The Advest stock brokerage and one of its brokers have been ordered to pay $146,000 to a Lancaster couple to resolve allegations of negligence, fraud and deceit.
An arbitration panel from the National Association of Securities Dealers ordered Advest and broker Edward Carlsen Sr. to reimburse the claimants, Vincent and Gail Tibollo.
According to their attorneys, Kevin A. Szanyi and Michael P. McClaren, the Tibollos filed a complaint because Carlsen and Advest made "inappropriate and unsuitable" investments with the couple's money.
Paul K. Stecker, an attorney for the brokerage, said the couple was seeking more than $200,000 in compensatory damages, punitive damages and other costs. He said the arbitration award will not be appealed and declined to comment further.