A woman established an account with her life savings at a major brokerage firm, granting her son a power of attorney over the account. While she was in an assisted living facility, her son proceeded to drain her funds to sustain his business. She learned that he had exhausted the account when she was evicted from the facility. And without her funds, the son’s business immediately failed. We were able to recover her loss, however, from the brokerage firm. We demonstrated that the broker knew that the son was not using her funds for her benefit. By not advising her, the broker breached his fiduciary duties as her broker and aided the son’s breach of his fiduciary duties to his mother.

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