Fort Lauderdale, Fl., — The sister of a Florida stock broker and his brother-in-law have filed claim against him, alleging that he and Tampa-based securities broker/dealer firm Calton & Associates, Inc., caused an almost total loss of their investments over a 3-4 month period.
The claim, filed with the Financial Industry Regulatory Authority (FINRA), by the law firm of securities fraud attorney Mark A. Tepper on behalf of a policeman and a school teacher, contends that the broker is liable for punitive damages for intentional, reckless or grossly negligent conduct by allegedly placing his financial interests ahead of the Fort Myers couple.
The claim alleges that the broker excessively traded, recommended and placed unsuitable transactions in their accounts, exercised discretion without written authorization and to conceal the devastation caused by his reckless trading, misrepresented that the couple had made a profit.
The claim contends that the broker disregarded the couple’s financial needs and risk tolerance by engaging in unsuitable trading while allegedly telling them, untruthfully, that they had about $60,000 in profits.
The claim further alleges that Calton & Associates, Inc. “is separately liable for punitive damages for its failure to adequately supervise its Broker and Claimants’ Accounts.”
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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Mark Hopkinson, NewsMark Public Relations
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