The NASD ordered the New York brokerage firm Royal Alliance Associates to pay an arbitration award of $946,000 in restitution to the estate of an elderly woman whose $3.5 million life savings was depleted by a former manager at the firm. The estate originally sought about $7 million in compensation from the firm, and its attorney now says he will try to recoup in a civil suit what he failed to get from Royal Alliance through arbitration.
April 19, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A New York brokerage firm has been ordered to pay $946,000 in restitution to the estate of an elderly woman whose $3.5 million life savings was depleted by a former manager at the firm.
On March 29, the National Association of Securities Dealers directed Royal Alliance Associates to pay the award, recommended by an arbitrator, for the actions of former branch manager Henry Wasik.
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