There’s a growing sense of worry among the peaceful retirement community of Fort Lauderdale, Florida. This concern stems from a lawsuit filed by retirees who claim they’ve suffered over $300,000 in investment losses. They’ve taken their case to FINRA arbitration against CENTER STREET SECURITIES, INC and a former associate, MICHAEL P ECKER. The investments at the center of this case? They include Tasty Brands, Braemar, and GWG L Bonds—and they all turned out to be far from the stable investments the retirees were promised.
Prologue: A Dinner, a Broker, and an Unforeseen Future
In the vibrant setting of a 2016 dinner seminar, I met these retirees who had been wooed by MICHAEL P ECKER, a broker who was with Kovack Securities at the time. Hoping to protect their nest egg as they approached their golden years, they ended up facing a financial disaster. Tempted by assurances of safety and steady growth, they shifted their retirement funds to CENTER STREET SECURITIES when Ecker moved to this firm in Lake Worth, Florida. It was a decision they’d come to deeply regret.
Allegations: Illiquid Investments & Irreversible Damage
The retirees’ financial landscape turned sour as they saw their portfolios plummet. The primary accusation against Ecker was his concentration of their funds in a handful of high-risk, untradeable investments. These included a large stake in Tasty Brands and GWG L Bonds, both of which performed terribly—so much so, in fact, that GWG Holdings went bankrupt. To make matters worse, Tasty Brands stopped its payments, stripping these investors of the ready cash they’d counted on. This suit alleges betrayal of trust and lack of proper oversight by the defendants.
- Tasty Brands: This investment was labeled as “risky, untradeable, and carrying a high chance of loss”—to the point where investors could lose it all.
- GWG L Bonds: Declared bankruptcy, adding to the retirees’ financial strain.
The damages claimed stand at around $300,000, a significant sum that the retirees had earmarked for healthcare and living expenses as they aged.
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Epilogue: Unsettling Track Record & FINRA Violations
A look at FINRA’s records reveals that Ecker’s career spans over 26 years and includes time with 17 different firms. Alarmingly, there are 9 recorded disclosures on his record—7 of which are directly from customer disputes. This dubious record places him among the top 0.01% of brokers for customer complaints, a startling fact given that fewer than half a percent of them have more than three complaints. “With great power comes great responsibility,” and in the world of financial advice, the misuse of that power can lead to grave consequences.
When faced with the fallout from poor financial guidance, it’s important to know there’s a way out. Hiring a seasoned securities lawyer could be the retirees’ best shot at recovering their investment losses through FINRA arbitration.
If the actions or advice of CENTER STREET SECURITIES or MICHAEL P ECKER have impacted you, take heart. It’s key to remember that taking a claim to FINRA typically operates on a “no win, no fee” model—meaning there’s no financial risk to seeking justice.
This cautionary tale highlights the importance of the trust we place in financial advisors. Investors need to be wary and diligent, carefully weighing the risks and liquidity of every opportunity offered to them. After all, a famous economist once said, “The four most dangerous words in investing are: ‘this time it’s different.'” So when it comes to your money, better safe than sorry is a principle that can spare you from a world of regret.
