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Following a claim filed by the law firm of securities fraud attorney Mark A. Tepper, a former school teacher and her husband, who had been victimized over a 3-4 month period by her brother, stockbroker Kenneth Popek, have been awarded full recovery of all losses plus interest, attorney fees, forum fees and costs by a FINRA arbitration panel.
The couple suffered a nearly 80 percent investment loss while their portfolio was under management by Popek and Tampa based brokerage firm Calton & Associates, Inc.
Punitive damages against the brokerage firm were also awarded by the arbitration panel. “Calton’s failure to detect Respondent Popek’s wrongful conduct and failure to supervise the investments in Claimants’ accounts rose to the level of gross negligence pursuant to Florida Statute 768.72,” the arbitration panel noted.
“Brokerage firms are the last line of defense against stock broker misconduct and when that protection fails, investors can be the victimized. We’re very pleased with the finding by FINRA’s arbitration panel in favor of our clients,” Tepper said.
