AOS, Inc. Popped For $140K In Chicago

A Financial Industry Regulatory Authority (FINRA) arbitration panel in Chicago, Illinois has found AOS, Inc. liable and ordered them to pay an elderly Claimant $135,472 in compensatory damages, interest and attorneys’ fees. The Claimant was represented by Christopher Porter and Robert Kantas, with the securities law firm of Shepherd Smith Edwards & Kantas LTD LLP out of Houston, Texas. The broker in the case was the son-in-law of the elderly customer, who suffered massive losses to her retirement savings in addition to his generating huge fees and commissions for himself and the firm by churning the account.

The Claimant asserted various causes of action including breach of contract, promissory estoppel, unfair trade and deceptive practices, unsuitable recommendations and violations of state security statutes, among other things. After the conclusion of the evidentiary hearing the arbitrator took the case under advisement and entered an award against AOS, Incorporated finding them liable and ordering them to pay $93,429 in compensatory damages, $9,343 in interest and $32,700 in attorneys’ fees. Additionally, the arbitrator ordered AOS, Inc. to pay the entire $4,950 in forum fees for the arbitration. (FINRA#09-05257; Joan Bonert, Individually and as Trustee for the Joan Bonert Trust U/A/D 11-25-87 v. AOS, Inc.)

If you have suffered losses as a result of broker misconduct, unsuitable recommendations, fraud or negligence, please contact our securities law firm for a confidential, no obligation consultation at 1-800-259-9010.

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