FINRA Arbitrators Award $1.2 Million to Former Boston Red Sox Catcher
A Financial Industry Regulatory Authority (“FINRA”) arbitration panel has awarded former Boston Red Sox catcher and two-time World Series winner, Doug Mirabelli and his wife, $1.2 million in their claims against Merrill Lynch, Pierce, Fenner and Smith, Inc. (“Merrill Lynch”). The Award represents $800,219 in compensatory damages, plus $391,474 in attorney’s fees and $47,339 in costs.
According to a New York Times article, the Mirabellis’ claims related to their investment in the Merrill Lynch Phil Scott Team Income Portfolio, a bundle of 33 dividend-paying growth stocks. The Award stated that the Mirabellis had argued that the recommendation by their broker, Phil Scott, to invest in the income portfolio was unsuitable and that he made misrepresentations to the couple in connection with the investment.
It is the second FINRA award against Merrill Lynch in the past seven months in connection with the Merrill Lynch Phil Scott Team Income Portfolio. The prior award, issued in June 2011, found in favor of the investor and awarded damages of $880,000. Merrill Lynch has moved to vacate the award. It is unknown whether Merrill Lynch will move to vacate the award in favor of the Mirabellis.
According to Mr. Scott’s FINRA BrokerCheck record, another investor, alleging $2,500,000 in damages, filed an arbitration claim before FINRA in April 2011. That claim remains pending.
Investors nationwide who have incurred investment losses, may contact the Florida securities attorneys at Rabin Kammerer Johnson for a free and confidential consultation by calling toll free at 877.915.4040.