Ft. Lauderdale, Fl., — The law firm of Securities Fraud Attorney Mark A. Tepper has filed claim for punitive damages against Merrill Lynch (NYSE:MER) for allegedly recommending an unsuitable, high risk purchase to an 83-year-old investor while assuring her there was no risk.
In the claim filed with the Financial Industry Regulatory Authority (FINRA), Tepper, a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, alleges that instead of opening a CD or similar investment as his client had requested, a Merrill Lynch Broker recommended an investment in Fannie Mae that was inconsistent with her investment objectives, risk tolerance, financial needs and circumstances.
The claim alleges that the unsuitable recommendation was made even though the investor had informed the Broker of her need for a fixed income investment with no risk to her principal since she was elderly; suffering from chronic asthma and considering moving into a retirement home.
The claim further alleges that the high risk was realized shortly thereafter when the investor’s irreplaceable capital lost almost all of its value.
The claim contends that Merrill Lynch is liable for damages caused by its Broker’s unsuitable recommendation and allegedly making false and misleading statements regarding the safety of the investment.
Merrill Lynch did not fulfill its supervisory responsibility concerning the investment, the claim alleges.
About Mark A. Tepper, P.A. ( www.MarkTepper.com)
Attorney Mark A. Tepper has earned the reputation of “Investor Advocate” while practicing law for over 30 years and representing investors in criminal and civil actions. An elected Board Director of the Public Investors Arbitration Bar Association (PIABA) he has authored numerous legal articles on securities arbitration and lectured before the North American Securities Administrators Association (NASAA) which has presented him with an “Outstanding Service Award.” He addresses professional associations, clubs and financial organizations in South Florida in an effort to educate the public on securities fraud. A member of the Florida, New York and California Bars he is AV(R)-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
MEDIA CONTACT:
Mark Hopkinson, NewsMark Public Relations