Stoll Berne client recovers full amount of damages following FINRA arbitration

Stoll Berne Partner Josh Ross recently represented a former professional basketball player who filed claims against his broker/investment advisor and the firm that employed the broker.

Stoll Berne’s client claimed that the former broker defrauded him by misrepresenting critical facts about an investment, by converting the client’s investment principal for his personal use, and ultimately by taking the investment property (an inventory of diamonds) and selling it for his own use without informing investors.

In late 2011, just months after filing a lawsuit, Ross helped the client settle with the former broker, who agreed to pay the full amount of the client’s losses.  After the broker defaulted on his obligation to pay the settlement, Ross filed a FINRA arbitration against the broker’s former employer, a worldwide brokerage firm, alleging that the firm failed in its obligation to supervise the broker’s activities.  Ross tried the case in late August to a panel of FINRA arbitrators.  Three days following the close of evidence, the panel issued an award in favor of Stoll Berne’s client, awarding the full amount of the damages sought.

The arbitrators’ quick decision is unusual in FINRA arbitrations, reflecting the strength of the case brought by Ross.


Share on facebook
Share on twitter
Share on google
Share on linkedin

Featured Team Members