“If this couple were awarded money from arbitration, the broker-dealer would have beenon the hook as well as the brokers. FINRA, SEC, SIPC insurance, E&O insurance all exist for a reason.”
“In 2003, Bales was ordered to pay $637,000 as compensatory damaged, plus interest at the Ohio statutory rate of 10 percent until the date of payment in full, $637,000 as punitive damages, $216,500 as attorney’s fees, $375 to reimburse the Liebschners’ filing fee, and several other small damages.”
The company & other brokers were sued. I think I read somewhere that it had been settled since then, so someone paid up.
The original article made it look like the couple lost all of their money and didn’t get it back. It sounded very fishy to me.