Individuals who comprise, as Tom Brokaw described, the “Greatest Generation,” are all too often the victims of unscrupulous brokers. These elder individuals, many of whom fought for our country and have a deep-rooted sense of community and commitment, are particularly vulnerable and trusting. As more and more investors enter their golden years, they are ripe targets for financial advisers seeking to line their pockets at their clients’ expense.
Timothy J. Dennin has always been committed to protect vulnerable, elder investors who were victims of elder abuse.
In 2018, Mr. Dennin represented an investor in her 80s who was a widow, blind, nearly deaf and confined to a wheel chair due to acute scoliosis. The broker, who worked for the now defunct Legend Securities, Inc, drained the account by churning the account to generate exorbitant commissions for himself and the firm. These monies were needed to pay for 24-hour health care.
The broker, knowing that she could not read the account statements, told the blind client that her accounts were profitable while they were nearly completely depleted due to years of excessive trading and commissions. The firm supervisors looked the other way because of the commissions generated through this unconscionable trading. Our firm was able to recoup the monies lost through litigation against the firm, broker and firm supervisors. After the firm shut its doors, Mr. Dennin was able to recoup additional money for the victim through SIPC.
In November 2018, Mr. Dennin obtained an award after trial for an eighty-year-old retiree, which included full compensatory damages of $375,000 plus $700,000 in punitive damages. This elderly trusting client was another victim of churning. The award was unusual not only since the panel awarded punitive as well as full compensatory damages but included $25,000 against the chief compliance officer of the firm individually due to lack of supervision.
Have You Or Someone You Know Been The Victim Of Elder Abuse?
Our growing aging population is a target for unscrupulous brokers and financial advisers. These vulnerable and trusting people need and deserve the protection of an experienced attorney with a proven record of standing up on their behalf and getting victims of elder abuse their money back. Call 866-437-9475 or email for help if you or someone you know has been the victim of elder abuse.