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FINRA Arbitration Panel Awards Couple Almost $1.4 Million

David P. Meyer, Esq.

A Financial Industry Regulatory Authority (FINRA) arbitration panel recently required LPL Financial, LLC to pay an elderly couple nearly $1.4 million. The hefty award was issued February 10, 2012.

The couple, Heinrich and Araceli Hardt, both 76, made several allegations against LPL Financial. These claims included securities fraud, elder abuse, and negligence. The Hardts purchased real estate investments from LPL Financial and allege that the broker made misrepresentations and provided misleading information about the investments.

According to Investment News, the Hardts had also filed claims against Meridian Capital Partners and Orchard Securities but those claims were later dismissed.

As is typical in FINRA arbitration awards, the arbitration panel did not explain its reasons for its decision nor did it announce which of the Hardts’ claims it used to determine liability and arrive at a financial award.

Learn more about FINRA arbitration in the video below.