FORT LAUDERDALE, Fla., Oct. 26 /PRNewswire/ -- The law firm of Securities
Fraud Attorney Mark A. Tepper has filed claim against Banc of America
Investment Services, Inc., a brokerage firm operating in Florida and located
inside branches of Bank of America Corporation.
The claim contends that a Bank of America Broker gained the trust of an
82-year-old retiree who had suffered several strokes and his 75-year-old wife,
and then took advantage of that trust because the couple was too old to
protect themselves from the Broker's misconduct.
"The Broker gained Claimants' trust by (1) spending time at their house as
often as four times a week; (2) fixing things in the house that needed repair;
and (3) playing chess with Claimant. As a result of these frequent contacts,
the Broker convinced Claimants, to purchase high risk, unsuitable investments,
without full disclosure, in companies that had little, or no previous
operating history," the claim alleges.
The claim, filed with the Financial Industry Regulatory Authority (FINRA)
alleges that Banc of America Investment Services should have detected and
prevented the Broker's unsuitable recommendations in unregistered securities
that were illiquid, with no recognizable market value and far beyond the
seniors' risk tolerance. The retirees lost $1.425 million dollars in
irreplaceable capital, the claim alleges.
"Claimants depended on the Broker for his help and advice in both financial
and personal matters. The Broker took advantage of the fact that Claimants'
children and grandchildren lived a substantial distance from the Claimants'
Florida home," the claim alleges.
"It's outrageous that seniors are regularly being victimized. According to
Florida's Department of Financial Services, the number of complaints from
Florida seniors has nearly quadrupled in the last three years," Tepper said.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark Tepper has earned the reputation of "Investor Advocate" while
practicing law for over 30 years and representing the small investor. FINRA
arbitrators recently upheld claims filed by Tepper against a number of large
financial services companies, recovering investor losses from Merrill Lynch
(MER) for high risk investment in Fannie Mae Preferred Stock, as well as
against AmTrust Investment Services. A member of the Florida, New York and
California Bars, Mr. Tepper is AV®-rated, the highest rating of lawyers in the
Martindale-Hubbell Law Directory.
MEDIA CONTACT:
Mark Hopkinson, NewsMark Public Relations
561-852-5767 mhopkinson@newsmarkpr.com
SOURCE Mark A. Tepper
Mark Hopkinson, NewsMark Public Relations, +1-561-852-5767,
mhopkinson@newsmarkpr.com, for Mark A. Tepper
