Santa Monica Brokerage Firm Ordered to Pay 2 Investors Millions for Negligence

A Santa Monica brokerage firm has been ordered by an arbitration panel to pay nearly $6.2 million to two investors who accused the firm of negligence for losses they suffered in real-estate-related investments, the Wall Street Journal reports.

The Financial Industry Regulatory Authority arbitration panel ordered National Planning Corporation to pay Ronnie and Stacy Erickson for breach of fiduciary duty and negligence, among other claims, the Journal reports.

The broker, Christopher Olson, declared bankruptcy in May, staying all judgment claims. The nearly $6.2 million judgment was half of what the Ericksons requested. They alleged that the brokerage firm manipulated them into several unsuitable real estate investments.

For the complete story, click here.

------

This story, originally posted at 10 p.m. Nov. 25, was edited to clarify that the broker, Christopher Olson, declared bankruptcy, not NPC.