Client: Retired Carpenter
Amount Lost: $40,000
Broker Abuse: Suitability
Cold Spring has been retained by a 78-year-old retired carpenter in Altamont, New York seeking $40,000 against a New York-based broker-dealer who repeatedly executed trades without his authorization. His broker knew his client had no investment experience whatsoever yet placed him in highly speculative and unsuitable positions.
Client: Holistic Doctor
Amount Lost: $50,000
Broker Abuse: Suitability
Cold Spring has been retained by a 61-year-old holistic doctor in Emigrant, Montana who is seeking $50,000 from a Jericho, New York-based broker dealer. His broker made unsuitable investment recommendations and placed his individual retirement account (IRA) in electrically-traded funds (EFTS.) Additionally, his broker over-concentrated his account in highly speculative positions that are inappropriate for an IRA.
Client: Retired Teacher
Amount Lost: $33,000
Commissions Charged: $23,000
Cold Spring has been retained by a 69-year-old retired teacher from Crete, Illinois seeking $33,000 in damages against a former New York-based broker-dealer who churned his account solely to generate commissions. His broker employed strong-armed and misleading sales tactics on a regular basis and convinced the client to pursue an aggressive investment strategy despite his objections. By the close of the account, the client lost 90% of his investment.
Client: Manufacturing Rep
Amount Lost: $49,000
Commissions Charged: $40,000
Cold Spring has been retained by a 59-year-old manufacturing representative in Oak Park, Michigan seeking $49,000 in damages against a New York-based broker-dealer. His broker churned his account solely to generate commissions and put him in risky and speculative positions despite his limited investment experience. The client suffered a 50% loss of his investment due to unsuitable recommendations; 90% of which was from commissions.
Client: Retired
Amount Lost: $24,000
Broker Abuse: Suitability
Cold Spring has been retained by a retiree in Williamsport, Pennsylvania seeking $24,000 in damages against a New York-based broker-dealer who made unsuitable recommendations despite his client’s investment objectives. His broker consistently used misleading and strong-armed sales tactics to convince his client to purchase stocks and misrepresented the value of many positions.
Client: Business Owner
Amount Lost: $80,000
Broker Abuse: Suitability
Cold Spring has been retained by a business owner in Birmingham, United Kingdom seeking $100,000 in damages against two New York-based broker-dealers who over-concentrated him in options. His brokers traded his account solely to generate commissions and traded him in highly speculative and risky positions.
Client: Rodeo Organizer
Amount Lost: $60,000
Broker Abuse: Suitability
Cold Spring has been retained by a 60-year-old rodeo organizer from Gallup, New Mexico seeking over $60,000 in damages against two separate New York-based broker-dealers. His brokers put him in speculative and risky positions despite his limited investment experience and excessively traded him in options.
Client: Realtor
Amount Lost: $88,840
Commissions Charged: $72,000
Cold Spring has been retained by a 77-year-old realtor in Durham, North Carolina seeking $88,840 in damages against a Syosset, New York broker-dealer that traded his account solely to generate commissions. The client, who has limited income and is receiving social security benefits, was excessively traded on margin in highly speculative positions.
