November 2017-Tampa, FL
A FINRA arbitration panel comprised by an all public panel of three arbitrators, ordered RBC Capital Markets and broker Bruce Cameron of Norwell, Massachusetts, to pay a former client, an elderly lady, $723,000 for losses suffered in an over concentration of oil and gas master limited partnerships (MLPs), which included:
- Breitburn Energy Partners
- Enable Midstream Partners
- Enterprise Products
- Ferrellgas Partners
- Gramercy Property Trust,
- JP Energy Energy Partners
- Mid Con Energy Partners
- Southcross Energy Partners
- Summit Midstream Partners
- Tallgrass Energy Partners
- CrossAmerica Partners
- Enlink Midstream Partners
The panel found RBC and Cameron liable on the claims of negligence, negligent supervision and breach of fiduciary duty. FINRA Case #17-0305, Nourie, et al v RBC Capital Markets
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. When a customer seeks to recover damages for losses incurred in a stock brokerage account, cases are typically filed as arbitrations with FINRA dispute resolution. Arbitration is generally must quicker and more efficient than court litigation. Cases are often resolved in 12 months or so.
Brokers have a duty to make suitable recommendations to customers, taking into account their age, health, net worth and risk tolerance.
If you have losses in your account that you believe are the result of the negligence or improper advice of a broker, call to learn about how you may be able to recover damages through FINRA arbitration.
The Law Office of Robert H. Rex, P.C. , with offices in Boca Raton, FL, and Austin, TX, 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.
Florida-561 391 1900