In a unique case, Ohio brokerage firm Westminster Financial Securities is trying to avoid paying a settlement to an elderly client who claims she was misled by her broker.
Westminster Financial Securities Backing Out of Settlement
According to the lawyer representing a 68-year-old former client of Westminster Financial Securities, the brokerage firm is apparently reneging on an agreement to pay a $275,000 settlement of a FINRA arbitration case related to the actions of a former Westminster broker Louis Telerico.
Settlement to Pay Client for Broker’s Misconduct
The settlement agreement was supposed to resolve a claim by the Westminster customer regarding her experience working with Westminster broker, Telerico. The customer alleged that Telerico was misled her to purchase a bronze bear for $200,000 from the broker’s own 95-year-old mother and to purchase $219,000 in real estate from a business that the broker owned. The investor also made about $50,000 worth of personal loans to Telerico.
Westminster Financial Services Broker Has History of Complaints
Telerico does not have a good track record. According to FINRA’s BrokerCheck, Telerico has 17 recorded customer disputes, twelve of which were recorded prior to his employment at Westminster. The disclosures include claims of negligence, unsuitability and churning, misrepresentation, breach of fiduciary duty, and breach of contract.
He worked at Westminster Financial Services from 2012 through June 2016 and is currently suspended from acting as a broker.
Have You Lost Money Investing with Westminster Financial Services?
If you lost money investing with Westminster Financial Services or former Westminster broker Louis Telerico, contact an experienced investment fraud attorney today to explore your rights and options.
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