Reno, Nevada (PRWEB) March 01, 2012
A Reno based Financial Industry Regulatory Authority (FINRA) arbitration panel awarded more than $1,375,000 to Bobby Hayes of Incline Village, Nevada, a client of Attorney Thomas C. Bradley and Loss Recovery Center, a nationally recognized securities litigation consulting firm. This award included full recessionary damages which included a return of the full amount of the investment, over $250,000 in interest, over $200,000 in attorney fees, and over $20,000 in expert witness costs. The Panel also assessed over 90% of the cost of the hearing against Merrill Lynch aka Banc of America Securities.
The investment complained of was a highly leveraged Collateral Debt Obligation (CDO) of bank loans sold through Merrill Lynch aka Banc of America Securities. The investment was marketed exclusively to high net worth clients of the firm in 2007. The Claimant, Mr. Hayes, testified that the investment was represented as being slightly riskier than a municipal bond portfolio. Instead, Claimant’s expert testified that the investment was intrinsically worthless from the very beginning and caused catastrophic losses to investors. Thomas Bradley’s investigation of the Banc's conduct uncovered evidence that the Banc hid the losses on the CDO loan portfolio and instead used the investment to shift its losses on the CDO loan portfolio to the investors, including Mr. Hayes.
"The award represents a return of substantially more than 100% of our client's losses," stated Thomas C. Bradley. Bobby Hayes wished to add his sincere thanks to the team of Thomas C. Bradley and Loss Recovery Center for vindicating his rights by earning such a significant award. Claimant's expert witness was Dr. Craig McCann of Securities Litigation and Consulting Group based in Fairfax, VA. This was a FINRA arbitration case number 11-00432.
Thomas C. Bradley and Loss Recovery Center continue to investigate FINRA arbitration claims on behalf of investors who suffered investment losses caused by poor advice from stock brokers and financial advisors.
About Thomas C. Bradley
Thomas C. Bradley is a securities and stock fraud attorney serving clients primarily in California and Nevada. He has been selected a top trial lawyer by the American Trial Lawyers Association and is a Certified Arbitrator for FINRA. He represents clients who have been victims of securities fraud, excessive trading, pyramid schemes, and other breaches of fiduciary duty.