FINRA Panel Awards 93 Year Old Millions

Image of dollar signsBloomberg reported about a wealthy 93 year old who brought constructive fraud, abuse of fiduciary duty, and other claims before FINRA against J.P. Morgan Securities, LLC and previously registered brokers and investment advisers Evan Schottenstein and Avi Schottenstein. Evan and Avi had been registered through J.P. Morgan. They were also the claimant’s grandchildren. A FINRA panel awarded the claimant approximately $19 million against the bank and brokers.  

According to the description of the dispute on Evan Schottenstein’s BrokerCheck report, the “causes of action relate to the allegedly unauthorized purchase and/or sale of various securities in Claimants’ account, including, but not limited to, multiple auto-callable structured notes and various other securities for which Respondent J.P. Morgan Securities, LLC was a market maker, as well as initial public offerings (IPOs) and follow-on offerings (FPOs).” This description leaves out, as reported by Bloomberg, that when Evan and Avi joined J.P. Morgan and brought their grandmother’s account with them, the account was so valuable to J.P. Morgan that it gave one of the brothers a $1.5 million signing bonus. 

If you suspect someone you know is the victim of financial elder abuse, the National Council on Aging may be a good resource.  According to the National Council, 1 in 10 adults aged 60 and over have experienced some form of elder abuse. As was true in the case in the Bloomberg article, the National Council says that in nearly 60% of elder abuse and neglect cases, the perpetrator is a family member. 

The Oregon Department of Justice has free resources and instructions about how to report elder abuse here.


This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon Investments.

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Cody Berne

Cody Berne is an attorney at Stoll Berne in Portland. Cody’s practice focuses on representing investors who lost money because of fraud and other misconduct, class actions, and business litigation. He is a member of the Public Investors Advocate Bar Association and the Oregon Trial Lawyers Association.

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The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.