ST. LOUIS, Sept. 28, 2017 /PRNewswire/ -- Stockbroker fraud law firm Oakes & Fosher, LLC recovered all client losses in a recent case against brokerage firm Hilliard Lyons. In September, a three-member arbitration panel found in favor of the law firm's clients, and awarded a total of $558,399, which included an award of $100,000 in punitive damages.
The claims alleged that the broker, Michael Barnett, who works for Hilliard Lyons, invested the significant majority of the clients' funds in Breitburn Energy (BBEPQ). The company operated in the speculative oil and gas area, and filed for Chapter 11 bankruptcy in May 2016.
Barnett concentrated the investors' account in this one stock, which exposed the Illinois couple to additional risk. Barnett had a previous complaint regarding concentration of this stock in customer accounts. Barnett has worked in the securities industry for approximately seven years. The Panel in this case agreed that purchasing this stock for customers was not appropriate, and that concentrating the investors' account in this one stock was even more inappropriate.
Oakes & Fosher, LLC was able to recover $450,000 in compensatory damages and $100,000 in punitive damages as well as costs due to the actions of Barnett and Hilliard Lyons.
About Hilliard Lyons
A number of cases against brokers at the Kentucky-based broker-dealer firm Hilliard Lyons have been tried over the years, including those involving broker Michael Barnett and other brokers with alleged misconduct. From 1998 to 2008, the company was owned by PNC Financial Services. Now ownership is shared between Hilliard Lyons employees and Houchens Industries.
About Oakes & Fosher
Oakes & Fosher is a law firm dedicated solely to representing individual investors in disputes with stock brokers and brokerage firms. The firm has represented over approximately 1,000 investors throughout the country and has recovered millions of dollars due to stockbroker negligence and/or fraud.
If you have investments with a broker at Hilliard Lyons or have had losses due to investments in Breitburn with Hilliard Lyons, please contact Oakes & Fosher at 877-383-2118.
SOURCE Oakes & Fosher, LLC