A FINRA arbitration panel has awarded a former American Airlines pilot $2.7 million after investing in two non-public mortgage funds left him without access to his retirement savings.

The former pilot, Andrew J. Michalak of Easton, Md., first brought his claim to FINRA in September 2009, alleging violations related to investments in Dunham & Associates Daily Mortgage Fund and Dunham & Associates Semi-Annual Mortgage Fund.

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