The Broker Who Broke Down

A Negligent Broker Confesses To A Three-Million-Dollar Mistake, And The Client Recovers The Money He Lost

An attorney who nearly lost a $3 million estate remembers vividly the day that he and his securities arbitration attorneys won back the money.

A veteran broker who'd been entrusted with that estate – towering well over 6 feet tall and looking every bit the collegiate football player he had once been – began to weep. He admitted that he had forgotten, in fact, to make a trade his client had authorized. Through his tears, he acknowledged that he had violated trading rules and procedures. And then the broker and his employer had to pay the price.

John (not his real name), the client who nearly lost the $3 million, had never before been involved in a securities case. He hopes he never is again, at least not as the victim. But when crisis struck he knew what to do. He had met Mark Maddox years ago, and knew his reputation as a securities attorney and former Indiana Securities Commissioner.

The client watched with professional interest as Maddox and his partner, Steven Caruso, mapped out a course for the lawsuit. The attorneys recommended making a strong stand, pursuing not only damages, but also attorney fees.

John and his attorneys never set out to make a grown man cry. But if standing tough is what it takes to get a brokerage firm to fix a costly mistake, and pick up the tab for all the legal fees – he says he'd do it again.