{"id":1233,"date":"2013-04-19T12:15:23","date_gmt":"2013-04-19T12:15:23","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/04\/former_merrill_lynch_oppenheim"},"modified":"2022-03-10T16:33:49","modified_gmt":"2022-03-10T22:33:49","slug":"former-merrill-lynch-oppenheim","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-merrill-lynch-oppenheim\/","title":{"rendered":"Former Merrill Lynch, Oppenheimer, Deutsche Bank Broker is Ordered by FINRA To Pay Investor $11M Over Alleged Securities Fraud"},"content":{"rendered":"

\t\t\t\tA FINRA arbitration panel is ordering ex-broker Karl Hahn, who previously worked with Bank of America Corp’s (BAC) <\/a>Merrill Lynch (MER)<\/a>, Oppenheimer & Co. (OPY)<\/a>, and Deutsche Bank AG’s (DB) Deutsche Bank Securities, to pay investor Chase Bailey $11 million because he sustained about $6 million in losses allegedly caused by securities fraud. Bailey contends that Hahn made excessive trades and misrepresented securities related to transactions involving a number of investments, including a variable annuity, approximately $2.3 million in fraudulent real estate financing involving East Coast properties, and covered calls. <\/p>\n

In the filmmaker\/Internet entrepreneur’s securities arbitration claim, Bailey named the three financial firms where Hahn previously worked. It is during this period that Bailey was allegedly defrauded. (He had moved his funds from one brokerage firm to the other each time Hahn was hired by that employer.) Bailey settled his case with Merrill for $700,000, while claims against Deutsche Bank and Oppenheimer were tossed out. <\/p>\n

Per the FINRA arbitration ruling, Bailey is awarded $6.4 million in punitive damages and $4.1 million in compensatory damage. Ordering brokers to pay punitive damages is uncommon.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A FINRA arbitration panel is ordering ex-broker Karl Hahn, who previously worked with Bank of America Corp’s (BAC) Merrill Lynch (MER), Oppenheimer & Co. (OPY), and Deutsche Bank AG’s (DB) Deutsche Bank Securities, to pay investor Chase Bailey $11 million because he sustained about $6 million in losses allegedly caused by securities fraud. Bailey contends […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3798,3818,3752,3739,3800,3786,3741],"tags":[],"class_list":["post-1233","post","type-post","status-publish","format-standard","hentry","category-arbitration","category-deutsche-bank","category-financial-firms","category-finra","category-merrill-lynch","category-oppenheimer","category-securities-fraud"],"yoast_head":"\nFormer Merrill Lynch, Oppenheimer, Deutsche Bank Broker is Ordered by FINRA To Pay Investor $11M Over Alleged Securities Fraud — Investor Lawyers Blog — April 19, 2013<\/title>\n<meta name=\"description\" content=\"A FINRA arbitration panel is ordering ex-broker Karl Hahn, who previously worked with Bank of America Corp's (BAC) Merrill Lynch (MER), Oppenheimer & — April 19, 2013\" \/>\n<meta name=\"robots\" content=\"index, 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