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Los Angeles Business Journal
More than a Decade after bond he sold started going bad, former Wedbush Securities Inc, broker Michael Farah finally cashed in, winning more than $4 million from his former employer last month. It’s a rare case, not only because of the size of the award and the years it took to win it, but also […]
Wall Street Journal
Bambi Holzer spent decades as a financial broker to Hollywood’s rich and famous, dispensing advice from her offices in Beverly Hills, California. She wrote best-selling financial self-help books and frequently appeared on television. But she also had another claim to fame: reaching the top 10 among 550,000 brokers with the highest number of customer complaints, […]
Wall Street Journal
When Michael Farah sided with his clients after they suffered losses in mortgage-backed securities, his firm–Wedbush Securities—turned on him for being disloyal. The firm spent a decade trying to pin responsibility on him but lost when an arbitration panel awarded Mr. Farah $4.3 million in compensation, punitive damages and years of legal fees. Retired family […]
Wall Street Journal
Wedbush Securities Inc. must pay a former broker $4.3 million in damages and legal fees for business he said he lost because of collateralized mortgage obligations he sold that went bad on clients. While many mortgage-backed securities plummeted in value after the 2008 financial crisis, those involved in this case soured years earlier, in 2003. […]
InvestmentNews
A former star Wedbush Securities Inc. broker Wednesday won a stunning $4.2 million arbitration award against his old firm in a case that dated back to sales of risky collateralized mortgage obligations before the credit crisis. At the heart of the claim by former Wedbush broker Michael Farah is the allegation that “Wedbush made misrepresentations […]