A National Association of Securities Dealers (NASD) arbitration panel found The Boston Group and its founder Robert Diminico liable and ordered them to pay a total of $400,000, which included a $300,000 award of punitive damages to compensate Jim Oliver, a Nebraska investor. At the arbitration, Mr. Oliver proved that the Boston Group and Mr. Diminico engaged in boiler room tactics designed to systematically defraud investors.
Mr. Oliver was represented by Aidikoff & Uhl, a Beverly Hills and Indian Wells, California law firm that represents customers in securities arbitrations. According to Ryan Bakhtiari, who argued the case at the hearing: “Boiler rooms like The Boston Group prey on vulnerable investors. Mr. Oliver, who is a cattle rancher was more than 1,000 miles away from his broker when he was induced to open an account by a cold call. Mr. Oliver placed trust in Robert Diminico’s firm, The Boston Group, which defrauded him by making trades in thinly traded low priced stocks without first seeking his authorization.” Fortunately, investors like Mr. Oliver can turn to arbitration to resolve such disputes. “Although the firm is no longer in business, this NASD panel sent a message to boiler room operators like Robert Diminico” according to Philip Aidikoff. “The investing public will not tolerate this type of scam.”
Aidikoff & Uhl represents investors who have lost money because of brokerage firms wrongful conduct and has, in the past, been responsible for recovering millions of dollars in losses for their clients.