Bad Brokers: Local stock broker leaves elderly couple's retirement in shambles - 19 Action News|Cleveland, OH|News, Weather, Sports

Bad Brokers: Local stock broker leaves elderly couple's retirement in shambles

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Cleveland, OH - He was supposed to protect their life savings. But instead, a local stock broker left an elderly Alzheimer's patient and his wife's retirement in shambles. 

Carl Monday investigates an investment advisor who sunk the couple's cash in high flying stocks without their approval---while racking up tens of thousands of dollars in commissions.

Is your retirement money in jeopardy? We'll show you how to check on YOUR financial advisor. 

Get More Carl Monday Investigations Here

 

Broker Check Reports (FINRA)

  

KEY BANK CAPITAL MARKETS est. 1983

  • FINES total $2,227,920 Arbitration total $2,227,711.20 --- TOTAL $4,455,631.20

NATIONAL CITY INVESTMENTS est. 1985

  • FINES total $392,020 ARBITRATION total $30,852 ---TOTAL $422,872

CHARLES SCHWAB & CO. est. 1971

  • FINES total $3,120,150 ARBITRATION total $54,506,308 --- TOTAL $57,626,458

FERRIS, BAKER WATTS INCORPORATED est. 1971

  • FINES total $368,800 ARBITRATION total $2,407,316.30 --- TOTAL $2,776,116.30

COWEN AND COMPANY est. 2004

  • FINES total $12,490,000 ARBITRATION total $2,010,804 --- TOTAL $14,500,804

SBK-BROOKS INVESTMENT CORP. est. 1993

  • FINES total $7,500 ARBITRATION total $0 --- TOTAL --- $7,500
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