Arbitration panel cites financial elder abuse for punitive damages.

An arbitration panel ordered Morgan Stanley to pay more than $8.6 million to a retiree for losses tied to alleged unauthorized trading and unsuitable investments, including an allegedly risky Chinese internet company. The claimant, in his 70s, and his now-deceased wife alleged financial elder abuse among other things in their arbitration claim. On June 1, 2016, the FINRA arbitration panel awarded $6.1 million in damages, along with $2 million in punitive damages, and more than $491,700 in legal and defense costs. According to the Doyles' attorney, there were over $2 million in commissions generated in the Doyles' accounts over approximately three and one-half years. There was also an overconcentration allegation that at one point there was a Chinese internet company holding that made up 18% of the couple’s accounts. The Doyles also alleged that an oil and gas company at one point represented 43% of their accounts’ holdings.

_{Case Law Alerts, 3rd Quarter, July 2016}

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