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Fidelity ordered to pay $110K to elderly client with Parkinson

Posted by: Robert Rex
September 27, 2010
Topic: Fidelity

"The claimant, Viola McNeill of Westport, Conn., is 79. She suffers from Parkinson's disease.

Ms. McNeill's $700,000 account was in Fidelity's Portfolio Advisory Services fee-based management program. In 2007, Fidelity brokers recommended she convert her retirement and brokerage accounts to a fee-based account. She agreed, and stated her investment objectives as preservation of capital and income.

At the time, her PAS portfolio was weighted 60% to stocks and 40% to fixed income, said Neil Sussman, an attorney at Sussman & Frankel who handled the matter for Ms. McNeill. But as her account was handed off from one broker to another at the Stamford, Conn., branch, that allocation was not altered, he said."

This kind of activity would not appear to be all that uncommon, and yet people do not seek legal advice often enough when they have been wronged by their brokers. If you think you may have suffered investment losses because of an irresponsible broker, you should consider contacting an experienced attorney who can advise you on your legal rights.

Robert H. Rex is a partner at Dickenson, Murphy, Rex, and Sloan, P.A. and represents investors seeking recovery of investment losses from stockbrokers and brokerage firms.  Contact him either by telephone at 561-391-1900 or by using this convenient online form and set up a free consultation.

 

source: http://www.investmentnews.com/article/20100926/REG/309269968