Fill out this form to email this article to a friend
Thrifty saver prevails in claim
By HELEN HUNTLEY
Published November 22, 2006
A thrifty widow whose broker put her in an aggressively managed stock account should recover her $306,497 in losses and $46,646 in costs, and is entitled to attorney's fees, an arbitration panel has ruled. Marilyn Bull, then 67 and living in Safety Harbor, lost more than half the money she moved to Prudential Securities' Clearwater office in April 2000. Clearwater lawyer Patrick Davis, who represented her, said Bull shopped in thrift stores, gave herself permanents and mowed her own lawn to save money. He said Prudential couldn't produce investor questionnaires to document their claim that she had a high tolerance for risk. The panel of arbitrators for the NASD Dispute Resolution found Prudential Equity Group Ltd., broker Marvin Anderson and former branch manager Douglas Haas liable for negligence, breach of fiduciary duty and violations of Florida securities law. Prudential, which merged its securities unit into Wachovia Securities three years ago, had no comment on the case. Anderson and Haas, who now work for Wachovia, could not be reached for comment.
[Last modified November 21, 2006, 23:46:24]
Share your thoughts on this story
Comments on this article
|
by tatiana
|
06/20/07 11:02 PM
|
|
the proud family
|
|
by James
|
11/27/06 11:45 AM
|
|
This is a first. I have never seen NASD give the victem court costs. I was involved in getting my deceased father in law's money back but had to use half of what we got to pay the lawyers. The other 11 Prudential victems did't get but half theirs
|
|
News
Fifty years ago, they were screwed-up kids sent to the Florida School for Boys to be straightened out. But now they are screwed-up men, scarred by the whippings they endured. Read the story and see a video and portrait gallery.
Print
Email story
Comment
Email editor
