Investment Firm Ordered To Pay Back $1M To Elderly Client
BOSTON (CBS) – A Maryland brokerage has been ordered to pay back more than $1 million, in another case of abusive treatment of the elderly.
Secretary of State Bill Galvin says this case shows how older folks can lose millions at the hands of one broker.
WBZ NewsRadio 1030′s Anthony Silva reports
Registered representative Paul Dumouchel of Wellesley worked for H. Beck of Maryland. Galvin says Dumouchel improperly sold annuities to an 82-year-old woman who was in the early stages of Alzheimer’s Disease.
Galvin says he drove her from bank to bank, having her break up certificates of deposit, so that he could re-invest over a million dollars in annuities, generating more than $60,000 in commissions for himself.
Galvin’s daughter discovered the problem.
Beck is ordered to repay the family for everything she lost, including early withdrawal and other costs.