Legal Question in Investment Law in Michigan

Taking advantage of the elderly

My parents, both in their 90's, had almost $250,000 in investments. Last year (tax year), 2002, they lost $80,000. They had their investments with an established firm and I know that due to their age, their investments should have been of the extremely low risk type. I know that many people lost a lot of money over the past 3 years, but I feel that losing almost a third of their savings in ONE year is excessive, especially for their age. My question is: is this something that would be an issue on which to sue? I don't feel the advisor was in any way helpful. In fact, my father pulled all his money from this firm and put it in his local bank, in CD's, just a few months ago. Thank you for considering this question.


Asked on 4/10/03, 2:39 pm

2 Answers from Attorneys
Michael Paradise Law Offices of Michael S. Paradise

Re: Taking advantage of the elderly

Without a full set of facts, from what you describe, it appears that you might have a case against your brokerage firm for placing your parents' money in unsuitable investments. A broker has a duty to know his/her customer. I would be happy to discuss your matter with you.

Read more
Answered on 4/10/03, 3:44 pm
Nicholas Guiliano Arbitration, Securities & Investment Fraud Lawyer

Re: Taking advantage of the elderly

Yes, you may have a viable claim. On the surfce it sounds like a suitability claim. For more information on suitability, and our services, please visit our site at www.stockbrokerfraud.com

Thanks

Nicholas J. Guiliano, Esquire

1500 Walnut Street, Suite 1100

Philadelphia, PA 19102

(215) 413-8223 (Telephone)

(215) 413-8225 (Telecopier)

[email protected]

www.stockbrokerfraud.com

Read more
Answered on 4/10/03, 4:52 pm


Related Questions & Answers

More Investment Law questions and answers in Michigan