A Financial Industry Regulatory Authority arbitration panel has ordered Wedbush Securities and one of its former brokers to pay $2.9 million in damages and fees to an elderly investor who allegedly fell victim to a faulty investment scheme.

The investor in the case, Rick Cooper, continued working with Debbie Michelle Saleh, who previously served as his mother’s broker, after she moved to Wedbush from Wachovia Securities LLC in 2004.

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