Ft. Lauderdale, Fl., — Securities Fraud Attorney Mark Tepper has filed claim against AXA Advisors LLC., broker Howard Steven Wolkowitz and Brinker Capital Inc. on behalf of an elderly attorney who lost irreplaceable capital despite stating in his investment profile that he could “never” afford a capital loss in his portfolio’s value.
“This was a clear and unambiguous instruction that my client was unsuitable for the stock market, collateralized mortgage obligations (”CMOs”) or other investments that put his irreplaceable capital at risk,” Tepper, a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, states in the claim.
“Respondents, acting in concert, took advantage of an elderly man, in poor health, by disregarding his financial situation and needs, his risk tolerance and his written instructions to preserve his irreplaceable capital while he worked to support his family and cared for his ailing wife and daughter,” the claim alleges.
The claim, filed with the Financial Industry Regulatory Authority (FINRA), alleges that the account far exceeded the investor’s risk tolerance because he did not want any risk exposure for his irreplaceable capital.
“To make matters worse,” the claim contends, “Brinker also invested the IRA account in bond funds whose investments included CMOs that were illiquid and not investment grade. On average, the account had about 3% in cash or cash equivalents. The rest was at risk, which was inconsistent with the prime directive – safety of principal.
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(R)-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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