New York–A stockbroker has been charged with taking over $500,000 in wrongful commissions from seven children medical malpractice victims. The commissions he collected were from the children’s guardian accounts. With the $500,000+ commissions he generated, he kept 20% of those commissions for himself.
So outrageous were his commission charges that on one trade that lost almost $1,500, he charged a commission of fee of almost $9,500. The stockbroker’s trend was to prey upon children who lived only with single, unemployed mothers who had little, if any, knowledge about stock trading.
After finding out about the fraudulent charges Morgan Stanley, the broker’s employer, fired him and reimbursed the victims.
If you have been cheated through fraudulent activities such as this one, contact the Waukesha personal injury lawyers of Habush Habush & Rottier S.C. ® by calling 1-800-559-5599 or by visiting their website.