Required Disclaimer: Case results depend upon a variety of factors unique to each case and do not guarantee or predict a similar result in any future case undertaken by this firm.
This case involved Trust and IRA accounts relied upon by a retiree to pay living expenses. The broker and firm were advised that the accounts were not to be invested in the stock market or other risky investments. Despite the conservative objectives for the accounts, the brokerage firm unsuitably invested the accounts primarily in stock/equities, and aggressively daytraded the accounts in initial public offerings and high risk investments. The FINRA arbitration panel awarded $124,156.00 in damages plus interest since January, 2009. See the award here.
Greco & Greco recently obtained a 3.24 million dollar arbitration award on behalf of a retired Northern Virginia man against his stockbroker and brokerage firm. The case involved churning, unauthorized margin trading, unsuitable recommendations, and securities fraud. In addition to $1,003,725 in compensatory damages, the arbitration panel awarded $1,300,000 in punitive damages, $774,863 in attorneys fees, and pre-award interest. Read the NASD award or read the Virginia Lawyers Weekly article about the case.
Greco & Greco's client was awarded her entire investment ($100,000) plus interest and 1/3 attorney's fees by a Washington, D.C. FINRA arbitration panel. The award was entered jointly against the brokerage firm, despite its claims that it was unaware of its representative's sale of the non-approved security, and its claim that a release barred the recovery. Read the FINRA award.
A New York FINRA arbitration panel entered an award for over two million dollars ($1,875,000 in damages plus interest) for five Greco & Greco clients against a Denver, Colorado securities broker. The customers incurred severe losses over a short time frame in their accounts involved in a leveraged U.S. Treasury trading program. Read the FINRA award.
Greco & Greco's client in this case was a Norfolk, Virginia broker who had agreed with his partner to set up introductory meetings with institutional clients and to subsequently split the fees earned from these clients. An NASD arbitration was filed seeking the broker's share commissions which were not correctly split and paid. The arbitration panel awarded $509,732 in back commissions and interest to Greco & Greco's client. Read the NASD award.