$732,000 Awarded to Retirees by Los Angeles Arbitration Panel for Various Securities Violations

W.L. “Cotton” Gray, Sophie Ratkovich, et al. v. Merchant Banking Services, Inc., et al.
(NASD Case No. 98-03752). A group of investors represented by Montgomery Griffin consisting of retired senior citizens (including a widow from Walnut Creek in the Bay Area, a former law enforcement officer in Los Alamitos, a couple in Santa Cruz, and others) were awarded $732,000 by unanimous vote of an NASD arbitration panel in Los Angeles following a three-day hearing on the issues of securities fraud, recommending unsuitable investments, and failure to diversify.