FORT LAUDERDALE, FL. – The law firm of Securities Fraud Attorney Mark A. Tepper announced today that a Financial Industry Regulatory Authority (FINRA) arbitration panel has upheld a claim against Merrill Lynch (MER) for allegedly recommending an unsuitable, high risk investment in Fannie Mae Preferred Stock to an 83-year-old investor. Fannie Mae collapsed two months after the investment was recommended as safe. The Award fully recovers losses the retiree incurred.
“This was a case of a bullying broker who not only placed my client in an investment unsuitable to her investment objectives, she was adamant about its “no risk” and resisted her requests to close the account after her first statement reflected a $7000 decline,” Tepper, a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, said.
“Far too often the elderly are placed in risky investments and suffer losses needlessly. We hope that the full recovery obtained in this case will send a positive message to all victims of securities fraud – make sure you understand your rights and always evaluate whether you have legal recourse,” Tepper added.
Earlier this month, a FINRA arbitration panel upheld another claim for damages filed by Tepper against AmTrust Investment Services on behalf of a retired auto mechanic. The Award fully recovered all investment losses the retiree incurred, plus interest.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
A former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, Mr. Tepper has also investigated and prosecuted ponzi schemes. A member of the Speaker’s Bureau of the Florida Bar, he has lectured before the North American Securities Administrators Association (NASAA) which presented him with an “Outstanding Service Award.” Since establishing his law practice in Fort Lauderdale representing the victims of broker fraud, he addresses professional associations, local clubs and financial organizations in a continuing effort to educate the public on securities fraud. A member of the Florida, New York and California Bars, Mr. Tepper is AV®-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
FINRA is the largest independent regulator for all securities firms doing business in the United States.
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