Dee Ann Phillips v. Lawrence S. Jay (FINRA Case No. 05-01391)
The Law Offices of Montgomery G. Griffin’s client, a single woman who owned and ran a small business in Nevada, was awarded $311,252 for her broker’s construction of an unsuitable portfolio, his failure to diversify, and his fraudulent representations to her during the period when he managed her accounts. On the basis of its finding of fraud, the Panel unanimously awarded the Law Offices of Montgomery G. Griffin’s client $100,000 in punitive damages on top of its award of compensatory damages to her.