Elderly Client Awarded Three Times His Investment Loss in Recent FINRA Award for Financial Fraud

91 year old awarded treble damages in a recent FINRA case against his financial advisor and brokerage firm for exploitation of an elderly person, common law conversion/theft, breach of fiduciary duty, failure to supervise and unsuitability.
By: Chapman and Associates, P.C.
 
Oct. 30, 2012 - PRLog -- Clearwater financial advisor, Paul Arnold, is found liable by Financial Industry Regulatory Agency (FINRA) for exploitation of an elderly person and ordered to pay $739,320 in damages.  Joe Forrest, 91 year old Sarasota resident was financially exploited by his financial advisor, Paul Arnold.  Arnold, as the financial advisor gained the trust of Mr. Forrest.  In addition to investing Mr. Forrest’s retirement funds, he was also asked to assist Mr. Forrest in paying his monthly bills.  In the process Arnold advised Forrest to sign blank checks that Arnold would later make payable to his son, wife and others to the tune of over $246,440. FINRA, the regulatory agency charged with oversight ordered Arnold to pay back the $246,440 and an additional $492,880 as compensatory damages.

Ron Chapman, a local Sarasota attorney assisting Mr. Forrest and others with securities and financial fraud claims, urges especially senior citizens to make sure they do not sign blank checks and to review their financial statements for irregularities.  Ron stated, “Financial fraud in Florida and throughout the country is on the rise, many senior citizens simply are too trusting and spend too little time reviewing their finances until it is too late.”

If you suspect you may be the victim of financial fraud, please contact the local authorities and seek the assistance of a financial fraud attorney to unwind the transactions and determine the extent of the damages and possible ways to recover your losses. For more information about financial fraud, please visit http://www.chapmanlawfirmpc.com/financialfraud.html.

For an interview with our 91 year old fraud victim and our senior financial fraud attorney, please contact us at (866) 238-0203. For more information about our firm, please visit http://www.chapmanlawfirmpc.com/
End
Source:Chapman and Associates, P.C.
Email:***@chapmanlawfirmpc.com Email Verified
Zip:34236
Tags:FINRA award, Financial Fraud, Securities Fraud, Theft From Elderly, Exploitation Of An Elderly
Industry:Legal, Financial
Location:Sarasota - Florida - United States
Subject:Awards
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Chapman Law Group News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share