Daily v. Corporate Securities Group

I represented the claimant in an NASD customer claim of securities fraud, unsuitable trading and investing, churning, and breach of fiduciary duty. The broker used forged account transfers in taking a portfolio of millions of dollars in investment grade municipal bonds and degrading it into a portfolio consisting of obscure and speculative "junk." After an eight-day final hearing, an NASD arbitration panel awarded more than 100% of the claimant's out of pocket losses against respondent Corporate Securities Group, Inc. (n/k/a Wachovia Securities Financial Network). Three other respondent firms settled for confidential amounts. (Lead counsel.)