This Award was for a functionally illiterate man whose account was churned at a major brokerage out of his entire inheritance. The broker had never met the client and was not aware that the client could not read or write. The full amount of the account was recovered. The Respondent was Prudential Securities which fought tooth and nail over the course of 2 years, after causing intentional delay in the case. Expert testimony was introduced as to the Claimant being of dull intelligence with an IQ in the 70s who could not possibly understand the contents of his brokerage statements.
This Award was based on unsuitability. The broker did not investigate and determine that the client was mentally ill and could not read her statements as her account was traded downward. A psychiatrist was presented as an expert witness. The broker either knew of should have known of the customer’s inability to know what she was doing.
In a jury trial in the United States District Court for the Southern District of New York, a law firm associate recovered the full amount of his pension plan account defalcated by his attorney employer. The trial took five days before Judge Shira Sheindlin and involved extensive testimony concerning the peculation of funds from the associates pension account. This case made the front page of the New York Law Journal.
This was an NASD FINRA claim in which a major brokerage lost the substantial portion of a client’s account funded with the proceeds of a personal injury settlement. The client had sustained injuries after being hit on the head by an assailant in a parking lot and deposited the entire proceeds of his personal injury settlement with the brokerage. This case was mildly unusual because the broker was referred the client by the personal injury attorney who achieved the personal injury settlement which was lost.
This was an American Arbitration Association proceeding in which a Registered Investment Advisor was sued for complete loss of funds for depositing the funds into leveraged offshore hedge fund which in turn deposited the funds with Bernard L. Madoff Securities. The offshore funds not only lost the moneys after they, themselves were defrauded, but had leveraged the funds four times over. Shell corporations were used in the USA through which the Investment Advisor passed initial investment funds to take unauthorized fees.
This was a FINRA Arbitration in Florida on behalf of a prisoner in a Florida state prison who was confined to solitary confinement. During the period of his confinement, when he had no access to his phone, his account was traded to zero by an unscrupulous broker. The customer/client was in jail for negligent homicide. When he was released, he commenced his arbitration proceeding.
This was a case venued in the US District Court for the Southern District of New York for sex harassment. A hotel manager had raped a hotel clerk in his office. The hotel manager was arrested and the case was investigated by the District Attorney. The case was bought as a sex discrimination suit.
Anthony M. Abraham has achieved note in the New York Law Journal for one verdict of $700,000 achieved after a jury trial in the United State District Court for the Southern District of New York. Mr. Abraham has appeared and tried at least 20 FINRA arbitrations and has represented hundreds of other clients to FINRA settlement.Call us for a Free Consultation
If you are a victim of securities fraud, you should call us and retain a sophisticated attorney to see if your losses can be recovered. Mr. Abraham is experienced as a securities fraud lawyer.