Client: Retired Judge
Amount Lost: $106,000
Cold Spring has been retained by an 80 year old retired judge who suffered a $106,000 loss with a New York based broker dealer. His broker had put his account on margin without his knowledge or consent. Despite the clients profile which stated he was a conservative investor, the broker over consentrated his account with speculative high risk positions and unsuitable investments for a man his age. Almost half of the clients losses were attributed to commissions charged by the broker.