U.S. Capital Advisors, an investment advisory firm located in Houston, Texas, was ordered to pay a group of Exxon retirees $3.8 million in damages for implementing an unstable investment strategy. According to the Wall Street Journal, the retirees were falsely told that there savings was invested in a strategy which would protect them from market downturns. Despite this assurance, the retirees lost their savings. The arbitration panel awarded the retirees $1.9 million dollars in damages, nearly $1 million for legal fees, and punitive damages in the amount of $852,630.
If you believe you have been victimized by securities fraud, financial 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.
To read more, please visit: http://www.wsj.com/articles/texas-advisory-firm-ordered-to-pay-exxon-retirees-3-8m-1416512789