Client: Psychologist
Amount Lost: $40,000
Broker Abuse: Over-concentration
Cold Spring has been retained by a 59-year-old psychologist in Palatine, Illinois seeking $40,000 in damages against a New York-based broker-dealer that over-concentrated his investment portfolio. His broker failed to execute numerous trades for stock that was losing money for the client, resulting in substantial losses.
Client: Estate Attorney
Amount Lost: $53,000
Commissions Charged: $53,000
Cold Spring has been retained by a 74-year-old estate attorney in Casselberry, Florida seeking $53,000 in losses against a Uniondale, New York broker-dealer that excessively traded his account to generate commissions. The client had lost his entire investment within eight months of opening the account.
Client: Realtor
Amount Lost: $155,000
Broker Abuse: Suitability
Cold Spring has been retained by a 55-year-old realtor in Shaver Lake, California seeking $155,000 in damages against a Syosset, New York-based broker-dealer. His broker traded him on margin in highly speculative positions despite the client’s limited risk tolerance.
Client: Manufacturer
Amount Lost: $544,000
Broker Abuse: Suitability
Cold Spring has been retained by a 75-year-old owner of a solar panel manufacturing company in Burbank, California seeking $544,000 in losses against a New York-based broker dealer that made unsuitable investment recommendations. His broker traded him in highly speculative positions, including options, and over-concentrated the account. The investor lost an astounding $391,093 in one single stock and lost $29,220 within the first couple weeks of opening the account.
Client: Technology Specialist
Amount Lost: $130,000
Commissions Charged: $130,000
Cold Spring has been retained by a 52-year-old technology specialist in Friendswood, Texas seeking $130,000 in damages against a Syosset, New York broker-dealer that executed trades on margin without authorization. His broker also excessively traded his account solely to generate commissions.
Client: Crop Farmer
Amount Lost: $190,000
Broker Abuse: Suitability
Cold Spring has been retained by a 66-year-old crop farmer in Dwight, Illinois seeking $190,000 in damages against a Woodstock, Georgia broker-dealer that made unsuitable investment recommendations. His broker traded his account on margin and invested him in highly speculative positions against the explicit request of the client, whose investor profile clearly indicated a preference for long-term growth.
Client: Planning Board Member
Amount Lost: $400,000
Commissions Charged: $300,000
Cold Spring has been retained by a 69-year-old planning board member in Marco Island, Florida seeking $400,000 in damages against three different New York-based broker-dealers that excessively traded his account to generate commissions. His brokers made unsuitable recommendations and invested him in highly speculative positions despite the client’s explicit request for investments that yield long-term growth.
Client: Software Specialist
Amount Lost: $23,000
Commissions Charged: $62,000
Cold Spring has been retained by a 67-year-old software management specialist from Spring, Texas seeking $23,000 in damages against a New York-based broker-dealer who excessively traded his account to generate commissions. His broker made unsuitable recommendations and invested him in highly speculative positions despite his limited investment experience.
