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Recent Cases: Retirees awarded losses, fees and punitive damages for unsuitable and excessive trading. |
Mr. and Mrs. Burkhardt were both over age 65 and retired. They lost almost their entire life savings as a result of the trading that was carried out in their account at J.C. Bradford. The couple had known their broker at J.C. Bradford for several years and considered him like a son. Unfortunately, Mr. Burkhardt had to retire in 1996 due to health problems. Thereafter, their account was excessively traded on margin in unsuitable investments, thereby amassing a large margin debt. At the hearing, Claimants argued that had J.C. Bradford properly supervised both the broker and the account, much of the loss could have been avoided. A hearing panel appointed by the NYSE awarded Mr. and Mrs. Burkhardt actual damages of $123,034, attorneys' fees of $64,865, costs of $10,476 and punitive damages solely against the firm of $25,000. The case was handled by Ed Dovin and Sandra Malkin. |
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