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The Boston Group and Founder Robert Diminico Found Liable and Ordered to Pay

PR Newswire

A National Association of Securities Dealers (NASD) arbitration panel found The Boston Group and its founder Robert Diminico liable and ordered them to pay a total of $400,000, which included a $300,000 award of punitive damages to compensate Jim Oliver, a Nebraska investor. At the arbitration, Mr. Oliver proved that the Boston Group and Mr. Diminico engaged in boiler room tactics designed to systematically defraud investors.

Mr. Oliver was represented by Ryan Bakhtiari, a Beverly Hills and Indian Wells, California based attorney ┬áthat represents customers in securities arbitrations. According to Ryan Bakhtiari, who argued the case at the hearing: “Boiler rooms like The Boston Group prey on vulnerable investors. Mr. Oliver, who is a cattle rancher was more than 1,000 miles away from his broker when he was induced to open an account by a cold call. Mr. Oliver placed trust in Robert Diminico’s firm, The Boston Group, which defrauded him by making trades in thinly traded low priced stocks without first seeking his authorization.” Fortunately, investors like Mr. Oliver can turn to arbitration to resolve such disputes.

The firm represents investors who have lost money because of brokerage firms wrongful conduct and has, in the past, been responsible for recovering millions of dollars in losses for their clients.