Senior Citizen Wins Arbitration Against Wachovia Bank

Senior Citizen Wins Arbitration Against Wachovia Bank-Image via Wikipedia

A retired Dade County court clerk, whose nest egg was being managed by Wachovia, has been awarded by a FINRA arbitration panel, full recovery of the losses requested, plus interest, attorney fees, forum fees and costs.

The arbitration Award for the retiree follows a claim filed against Wachovia Securities, Inc., by the Securities Law Firm of Mark A. Tepper P.A., for allegedly disregarding that his client needed her retirement lump sum payment to supplement her social security and the remainder of her State pension.

“Investors who believe they’ve been defrauded should always investigate their legal rights to determine the merits of potential claims. We’re very pleased with the finding by FINRA’s arbitration panel in favor of our client,” Tepper said.

Tepper has represented customers in claims against major and regional brokerage firms including Merrill Lynch, Morgan Stanley and UBS.

In the claim against Wachovia, Tepper, a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, alleged that a Wachovia Bank employee directed his client, to speak with a Wachovia financial advisor, instead of opening an IRA account and placing her retirement funds into a money market account.

“Wachovia Securities, Inc., did not act ‘vigorously,’ as required by the SEC, to contact the retiree about this ‘indication of wrongdoing,’ and instead allowed the financial adviser to exploit the retiree,” the claim alleged.

About Mark A. Tepper, P.A. (

Securities Fraud Attorney Mark A. Tepper has earned the reputation of “Investor Advocate” while practicing law for over 35 years and representing investors in criminal and civil actions. A member of the Florida, New York and California Bars he is AVĀ®-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.


Mark Hopkinson, NewsMark Public Relations


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