February 6, 2014-Lubbock, Texas
A federal jury in Lubbock ordered brokerage firm Caprock Securities, their subsidiary Wall Street Brokerage and brokers Larry Goldston and Toni Robertson, to pay Robert and Charlie Rowten over $300,000 in damages and attorney fees of $100,000. The Rowtens had filed a complaint alleging fraud and breach of contract in connection with the loss of over half of their retirement funds, according to the Lubbock Avalanche-Journal.
The jury award included $195,390 in compensatory damages, $30,000 for mental anguish and a punitive damage award of $75,000. The Rowten’s claim related to an investment they made in a real estate investment trust (REIT) in 2008 sold to them by brokers Goldston and Robertson.
According to the press, the brokers guaranteed the Rowtens the investment would produce a 7% return, however that guarantee failed when their nest egg crumbled in 2010, according to the article.
Caprock Securities was formed in Texas in 1978. Their main office in located in Lubbock, Texas. Caprock Securities is licensed in Arizona, California, Colorado, Florida, Kentucky, New Mexico, Ohio, Oklahoma, Texas and Washington state.
If you have losses on real estate investment trusts that were sold to you with the promise of a stated rate of return, you may be able to recover losses from the brokerage firm. Call to discuss your options.
Rex Securities Law , 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.
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