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News Flash - NASD Awards $110K in Case vs. NY Life, Blount

In the first of a long series of arbitrations through the National Association of Securities Dealers, a panel has awarded around $110,000 to an investor who had been sold variable annuities by John Steven Blount, a former broker for New York Life Securities. Blount has 97 customer complaints on record with the NASD, with the bulk of those pending arbitration.

Tom Filo of Cox, Cox, Filo & Camel, the plaintiff's attorney, said the award decision came three weeks after the panel hearing in Houston. His client was awarded the return of 90% of market losses, plus interest and form filing fees. The total award is around $110,000.

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