An article appeared in the About.com Guide, written by Julie Garber regarding a Miami broker and elder abuse. She wrote that recently a Miami news station reported on the elder abuse case of Josephine Troisi, age 93, and her sister, Mary Teris, age 95. A few years ago the sisters, who live together in Hollywood, Florida, hired 48-year old Cynthia Franke, a financial advisor with Laidlaw & Co., and 46 year-old Tyrone Javellana, a CPA and officer of a company named the Estate Planning Group, to assist the sisters with their finances. But last year Troisi’s 69-year old son, John Troisi, contacted Hollywood police when he noticed unusual activity in his mother’s checking account that was tied to Laidlaw & Co., the Estate Planning Group, and both Franke and Javellana personally.
Garber writes that after several months of digging, Hollywood police found that not only had thousand of dollars been transferred from Troisi and Teris to Franke, Javellana, and their respective companies, but John Troisi had been replaced by Javellana in a Power of Attorney and Franke had been named as a beneficiary of a trust that had been set up by Teris. When asked why she named Franke as a beneficiary of her trust, Teris said that she didn’t understand the “full implications” of doing so and it was not what she wanted.
According to Hollywood Police Lt. Scott Pardon, “What both [Franke and Javellana] did was use their relationship as a stockbroker and accountant to gain their trust. They began drawing off their account to enrich themselves without the victims permission.” Franke and Javellana have been charged with elderly exploitation.
Laidlaw allegedly failed to supervise Cynthia ‘Cinder’ Franke properly, allowing Franke to abuse elder investors. Brokers also are prohibited from recommending securities that are unsuitable for the investor. Unsuitable investments can include those securities that involve more risk than the customer is willing or able to withstand, as in this case.
Securities Attorney, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide. If you or a family member have experienced losses with broker Cynthia ‘Cinder’ Franke of Laidlaw & Company, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.