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FINRA Arbitration Attorneys

Shepherd Smith Edwards and Kantas FINRA Arbitration Attorneys Secures $100,000 FINRA Arbitration Award Against TDAmeritrade

Our Client, An Older Investor, Was Defrauded By Scammers Through His Accounts With TDAmeritrade, now Charles Schwab & Co.

Our Texas elder financial abuse attorneys are pleased to announce that we have obtained a roughly $100,000 FINRA arbitration award for an Austin investor who lost much of his life savings after scammers managed to take money from his accounts with TDAmeritrade. The firm has since merged with Charles Schwab & Co.

According to Shepherd Smith Edwards and Kantas Managing Partner and Broker Fraud Attorney Sam Edwards, the scammers, who reside abroad, hacked into his client’s computer and obtained access to the client’s TDAmeritrade accounts, as well as his bank accounts.  The scammers liquidated all of the investments in the client’s accounts and then sent a message, pretending to be Apple security, saying he had been hacked.

The scammers then connected the client with someone pretending to be TDAmertrade security and warned that his money was not safe at TDAmertrade. Through this imposter, the scammers persuaded him to get the broker-dealer to wire transfer funds to his bank account and then from the bank to them in Hong Kong. TDAmeritrade allegedly ignored red flags that were indicative of an investment scam.

In his FINRA arbitration claim, this older investor made a number of allegations, including gross negligence, breach of fiduciary duty, and other broker misconduct.

Scams targeting investors through online portals run by broker-dealers are not uncommon. Meanwhile, elder financial fraud continues to be a huge problem. While the FBI’s Internet Crime Complaint Center stated that $3.4 Billion in losses in 2023 were reported by people ages 60 and over, the AARP has cited underreporting by victims.

It estimates that people in that age group end up losing more than $28 Billion to elder fraud every year. If you or an older loved one is seeking to take preemptive measures, including estate planning, visit our partner firm McCulloch and Miller today.

Representing Retirees and Seniors Against Elder Financial Abuse

Unfortunately, there are bad brokers that will purposely seek to take advantage of older investors and misappropriate their money. There are also broker-dealers who ignore warning signs indicating that their registered representative or a third party is defrauding a client who has an account with them.

Even if the financial firm was not directly involved in the elder financial abuse, an investor still may be able to hold them liable for failure to supervise, broker negligence, gross negligence, and more.

Shepherd Smith Edwards and Kantas (investorlawyers.com) represent investors who are the victims of elder financial abuse, broker misconduct, or negligence. Many of our clients are retirees and older investors who have sustained serious losses. While the majority of investors we work with live in the United States, we also represent foreign nationals in pursuing their investment recovery claims against US-based broker-dealers.

We know how life-altering the consequences can be of seeing your savings or retirement funds disappear at this stage in life.

When you work with us, you can trust that you will receive quality securities representation and personalized attention. Our firm has represented investors in more than 1000 matters in arbitration, mediation, and litigation. We take our clients’ investment losses very seriously. Should you retain us, you will have our entire firm fighting for you while protecting your legal rights.

Find out what investors have to say about working with us by reading our client reviews.

Contact Our Elder Financial Abuse by a Broker Attorneys Today

To schedule your free, initial assessment, call (800) 259-9010 or fill out this form.

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