McMillan v. Newbridge Securities, FINRA ID #12-01880 (Boca Raton, FL, 6/24/2013) – Two clients recover $983,200, including damages and interest, against a broker who allegedly stole funds from numerous accounts.
THE FOLLOWING IS FROM FINRA’S WEBSITE:
Claimants asserted the following causes of action: breach of fiduciary duty; negligence; negligent supervision; violation of Article 4. New York Uniform Commercial Code; breach of contract; violation of the Florida Securities & Investor Protection Act; exploitation of elderly persons and a disabled adult; civil theft and conversion. The causes of action relate to, among other things, Respondent Deviney’s alleged theft of funds from: (1) Claimants* Joan McMillan and Oswald McMillan’s joint checking account; (2) Claimant Andrea McMillan’s IRA account; (3) Claimants Joan McMillan and Oswald McMillan’s Lincoln Financial Insurance Company annuity; (4) Claimant Andrea McMillan’s business operating account; (5) Claimant Kate St. Claire Deviney’s 529 College Savings Plan account; (6) Claimant Christopher McMillan’s account; and (7) Claimant Joan McMillan’s Merrill Lynch CMA account and two IRA accounts.
Unless specifically admitted in their respective Answers, Respondents denied the allegations made in the Statement of Claim, as amended, and asserted various affirmative defenses. Additionally, Respondent Merrill asserted a Counterclaim against Claimant Andrea McMillan for common law indemnification and contribution. The causes of action relate to Claimant Andrea McMillan’s alleged breach of duties owed to Claimant Joan McMillan as power-of-attorney for Claimant Joan McMillan’s accounts.
After considering the pleadings, the testimony and evidence presented at the hearing, and the post-hearing submissions (if any), the Panel has decided in full and final
FINRA Dispute Resolution Arbitration No. 12-01880
1. Respondent Deviney is liable on the claims of violation of the Florida Securities and Investor Protection Act, exploitation of elderly persons, civil theft and conversion and shall pay to Claimants Andrea McMillan and the Estate of Joan McMillan the following:
To Andrea McMillan: $244,938.99. inclusive of interest and treble damages pursuant to Section 772.11(1). Florida Statutes; and
To Estate of Joan McMillan: $738,260.02, inclusive of interest and treble damages pursuant to Section 772.11(1), Florida Statutes.
2. Claimants Andrea McMillan and the Estate of Joan McMillan are the prevailing parties in this matter regarding their claims made pursuant to the Florida Securities and Investor Protection Act and are directed to a court of competent jurisdiction regarding an award of attorneys’ fees.
3. Any and all claims for relief not specifically addressed herein, including Claimants’ claims for violation of Article 4, New York Uniform Commercial Code and punitive damages, are denied.
FEES WERE ALSO AWARDED. THIS ENDS THE INFORMATION ON THE FINRA WEBSITE.
If you or a family member have experienced losses through your broker/financial advisor, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses at 888-760-6552.