BALTIMORE (AP) - A Maryland man was awarded $1.5 million by an arbitration panel that determined the man’s broker wrongfully involved him in Securities and Exchange Commission litigation.
The Daily Record of Baltimore reports the SEC had dismissed fraud charges against Jonathan Feldman, of Pikesville, in 2016 when it determined there was insufficient evidence that his trading strategy was illegal.
Feldman then sought damages from his brokerage firm, optionsXpress, for involving him in the SEC matter.
The Financial Industry Regulatory Authority issued the award Wednesday. It covers attorneys’ fees for Feldman, who originally sought more than $7 million in damages.
Charles Schwab & Co. Inc. acquired optionsXpress in 2011.
A spokeswoman says the company is pleased the panel rejected the bulk of Feldman’s claim, but disagreed with the award. It’s considering next steps.
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Information from: The Daily Record of Baltimore, http://www.thedailyrecord.com
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