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Morgan Keegan Loses, Elderly Woman Wins

May 8, 2009 (By Brenda Craig)

St. Louis, MO: In what can only be described as a victory for the millions of elderly Americans who have been caught up in the maelstrom of bad investor advice by Wall Street firms, Morgan Keegan has been ordered to pay back the investment losses suffered by a St. Louis woman and also pay $50,000 in punitive damages.

In 2007, a Morgan Keegan representative allegedly advised 79-year-old Laura E.A. Forrester Hearell to invest her life savings in volatile mutual funds that a year later were crushed in the market meltdown. Half her nest egg was fried to the point where it was uncertain whether Forrester Hearell, who suffers from dementia, would be able to afford the nursing home where she currently lives.

Attorney Andrew Stoltmann represented Forrester Hearell and her trustee Diana Landau at a Financial Industry Regulatory Authority (FINRA) hearing in St. Louis. He argued that Morgan Keegan breached its fiduciary duty, violated securities dealers’ rules, made fraudulent misrepresentations and generally acted in an illegal and irresponsible manner.

“This award means the world to her,” said Stoltmann who is currently handling dozens of similar suits including another 60 against Morgan Keegan alone. “She will have her losses, attorney’s fees, interest, costs returned to her plus the $50,000 in punitive damages.”

FINRA also awarded her trustee more than $4,000.

Client Reviews
Working with Joe was an absolute pleasure considering the unfortunate situation I was dealing with! He’s very knowledgeable and easy to communicate with. He kept me informed in all aspects of my case in a timely manner. Whenever I contacted him with a question he responded quickly. His expertise came through for me! I would highly recommend him! Joanne
I hired Joe and his firm Stoltmann Law office to represent me in a case where my investment guy had lost a substantial amount of money in my account. He invested in some very speculative energy stocks which should not have been in my portfolio due to my request for a very conservative investment portfolio. I was very impressed and satisfied with the representation and negotiations on my behalf by Joe and Stoltmann Law offices and I would definitely recommend them to anyone who would be in need of a very fine firm. Anonymous
Never having a need to file suit against anyone, let alone a major multi-national brokerage firm, I was at a loss to find a legal firm to assist me. After much searching, I found Stoltmann Law Offices, PC. They were very diligent and professional in the handling of my case and I am glad that I retained their services. I would definitely refer them to anyone seeking similar help. Donald F.