Broker Fined for Siphoning from Octogenarians

According to a recent Investment News article, First Heartland Capital broker Jerome Scott Krause must pay $600,000 in damages to an elderly Wisconsin couple. The couple alleged Krause abused his position as their broker to help himself to loans of their money without their consent. First Heartland Capital fired Krause in 2012 for allegedly borrowing money from a different client, according to the article. The FINRA award ordered Krause to pay the couple compensatory damages of $150,000, exemplary damages of $450,000 and over $18,000 in attorney fees and expenses.

If you or someone you know has lost money as a result of an investment or broker misconduct, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or visit frankowskifirm.com.

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