|
INVESTOR ALERTFORT LAUDERDALE, Fla. and ALBERTA, Canada, June 1, 2009 -- The law firm of Securities Fraud Attorney Mark A. Tepper announced today that a Canadian couple who alleged their broker excessively traded their account in a churn and burn scheme, have been awarded all losses and commissions plus interest by a National Futures Association (NFA) arbitration panel. Attorney Mark Tepper who filed a claim on behalf of the couple, alleged the futures and options broker Global Trading Center in Boca Raton consumed the couple's investment with predatory commission charges. "We're very pleased with this award. This was clearly a case of 'commissions gone wild.' This couple's investment would have had to increase 890% in one calendar year or nearly 9 times the average monthly equity, just to cover the commission costs," Tepper said. Tepper had argued that in spite of the broker's alleged promise, "if you don't make money, I don't make money," the Alberta couple's hard earned nest egg was reduced to $1,029 even as hefty commissions were being charged and some of their options contracts expired as worthless. "This was another case of misrepresentations, high pressure sales tactics and excessive trading," Tepper said. Last month, a FINRA arbitration panel upheld a claim for damages filed by Tepper against AmTrust Investment Services on behalf of a retired auto mechanic. The Award fully recovered all investment losses the retiree incurred, plus interest. MEDIA CONTACT:Mark Hopkinson, NewsMark Public Relations |