INDIANAPOLIS, Oct. 8, 2009 (GLOBE NEWSWIRE) -- An Indianapolis, Indiana, FINRA (Financial Industry Regulatory Authority) arbitration panel awarded a retired Indianapolis nurse compensatory damages, punitive damages, attorney fees, statutory interest and arbitration costs in an arbitration award of more than $500,000.
The arbitration claim involved allegations against Mark Wayne Mills, a former broker with Waterstone Financial Group. According to the complaint (FINRA Case No. 08-03605), Mills allegedly made recommendations to the claimant to invest her retirement savings in a variable annuity and then improperly switched to a new annuity. In addition, the claimant alleged that Mills borrowed $200,000 from the claimant, which is a violation of FINRA rules.
"Brokers are entrusted with the responsibility of handling their clients' investments with a high degree of trust and confidence. When a broker breaches his or her fiduciary duty as Mills did, the results can be devastating for their clients, especially for those who depend on that money for retirement," said the investor's attorney, Mark E. Maddox of Maddox Hargett & Caruso, P.C.
The FINRA panel also noted in the Oct. 5 ruling that the compliance procedures of Waterstone Financial Group were "inadequate" and "substandard." The panel, did not, however, hold Waterstone liable for the losses caused to the claimant.
More information is available at InvestorProtection.com or by contacting an attorney below.