WSS Texas Partner Martin Schexnayder and Associate Turner Johnston prevailed in a two-day FINRA arbitration conducted entirely via Zoom on March 16-17, 2021. The case was brought by a customer who alleged that her financial advisor improperly converted her investment assets to cash in early 2016, causing her to lose out on the investment gains that she would have otherwise received during the ensuing 14 months. The firm’s client, a Houston-based Registered Investment Advisor, was able to establish that the cash conversion was part of an agreed strategy to preserve and protect the customer’s assets during a volatile time in the market while the customer, a recently-widowed individual, considered her long-term options after her husband’s unexpected death. In a decisively quick award issued only two days after the hearing’s conclusion, the 3-person Panel denied all relief to the customer and entered an Award finding in favor of WSS’ financial advisor client. The firm congratulates Schexnayder and Johnston on this successful result.
Mar 19, 2021