including statutory and treble damages.
Abridged
SOURCE: LawSuits.Com
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