Bernadette Waisome invested $100,000 of her late husband’s $250,000 life insurance payout in a mortgage-backed security a year ago. In an arbitration claim, she claims her money evaporated in a high-risk leveraged transaction even before she sent a check to the brokers, and she blames them for the loss.

Waisome contends her brokers inappropriately put her money into volatile collateralized mortgage obligations, or CMOs, without fully explaining the risks and defrauded her with falsified records as the investment quickly became worthless.

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