October 2023
In a case filed on behalf of an elderly retiree, attorney Thomas Mauriello settled another FINRA arbitration claim against a major nationwide securities brokerage firm. The client had transferred his account to the firm after his long-time broker at another firm retired. The advisor at the new firm liquidated the client’s entire well-diversified portfolio of blue-chip stocks and bonds. He then invested the entire account into aggressive, “disruptive” biotech, pharma, and tech stocks. The account lost 38% within just one year. Mr. Mauriello was able to recover $400,000 on behalf of the client through pre-hearing resolution of the case.