Ft. Lauderdale, Fl. – A Florida State University Alumnus who invested his graduation and birthday savings with Calton & Associates has filed claim for damages against the Tampa broker dealer.
The claim alleges that the firm’s stockbroker falsified the young man’s new account application to justify the broker’s unsuitable recommendations for a high risk investment strategy and portfolio allocation.
The claim, filed by the law firm of Mark A. Tepper, P.A., alleges that Calton’s broker breached his FINRA imposed duty of fair dealing with a young man opening his first brokerage account.
The claim contends that Calton’s broker did not tell the young man that the broker’s recommended investment strategy had a high probability of losing most of his life savings.
“Instead,” the claim alleges, “the broker said he was going to make money for [claimant].”
“Respondent put [claimant] in harm’s way by making unsuitable recommendations and failing to supervise its broker’s unsuitable activities in [claimant’s]account,” the claim argues.
The claim further contends that Calton & Associates is liable for punitive damages.
Mr. Tepper previously represented a Fort Myers couple with their claim against Calton. The 2010 award for damages, obtained for the couple, stated, in part, “Respondent Calton’s failure to detect [the broker’s] wrongful conduct and failure to supervise the investments in Claimants’ accounts rose to the level of gross negligence pursuant to Florida Statute 768.72.” Mr. Tepper has also filed claims against Calton and Associates on behalf of a former police officer disabled in the line of duty, as well as a retired police captain, and a retired Glaxo Smith Kline employee.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities. He has earned the reputation of “Investor Advocate” while practicing law for more than 35 years representing individual investors. A member of the Florida, New York and California Bars, Mr. Tepper is AV PREEMINENT® for ethical standards and legal ability, the highest rating of lawyers in the Martindale-Hubbell Law Directory. To discuss your legal rights with the law firm of Mark A. Tepper P.A., you can email askmark@marktepper.com or telephone the law firm at 954-961-0096.
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