FINRA Lawsuit Attorneys

When Bad Brokers Scam Investors

You May Be Able To File a FINRA Lawsuit For Damages

Two former financial advisors have been sentenced to prison for bilking investors. Ex-Edward Jones broker Ronald Molo, who allegedly defrauded clients of around $800K, is sentenced to two years in prison and must pay over $815K in disgorgement plus prejudgment interest. Former Morgan Stanley financial advisor Shawn Edward Good, who allegedly stole $7.2M from retirees and other investors in a decade-long Ponzi scam, must serve seven years and three months in prison and pay $3.6M in restitution to those he harmed. In addition to receiving criminal convictions, both were banned by securities regulators from the industry.

Unfortunately, there are stockbrokers who will seek to purposely use their positions as trusted fiduciaries to steal from customers. Molo, for instance, allegedly used clients’ money to pay for cars, credit card bills, home mortgage payments, and lottery tickets. He was an Edward Jones financial advisor for 20 years. Good, who was a Morgan Stanley broker for nine years, also purportedly took the money of his victims. This allegedly included robbing them of their savings and retirement money to support his lavish lifestyle.

While it is important that regulators and prosecutors go after bad brokers, investors who were harmed may want to consider filing their own broker fraud lawsuit separate from either proceeding. Your individual investor loss claim can increase your chances of full financial recovery while holding the broker-dealer liable for failing to stop the fraud and protect your assets.

Why Work With Our Skilled FINRA Lawsuit Attorneys

For over 30 years, Shepherd Smith Edwards and Kantas (investorlawyers.com) have been representing investors against brokerage firms in arbitration, mediation, and litigation. With our help, thousands of retail investors, retirees, elderly investors, high-net-worth investors, institutional investors, and others have collectively recovered many millions of dollars in damages.

Filing a FINRA lawsuit is not something you should do without seasoned securities lawyers by your side. There are specific strategies and approaches when bringing a claim in this arbitration forum. Given that the panel’s ruling will likely be final with very little opportunity, if any at all, for an appeal, you want to make sure you have a trusted broker-dealer negligence law firm by your side from the get-go.

Unfortunately, investment fraud leads to serious losses. According to the Federal Trade Commission (FDC), consumers lost more than $3.8B to such scams in 2022. When a financial scheme is committed by a trusted financial advisor that you relied on to keep your funds safe, the betrayal can feel even more devastating.

At Shepherd Smith Edwards and Kantas, we make it our mission to go after the brokerage firms that enabled bad brokers to steal money from investors, whether due to poor supervision, inadequate policies and procedures, negligence, or turning a blind eye. When you work with us, you aren’t just hiring one attorney, you are retaining the service of our entire team of seasoned securities lawyers, legal assistants, consultants, and others to fight for you. More than 90% of our clients have received full or partial financial recovery with our help.

 

Call (800) 259-9010 today or contact us online to request your free, no-obligation case consultation with one of our savvy FINRA lawsuit attorneys.