Ft. Lauderdale, Fl. & New York, NY October 28 – A Florida family, whose broker from New Jersey based brokerage firm Buckman, Buckman & Reid, blamed the Tsunami for their stock investment losses, has been awarded compensatory damages by a FINRA arbitrator.
Attorney Mark A. Tepper, the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities, represented a couple whose savings were intended to buy a home, and their son whose investment account came from “a lifetime of saving birthday and holiday gifts.”
The FINRA Award holds Buckman, Buckman & Reid liable for the family’s compensatory damages plus interest, attorney’s fees, costs and filing fees. It upheld the claim filed by Mr. Tepper on the family’s behalf with the Financial Industry Regulatory Authority. The claim alleged that Buckman, Buckman & Reid failed to supervise it’s broker’s activities in Claimants’ accounts, had committed violations of FINRA’s Rules of Conduct, violations of Florida Securities and Investor Protection Act, and breach of Fiduciary duty.
The claim contended that the broker was recklessly speculating in low-priced stocks which far exceeded the risks suitable for the investment objective and risk tolerance marked on the couple’s new account forms. Other allegations included a pattern of in and out trading in one IRA and in their son’s account which was “turned over three times in less than 30 days” by the broker; and that Respondent’s recommendations had resulted in immediate losses in Claimants’ accounts.
“Respondent ignored the red flags rather than act decisively to detect and prevent improper activity,” the claim alleged.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Stock Broker Fraud Attorney Mark A. Tepper has earned the reputation of “Investor Advocate” while practicing law for over 35 years representing individual investors. He is the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities. FINRA arbitrators have upheld claims filed by Mr. Tepper against a number of financial services companies, both large and small. A member of the Florida, New York and California Bars, Mr. Tepper is AV®-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
Mark Hopkinson, NewsMark Public Relations