COLUMBUS-May 4, 2004-Ohio securities arbitration attorney David P. Meyer hears horror story after horror story from retirees throughout Ohio who have lost their life savings to unscrupulous stockbrokers. According to Mr. Meyer, the most common type of stockbroker misconduct that is destroying retirement savings is when brokers invest retirees' money into high-risk stocks and variable annuities that are inappropriate for most retirees on a fixed income. While this type of corporate misconduct is not limited to Ohio, attorneys like Meyer who represent defrauded investors are increasingly finding that the Midwest presents the perfect environment for this type of fraud-unsophisticated investors, typically retirees whose only prior investment experience was their company-sponsored retirement plan, and many factories offering early retirement packages to their long-time employees. Some companies even provide lists of retirees to local brokerage firms. Upon retirement, these retirees are presented with a lump sum of several hundred thousand dollars, representing 30-40 years of dedicated service to their employer.

In a 2002 case, Meyer represented nearly 300 Marion residents, all retirees, whose lump-sum retirement benefits had been invested with a stockbroker with Prudential Securities who sold their investments without their knowledge. The case resulted in the Nation's largest class action jury award against the securities industry. The jury awarded $262 million, including $250 million in punitive damages.

Meyer's law firm is currently handling dozens of similar cases including that of over 20 former employees of East Ohio Gas who lost millions--in some cases the majority of their retirement savings accumulated over 30 years--to another broker with Prudential Securities. Meyer says his firm's typical client is a blue-collar retiree from a small town who has worked for the same employer for decades, built up a handsome retirement fund, as much as a half million dollars, and was recruited to investment seminars by a stockbroker who specifically targeted retirees from a local plant. According to Meyer, "As if all of the facts surrounding these cases aren't horrific enough, I am told time and time again that these brokers were encouraging people to leave their well-paying jobs early, to take early retirement, just so the brokers can get their hands on these unsuspecting folks' money. My clients leave $40,000-a-year jobs they worked a lifetime to attain, hand over hundreds of thousands of dollars in retirement savings to these brokers and within a short period of time, sometimes just several months, have almost nothing left and find themselves back in the job market at age 60 earning minimum wage. It is truly heartbreaking."

Unfortunately what Meyer is seeing in his legal practice in Ohio is but one example of what is happening nationwide as our population ages, companies downsizing their operations, and unscrupulous brokers becoming increasingly aggressive and savvy in their marketing. Oftentimes victims of stockbroker misconduct aren't even aware they've been victimized. "Unlike being hit by a drunk driver, where the facts of the case are obvious and the injured person isn't embarrassed, most victims of stockbroker misconduct either don't realize stockbrokers and their brokerage firms can be held responsible for not recommending appropriate investments. There is the added issue that many retirees are ashamed and feel responsible for being duped. It is devastating for a 60 year old truck-driver, head of the household, grandfather, father, and husband to deal with 'losing' his entire retirement fund and see his wife go to work for minimum wage at the local diner. We've had cases where family members of our clients were afraid they would harm themselves because of the financial loss and the guilt and shame."

Investors, especially those near retirement or considering early buy-outs from their employer, should be wary when a broker is actively pursuing them via seminars. "If someone thinks they may have been victimized by an unscrupulous stockbroker they need to contact a law firm that focuses its practice on representing investors with claims against the securities industry. There is a statute of limitations in Ohio that defines how much time there is to pursue a claim. While these cases are complex, aggrieved investors can recover all or part of their losses by pursuing a claim."

FOR FURTHER INFORMATION CONTACT: Mr. Meyer is available for further comment and interview and can be reached at his office (614-358-3283) or via cell phone (614-323-5692), or email (dmeyer@dmlaws.com). His firm's website is www.investorclaims.com

David P. Meyer limits his practice to representing individual consumers and investors against corporate misconduct throughout the country. His practice is based in Columbus, Ohio. He is a member of the Public Investors Arbitration Bar Association.