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Recent Cases: Investor recovers losses plus attorneys' fees and punitive damages for unsuitable trading. |
Mr. Steedley was a 79 year old retiree who lived in Augusta, South Carolina. From July 1999 through December 2002, Mr. Steedley maintained an individual brokerage account at Wachovia Securities in Augusta, Georgia. His broker was Tom Plowden. Unfortunately, by the fall of 2000, Mr. Steedley's account had become totally concentrated in technology stocks, such as Adobe Systems, Nokia, Silicon Storage Technology, which were entirely too aggressive for a retiree who at that time was in his mid-70s. The account was also traded on margin. An arbitration panel appointed by the NYSE awarded Mr. Steedley actual damages of $82,800, punitive damages of $20,000 and attorney fees of $28,980. The case was handled by Ed Dovin and co-counsel from Augusta, Robert Hagler. |
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