Meyer Wilson Managing Principal David P. Meyer recently appeared on The Result, a podcast where trial lawyers share recent results and how they achieved them,to discuss an investment loss case handled by Meyer Wilson and how securities arbitration differs from typical plaintiffs work.
During the podcast, Mr. Meyer discusses a series of investment loss cases against an individual broker-advisor in Columbus, OH. In the first case, Meyer Wilson represented a retiree living on a modest pension and Social Security benefit who inherited his late wife’s retirement after she passed. Having no prior experience with an investment professional, he hired a broker referred to him by a family member and transferred the entire amount of his inheritance, nearly a million dollars, to the broker-advisor.
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As often seen in cases of investment fraud involving older individuals, the broker-advisor set his client up for online statements knowing the client had limited understanding of computers and technology. The client never accessed his financial records online and never received his statements, allowing the broker-advisor to invest his funds in highly risky investments, stocks, and day trading. The broker-advisor also opened up multiple accounts in attempt to hide the excessive trading from his supervisors.
In just 5 years, the broker generated more than $400,000 in commissions, and lost the vast majority of the $900,000+ investment. Meyer Wilson was able to successfully secure a $900,000+ settlement at arbitration on behalf of this client, and successfully settled roughly a dozen other cases against the same broker. Mr. Meyer goes on to share his insight on securities fraud, how these unique cases work, and what to watch out for when it comes to advisor misconduct.
With decades of experience, our firm has the experience, resources, and tenacity needed to tackle even the largest cases nationwide. Contact us today for a free case evaluation.
Recovering Losses Caused by Investment Misconduct.