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As seen on CNBC & MSNBC
Aug 13 – Within the world of the securities industry there is debate over whether investors’ rights are adequately protected. The regulatory arm of the National Association of Securities Dealers, for one, says its budget is up 45 percent over the last three years and that it has taken a number of measures to help […]
As seen on CNBC & MSNBC
WASHINGTON, Aug 12 – The securities industry, led by the Securities Industry Association, points with pride to its own research showing that complaints against brokers are down. But industry regulators have different statistics. Even so, many of those involved in securities enforcement say improved safeguards help protect people from unscrupulous brokers, unethical firms and scam […]
As seen on CNBC & MSNBC
There are almost 600,000 stockbrokers in this country and by most accounts, the vast majority of them are honest and ethical. A minority is not: Complaints about stock brokers were up 30 percent last year in eight states alone. The most recent national statistics are from two years ago: at that time, there were 30,000 […]
Los Angeles Times
Securities: The huge punitive damages are among the highest achieved in arbitration of a securities complaint. NEW YORK-In one of the largest securities arbitration judgments ever a Pasadena physician won a $10-million punitive damage award against four principals of the defunct penny-stock brokerage Stratton-Oakmont Inc. Philip M. Aidikoff attorney for Dr. F. Clark Gardner, said […]
Newsday
Four former officers of Stratton Oakmont Inc., a Lake Success-based securities company that is in liquidation proceedings, have been fined $10 million in punitive damages for allegedly defrauding an investor. The award by a National Association of Securities Dealers arbitration panel appears to be the largest such award to a customer, according to Richard Ryder, […]
USA Today
NEW YORK – An arbitration panel’s record $10 million punitive damage award this week to a California radiologist, who says he was misled by his stockbroker, could force Wall street to rethink how it resolves investor disputes. F. Clark Gardner says he lost $209,000 because of unauthorized trades and other deceptions orchestrated by his broker […]
Wall Street Journal
An arbitration panel awarded a California doctor a record $10 million in punitive damages from four former officers of the defunct brokerage firm Stratton Oakmont. A National Association of Securities Dealers panel in Los Angeles awarded the punitive damages to California doctor F. Clark Gardner on top of 3154.583 in compensatory damages and 324,375 in […]