$397,034 Compensatory Damages Plus Punitive Damages Awarded
A San Diego panel found that all of the investments made for Martha Campbell were unsuitable for her in light of her age, retirement, needs and lack of sophistication. They further concluded that by placing North Global’s needs and interests above the Claimant’s they committed fraud, gross misconduct, breach of fiduciary duty and gross negligence, among other things. One of the particular investments involved was a private placement into real estate projects offered by North Global and managed by North Wealth Management, The Land Entitlement and Opportunity Fund.
The FINRA arbitration panel ordered North Global, North Wealth Management and Asset Management Strategies to pay $472,034 in damages to Martha Campbell, which included $75,000 in punitive damages, $397,034 in compensatory damages, $165,211 in attorney’s fees, $3,806 in costs and assessed all of the $14,850 in forum fees against them (FINRA# 09-05650; Martha C. Campbell, personally and on behalf of the Martha C. Campbell Rollover IRA v. Kevin Williams, North Global Securities, Inc., North Wealth Management Company, Asset Management Strategies, LLC, et al.).