Ft. Lauderdale, Fl. May 27, 2014 – A former New Jersey police officer disabled in the line of duty and his wife have filed claim against Tampa-based securities broker dealer and investment advisory firm Calton & Associates, Inc.
The claim alleges a 90% loss of the couple’s irreplaceable savings including a disability settlement that the police officer received after being injured while running after a suspect. “After fourteen surgeries on his leg and three more on his back, it was determined that the police officer was 100% disabled,” the claim details.
The claim, filed with the Financial Industry Regulatory Authority (FINRA), by the law firm of securities fraud attorney Mark A. Tepper, contends that the firm’s broker put the couple in harm’s way by over concentrating and excessively trading their life savings in unsuitable high risk stocks.
The claim alleges that the firm’s failure to supervise its broker’s unsuitable recommendations led to the loss, in just a few months, of Claimants’ irreplaceable savings, that also included an inheritance.
“The broker did not disclose that Claimants could lose money following his recommendations. Instead, he reassured them not to worry, you’ll be rolling in money, just sit back and collect dividend checks,” the claim alleges.
“Respondent’s duty to supervise is the last line of defense against its broker’s unsuitable recommendations,” the claim contends.
Tepper previously represented a Fort Myers couple with their claim against Calton. The 2010 award for damages, obtained for the couple, stated, in part, “Respondent Calton’s failure to detect [the broker’s] wrongful conduct and failure to supervise the investments in Claimants’ accounts rose to the level of gross negligence pursuant to Florida Statute 768.72.”
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper has earned the reputation of “Investor Advocate” while practicing law for over 35 years representing individual investors. FINRA arbitrators have upheld claims filed by Mr. Tepper against a number of financial services companies, both large and small. 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. To discuss your legal rights with the law firm of Mark A. Tepper P.A., you can email askmark@marktepper.com or telephone the law firm at 954-961-0096.
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