U.S. Capital Advisors, an investment advisory firm located in Houston, Texas, was ordered to pay a group of Exxon retirees $3.8 million in damages for implementing an unstable investment strategy. According to the Wall Street Journal, the retirees were falsely told that there savings was invested in a strategy which would protect them from market downturns. Despite this assurance, the retirees lost their savings. The arbitration panel awarded the retirees $1.9 million dollars in damages, nearly $1 million for legal fees, and punitive damages in the amount of $852,630.
To read more, click Here