Attorney David P. Meyer was recently featured on an episode of Preferred Capital Funding’s podcast The Result to discuss a series of investment loss cases against a Columbus, OH broker-advisor, a successful $900,000+ settlement secured for one client, and how Meyer Wilson handles the unique elements of securities arbitration.
As Mr. Meyer explains, the case involved many traits commonly seen in investment fraud cases:
- The client was a retiree who had never worked with a broker or investment advisor.
- The client had a limited understanding of computers and online technology.
- Despite knowing his client was not tech-savvy, the broker set him up for an online account to view his statements. The client never set up the account, and never saw his statements.
- Knowing the client was not capable of tracking his financial records online, the broker engaged in risky investments and day trading, and opened up multiple accounts (on margin) to conceal the excessive trading from his supervisors.
- In just 5 years, the broker-advisor generated over $400,000 in commissions, and left just $25,000 of the $900,000 investment in the account by the time Meyer Wilson was retained.
- The case was successfully settled at arbitration, a form of dispute resolution used more frequently to resolve securities fraud claims than litigation.