A FINRA arbitration panel has just awarded over $215,000 in compensatory damages plus interest and attorney fees to a Banks Law Office client. The award came after three days of testimony in Seattle, WA.
The claim alleged that top-producing Symetra Investment Services financial adviser, Gary Akiyama, solicited his long-time customer to invest money in a failing business run by an unscrupulous businessman without permission from his member firm. The financial adviser had his own financial incentive to keep the failing business afloat and he hoped that his customer’s capital investment in the business would save the company long enough for him to reap the benefits. The customer lost his entire investment. The claim alleged that the financial adviser misrepresented risks associated with the investment, omitted material information about the company’s dishonest chief executive, and violated FINRA rules by soliciting the investment without his firm’s knowledge or permission. The financial adviser has 30 days to pay the award.
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