FINRA Panel Awards HG Client $914,000 In Investment Losses Which Included Rescission Of Illiquid Non-Traded Direct Participation Programs
Following a 7-day evidentiary hearing, a FINRA arbitration panel awarded Hunsucker Goodstein PC’s client over $914,000 for losses against the Respondent brokerage firm and its registered representative. The award included compensatory damages, pre-judgement interest, attorney’s fees and expert witness costs as well as rescission of seven Direct Participation Programs (DPPs). The panel also assessed all forum fees against Respondent brokerage firm and its registered representative. The case involved the sale of 14 investments including non-traded Real Estate Investment Trusts (REITs), Oil & Gas partnerships, a Tenancy in Common (TIC) and one equipment leasing partnership. HG Attorney Robert Gonser represented the Claimant who sought damages for insufficient due diligence by the brokerage firm and the improper conduct of its registered representative who was not adequately supervised.