Former Towson broker found liable for clients' retirement losses

A former Towson-based financial advisor for Signator Investors Inc. was found liable, along with the firm, for losses of elderly clients' retirement funds, according to a decision Tuesday by arbitrators for a securities industry regulator.

The Financial Industry Regulatory Authority panel awarded almost $1.6 million to the former broker's clients — Edward A. Blank, Doreen Baker Blank and the estate of Della A.B. Baker — for losses and fees, according to a FINRA award.

The clients, who were advised by broker James Robert Glover at Signator over 14 years, lost all their retirement savings after investments were placed in risky products, according to their attorneys at New Orleans law firm Fishman Haygood Phelps Walmsley Willis & Swanson. The clients filed a claim in February 2013 accusing Signator and Glover of breach of fiduciary duty, fraud, negligence and breach of contract.

Glover could not be reached Wednesday. A spokeswoman for John Hancock Financial Network, which owns Signator, did not respond Wednesday.

Signator and Glover denied the allegations, according to FINRA. Signator filed a cross claim against Glover, who was found liable for breach of contract, fraud and negligence and ordered to pay Signator $1.1 million.

Glover was registered as a Signator broker through May 2012, but is not registered currently as a broker with a FINRA firm, according to FINRA.

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