FINRA Awards 3xs Damages to "Elderly" Client in Florida

Raymond James, FINRA ID # 11-03503 (Bradenton, FL, 8/21/2012)
A split FINRA arbitration panel awarded $985,700, including triple damages, to an elderly customer on his misappropriation claim. This award against Paul David Arnold, and Raymond James and Associates, Inc., of Bradenton, Florida, involved the purchasing of an annuity, electronic transfers and conversion of funds of an elderly person. Some of the charges were: unsuitablity, breach of fiduciary duty, common law conversion/theft, failure to supervise, and exploitation of an elderly person.

The FINRA award states, "exploitation of an elderiy person, Florida Statutes, Sections 825.103(1) and 772.11), Respondent Arnold is liable for $739,320.00 (representing three times the compensatory damages amount of $246,440.00) plus pre-judgment Interest on the compensatory damages amount of $246,440.00 at the Florida statutory rate running from September 12, 2011 through the date of the Award." Fees were also recovered.

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