Seniors are increasingly filing complaints against their brokers for conning them into bad investments, say securities fraud attorneys, noting bad times reveal the truth of shoddy deals. The latest alleged victims are the Carmels of Florida — an 82-year-old husband and 75-year-old wife who claim their Bank of America broker cozied up to them, gained their trust and then stuck them with a bad investment that cost them $1.425 million.
Their claim, filed Oct. 26 with the Financial Industry Regulatory Authority, the agency that handles broker complaints, says the broker visited their house as often as four times a week, made home repairs and played chess with them. Then the broker convinced them to buy high-risk investments — without full disclosure — in companies that had little or no previous operating history.
