In the first of a long series of arbitrations through the National Association of Securities Dealers, a panel has awarded around $110,000 to an investor who had been sold variable annuities by John Steven Blount, a former broker for New York Life Securities. Blount has 97 customer complaints on record with the NASD, with the bulk of those pending arbitration.
Tom Filo of Cox, Cox, Filo & Camel, the plaintiff's attorney, said the award decision came three weeks after the panel hearing in Houston. His client was awarded the return of 90% of market losses, plus interest and form filing fees. The total award is around $110,000.