On March 5th., 2014, a Financial Industry Regulatory Authority Inc. (FINRA) arbitration panel awarded three clients of Signator Investors Inc., owned by John Hancock Financial Network Inc., nearly $1.6 million because of a former broker's investments in failed land deals in Texas. The former broker was James Robert Glover.
The three clients met Glover in a Mormon church near Baltimore. Glover lost all of their retirement savings in this selling-away case. The case revolves around Glover's alleged breach of fiduciary duty and fraud. Also, allegedly Signator failed to supervise Glover during the 14 years he was employed in their Towson, Maryland office. Glover resigned from Signator in 2012.
These claimants alleged fraud, and negligence relating to investments in three private Texas real estate deals: Colonial Funding; Colonial Tidewater Realty Income Partners and Texas Real Estate Properties, according to the FINRA award.
The award was as follows:
1. $954,000 in compensatory damages
2. $181,000 in interest
3. $454,000 in legal fees.
According to the FINRA award, Signator filed a claim against Glover, he was found liable for breach of contract, fraud, and negligence. FINRA ordered Glover to pay Signator $1.35 million.
If you or an elderly family member have experienced financial losses through your broker/financial advisor, please call Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552.
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