Ex-Oppenheimer Broker To Pay $8M For Fraud

Law360, New York (April 17, 2007, 12:00 AM EDT) -- A former Oppenheimer & Co. broker will pay $8 million after a National Association of Securities Dealers arbitration panel ruled that he defrauded an elderly couple.

The three-judge panel ruled that Stephen Toussaint took advantage of Doris Pitera and her now-deceased husband William Pitera by manipulating their brokerage account to create commissions for himself.

The panel also found that after learning William Pitera suffered from Alzheimer’s disease, Toussaint began forging documents to misappropriate funds, capitalizing on Pitera’s “confused state and mental incapacity.”

The judges ordered Toussaint...
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