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NASD Arbitrators Award Investor Commissions and Attorneys' Fees Even Though Account Profitable
An NASD arbitration panel awarded an investor commissions paid her brokerage firm as well as attorneys' fees, despite the fact that the account realized a substantial profit.
The investor's account allegedly was churned but had a return of more than 30% in less than one year. Evidence was presented showing that the account would have been as or more profitable without the excessive trading.
James Eccleston, principal of Eccleston & Associates, PC, which sponsors FinancialCounsel.com, represented the investor.
Source: Chicago Tribune, June 16, 2001
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