Signator Investors, a John Hancock company, and their former employee James Glover were ordered to pay investors $1.6 million by a FINRA arbitration panel. The three victimized investors met Mr. Glover at their church in Maryland. The investors claimed that Glover fraudulently induced them to purchase interests in a real estate venture known as Colonial Tidewater. The investors also claimed that Signator investors failed to properly supervise Glover’s activities.
The FINRA arbitration panel found Signator Investors and Glover were liable for damages. The damages award was broken down into three parts: first the panel awarded $954,000 in compensatory damages, $181, 000 in interest, and Signator was solely liable for $454,000 in legal fees. Glover was permanently banned from the securities industry in January 2013.
The Costello Law Group is currently handling over 40 investor claims against Signator Investors and James Glover as a result of the unlawful sale of the Colonial investments.