Securities Fraud Attorney Urges Elderly Investors to Beware Aggressive Brokers Bearing Mortgage Backed Securities

FOR IMMEDIATE RELEASE
FORT LAUDERDALE, FL.   – Securities Fraud Attorney Mark Tepper who represents investors deceived by abusive broker sales practices, says shareholders should be wary of brokers who sell financial products known as Collateralized Mortgage Obligations (CMOs), some of which are volatile and unsuitable for unsuspecting investors.  AAA ratings or government guarantees do not protect these securities against interest rate risk.

Tepper, a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, representing the interests of investors in criminal and civil actions over 30 years of practicing law, has filed a claim in arbitration before the National Association of Securities Dealers (NASD). The claim, on behalf of a Davie, Florida widow whose investment portfolio, drawn from her late husband's life insurance, was bankrupt shortly after it was sold to her, describes the portfolio as "toxic waste."

"The claim names five respondents including now defunct brokerage firm SAMCO Financial Services," Tepper said. "Wall Street is dividing CMOs, a type of mortgage-backed security, into several parts or tranches and giving the safe portions to financial institutions like banks while sticking the volatile parts into portfolios of unsuspecting novice or elderly investors. We allege that my client, a recent widow, was defrauded by SAMCO which falsified records with the intent to deceive and sold her a CMO portfolio on margin without proper risk disclosure."  

About Mark Tepper PA (www.MarkTepper.com )
Practicing law for over 30 years while representing the interests of investors in criminal and civil actions, attorney Mark Tepper has earned the reputation of "Investor Advocate." An elected Board Director of the Public Investors Arbitration Bar Association (PIABA), he is a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities. He has authored numerous legal articles on securities arbitration and lectured before the North American Securities Administrators Association (NASAA) which has presented him with an ‘Outstanding Service Award.’ He addresses professional associations, local clubs and financial organizations in South Florida in an effort to educate the public on securities fraud. A member of the Florida, New York and California Bars he is AV®-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.

MEDIA CONTACT:
Mark Hopkinson, NewsMark Public Relations
561-852-5767 mhopkinson@newsmarkpr.com