$397,034 Compensatory Damages Plus Punitive Damages Awarded

Rarely are punitive damages awarded in securities arbitration cases but a San Diego panel found that all of the investments made for Martha Campbell were unsuitable for her in light of her age, retirement, needs and lack of sophistication. They also wrote an opinion, called a reasoned award, stating, “with regard to the Land Entitlement and Opportunities Fund, LLC, the Panel finds that fraud, gross misconduct, breach of fiduciary duty, and/or gross negligence were committed by the Respondents by way of:

  • Taking undue advantage of an older, retired, financially unsophisticated, and financially-limited client for Respondents’ own financial interests;
  • Placing Respondents’ own needs and interests above Claimant’s needs and interests, thereby violating Respondents’ fiduciary duty ton Claimant; and
  • Misusing Claimant’s IRA savings through, among other things, deceit and misleading and reckless behavior.”

The FINRA arbitration panel ordered North Global, North Wealth Management and Asset Management Strategies to pay $472,034 in damages to Martha Campbell, which included $75,000 in punitive damages, $165,211 in attorney’s fees, $3,806 in costs and assessed all of the $14,850 in forum fees against them (FINRA# 09-05650; Martha C. Campbell, personally and on behalf of the Martha C. Campbell Rollover IRA v. Kevin Williams, North Global Securities, Inc., North Wealth Management Company, Asset Management Strategies, LLC, et al.).

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