A Financial Industry Regulatory Authority (FINRA) arbitration panel in Minneapolis, MN, recently awarded over $1.1 million to a couple who alleged that the following investments were unsuitable:
- Medical Capital Holdings
- Behringer Harvard REIT
Claimants stated that the broker misrepresented their investment objective as growth and income as opposed to their stated objectives of preservation of capital and low-risk tolerance. The panel found that these investments in speculative private placements, limited partnerships and real estate investment trusts (REITs) were unsuitable for them. The damages included $500,000 in punitive damages.
FINRA Case # 11-03704-Eugene Opatz and Ruth Opatz v David Alan Theis, Dougherty Financial Services, Inc. and Securities Monitoring Group, LLC. Theis did not appear and the panel awarded the $1.1M damages against him. The other Respondents reached a confidential settlement with claimants.
If you believe you have been sold investments that are not suitable or contrary to your stated investment objectives, you may be able to recover losses through FINRA arbitration.
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
561 391 1900