Retiree awarded losses plus $284,908 attorneys’ fees, costs and $400,000 in punitive damages (NYSE, 2003)
Brian Smiley was one of the counsel for a former Proctor & Gamble factory worker who contended that he had been defrauded by employees of the A.G. Edwards’ brokerage firm. A panel of NYSE appointed arbitrators awarded Mr. Gresham actual damages of $284,908, attorneys’ fees of $239,717, costs of $25,000, and punitive damages of $400,000. Mr. Smiley’s role in the hearing included examination of the claimant’s expert witness, and cross examination of A.G. Edwards’ National Director of Compliance, which was presented to demonstrate the violations of securities industry rules and supervisory failures that allowed the violations to occur. Subsequent to the award, Mr. Smiley has written and lectured extensively on financial frauds against baby boomers who are entering their retirement years.