Stock brokerage A.G. Edwards, Inc. has been ordered by the National Association of Securities Dealers to pay an Indio widow $339,974 for failing to properly supervise a broker who made risky investments with her savings in 1999.
NASD arbitrators awarded $142,839 in compensatory damages, $100,000 in punitive damages and $97,135 in legal fees to Delores White on April 13.
Ted Mendoza, an A.G. Edwards broker in Redlands, made a risky variable annuity purchase for White, now 75, according to a relase by her lawyer, Philip M. Aidikoff of Aidikoff, Uhl & Bakhtiari, a Beverly Hills firm with offices in Indian Wells.