LAWSUITS NEWS & LEGAL INFORMATION
Stock Mismanagement
Buffalo, NY: (Nov-13-07) Elwood Weber, 86 and Grace Weber, 75, an elderly couple, brought charges against their former stock broker Edward Carlsen, alleging that he mismanaged their investments by using risky investment techniques and buying high flying stocks with their funds. They claimed that the move caused their accounts to lose 95% of their value in a little more than two years. The suit claimed that Advest, the brokerage firm that Carlsen worked for before he was barred from the securities business by industry regulators in 2005, and Roger Faulring, Carlsen's supervisor at Advest, also were part of the arbitration case.
Experts in the field testified that Carlsen's high risk approach to managing the Weber's account was inappropriate for a retired couple. As part of an agreement reached in the case, the Lancaster couple has been awarded more than $685,000 in an arbitration settlement. The arbitration award included $513,700 in compensatory damages and interest, as well as $171,500 in attorneys' fees and arbitration expenses. [BUFFALO NEWS: STOCK MISMANAGEMENT]
Published on Nov-14-07
Experts in the field testified that Carlsen's high risk approach to managing the Weber's account was inappropriate for a retired couple. As part of an agreement reached in the case, the Lancaster couple has been awarded more than $685,000 in an arbitration settlement. The arbitration award included $513,700 in compensatory damages and interest, as well as $171,500 in attorneys' fees and arbitration expenses. [
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