Pursuing Stockbrokers in FINRA Arbitration: What You Need to Know

On Behalf of | June 18, 2018 | News

Posted June 18th, 2018.

By: Edward D. Chapin and Charles H. FieldColumn Editor: Benjamin Coughlan

In January 2018, a three-person FINRA arbitration panel awarded almost $2.2 million to a local San Diegan on claims that a local brokerage firm and its stockbroker had recommended an imprudent investment strategy, churned the account, and committed fraud. The award in Donna Gambee v. David Lloyd Barber, Madison Avenue Securities, LLC, FINRA Case #16-01450 (Jan. 5, 2018) was noteworthy not only because the size of the award, but because the amount included out-of-pocket damages, market-adjusted damages, punitive damages, and attorneys’ fees and costs. This panel heard the evidence and said no to “let’s blame the victim.”

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