Case Results

CASE NO. 08-03677

Miniaci et al vs. Morgan Keegan & Co.

The Firm obtained a $1,080,00 million dollar verdict against Morgan Keegan, in a case alleging securities fraud over the sale of Morgan Keegan mutual funds. The verdict and subsequent recovery amounted to 100% of the investor’s net losses.

View Award

CASE NO. 14-01450

WRI Vending Machines, Inc. v. Santander Securities, LLC and Oriental Financial Services Corp.

Erez Law obtained an award against Oriental Financial Services Corp. (“Oriental”) for $1,046,556. The claim against Santander Securities., LLC was settled prior to the commencement of the final hearing. The case involved a claim by an investor against Oriental related to the recommended use of margin to invest in Puerto Rico bonds and agency bonds. The unsuitable and speculative investment strategy led to margin calls and forced liquidations in 2013. The case is notable for the arbitrators’ award of attorney’s fees, costs and interest which were damages sought under the Puerto Rico Uniform Securities Act.

View Award

CASE NO. 20-04077

Jacques Andre Soileau et al. v UBS Financial Services, Inc.

Erez Law represented Jacques Andre and Beth Soileau against UBS and recovered $976,155. The case stems from the sale by UBS to the Soileaus of its proprietary YES investment strategy. UBS promoted and marketed YES as a low-risk options overlay strategy that would generate additional income. In fact, YES was a high-risk, directional and aggressive iron condor strategy that failed. The award is significant because the arbitrators awarded the Soileaus their losses as well as prejudgment interest in the amount of $687,644. The panel also awarded all costs in the amount of $58,644 and attorney’s fees of $229,134. The case was hearing New Orleans, LA and lasted 8 days.

CASE NO. 15-01774

Ana Elisa Ciordia-Robles as Beneficiary of the AECR Living and Grantor Trust v. UBS Financial Services Inc.

Erez Law represented a beneficiary of a trust that sustained significant losses in UBS proprietary closed-end funds that invested predominantly in Puerto Rico bonds as well as losses as in Puerto Rico bonds. Carlos Rodriguez was the broker that for the trust at UBS. The Claimant alleged that Mr. Rodriguez and UBS recommended an over concentrated and unsuitable position in the UBS Puerto Rico funds and Puerto Rico bonds. The FINRA panel awarded the Claimant $957,796.59. The FINRA Panel awarded attorney’s fees under the Puerto Rico Uniform Securities Act as well as costs.

View Award

SETTLEMENT

$900,000 recovery for a group of investors

$900,000 recovery for a group of investors alleging they were defrauded by the same broker in a purported guaranteed-investment scheme.

SETTLEMENT

$900,000 recovery in an NASD arbitration

$900,000 recovery in an NASD arbitration for an international businessman, alleging negligent advice in a financial plan and the misuse of currency trading on margin as a hedge against the account.

CASE NO. 16-01829

Eric Kaplan and Bonnie Kaplan v. Oppenheimer & Co., Inc.

Erez Law represented a Florida couple in their 60s that sustained significant losses in oil stocks in their Oppenheimer brokerage account and with Evan Fischer their financial advisor. The Claimants alleged that the oil stocks were high risk, unsuitable and that they were presented to them as conservative investments that would preserve their principal and provide income. When the price of oil declined in 2014-2016, the oil companies largely filed for bankruptcy or were restructured. Claimants lost nearly their entire investments in the oil stocks that made up a large percentage of their portfolio. Jeffrey Erez, Esq. of Erez Law tried the case in Boca Raton, Florida over 9 days. Oppenheimer vehemently denied liability. The FINRA panel awarded the Erez Law clients $800,000 as well as $61,517 for costs incurred in the case. The Award is significant in that the Claimants were able to recover significantly more than their net out-of-pocket losses in the oil stocks and a high percentage of their capital losses in these investments.

View Award

SETTLEMENT

$850,000 recovery for a group of investors

$850,000 recovery for a group of investors in a principal guaranteed mutual fund investing program; significantly, the firm made the recovery against a brokerage firm that served as the introducing firm for a failed broker dealer.

CASE NO. 05-02371

$850,000 verdict against Morgan Stanley for a retired, elderly World War II hero in a mutual fund fraud case

$850,000 verdict against Morgan Stanley for a retired, elderly World War II hero in a mutual fund fraud case, including $600,000 in well-managed portfolio damages and $250,000 in punitive damages, where the net out of pocket losses were $370,000.

View Award

SETTLEMENT

$850,000 recovery following an NASD arbitration trial

$850,000 recovery following an NASD arbitration trial for two physicians who were give negligent advice on how to hedge or protect a large concentrated stock position.