Texas Brokerage Firm Ordered to Pay Investor $2.5 Million
In a recent arbitration award, Golden Beneficial Securities Corp., a brokerage firm headquartered in Texas, has been ordered to pay an investors couple about $2.5 million for failing to supervise a broker who allegedly perpetrated a Ponzi scheme.
The broker claimed he invested in a bond fund and other investments but it turned out the money went into a Ponzi scheme. The retired couple basically lost their savings.
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