A FINRA arbitration panel has ordered WFP Securities to pay investors close to $19 million. This money will be put into a trust for investors victimized by the scheme. According to a Wall Street Journal article, WFP brokers recklessly advised clients to invest their savings in the scheme without conducting adequate due diligence. The trust was awarded $6.5 million in compensatory damages, $7.5 million in punitive damages and $4.5 million in attorneys' fees.
If you believe you have been injured by a WFP broker or victimized by securities fraud, fraudulent malpractice, or theft by a FINRA registered broker, please call the securities attorneys of The Costello Law Group at (877) 418-0003 for a free consultation.
For more information about the WFP litigation, please visit: http://finraawardsonline.finra.org/viewdocument.aspx?DocNB=60971. For more information on Ponzi schemes visit the SEC's website at http://www.sec.gov/answers/ponzi.htm.