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: FinancialCounselElder Abuse And Reverse Mortgage Cited In Punitive Damages Award Against StockCross Financial Services
By James Eccleston
In a rarity, arbitrators last month cited elder abuse in tripling the damages a discount-securities firm must pay to a 95-year-old client.
A FINRA panel awarded the investor $1.6 million in a case involving StockCross Financial Services, Inc. of Beverly Hills, as well as two brokers, Thomas Cooper and Peter Boorn. The investor claimed that the brokers recommended and solicited unsuitable and overly risky investments that were actively traded on margin. Likewise, the claim alleged that the brokers encouraged and invited the investor to leverage the equity in his home with a reverse-mortgage transaction to utilize as investment capital.
Source: InvestmentNews
Full post as published by FinancialCounsel on January 20, 2010 (boomark / email).
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