BOSTON (AP) – The Massachusetts Secretary of State’s office is investigating a Bank of America broker who allegedly invested a Boston-area couple’s money more aggressively than promised, possibly contributing to the loss of half their savings.
A spokesman for William Galvin says the agency’s Securities Division are looking into whether Bank of America broker Clifton Spinney misled Philip and Gail Grossman of Waltham, or inappropriately invested their money, leading to $400,000 in losses during the financial crisis.
The family says 65-year-old Philip Grossman fell into despair over the losses and committed suicide in September 2009.
The state would seek compensation for the losses.
A Bank of America spokesman tells The Boston Globe the company is cooperating in the investigation and says the losses were due primarily to the market’s instability.
(Copyright 2011 by The Associated Press. All Rights Reserved.)