FINRA Bars Hank Werner for Defrauding Disabled Elderly Customer
In a recent decision, the Financial Industry Regulatory Authority (FINRA) barred broker Hank Mark Werner of Northport, New York for fraudulently churning and excessively trading the accounts of a blind, elderly widow.
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According to the FINRA decision, Werner had been the elderly widow’s broker since 1995. After her husband passed away in 2012, Werner robbed the widow’s account by churning it at such a level that “it was impossible for the customer to make money.”
From 2012 to 2017, Werner engaged in more than 700 trades and cost his client more than $175,000 in losses.
Churning occurs when a broker buys a security in a customer’s account and then immediately sells it in order to charge his client potentially exorbitant commissions. In total, from October 2012 through December 2015, Werner engaged in more than 700 trades in order to generate approximately $210,000 in commissions. Unfortunately for his elderly customer, Werner’s reckless trading strategy cost her more than $175,000 in losses as a result of his misconduct.
If you have suffered significant financial losses as a result of your broker’s misconduct, such as churning, the attorneys of the Business Trial Group may be able to help. Backed by the largest contingency-fee law firm in the country, our clients pay no upfront fees or retainers, and we only receive a fee if we successfully recover compensation on your behalf.
For a no cost and no obligation review of your investment lawsuit, please call us at (877) 599 3102 or fill out our case review form.