A New York Stock Exchange arbitration panel levied a United States record award in actual and punitive damages and other fees against a former PaineWebber Inc. broker after finding he defrauded our clients. The Wall Street Journal reported that the size of the award was "roughly 10 times that of the next largest award." Partner Thomas Ajamie represented the investor plaintiffs, who had lost more than $100 million after the broker put their assets into stocks that proved worthless, as well as other inappropriate securities. The United States Attorney's office criminally prosecuted the broker, and he served a sentence in federal prison. The Securities and Exchange Commission barred the broker from the securities industry for life and fined the brokerage firm, according to The New York Times. Ajamie recovered a confidential settlement from the three major brokerage firms and banks involved.
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