Dean Witter Reynolds Inc. v. Mccoy

Per Curiam. In 1989, Mr. McCoy and several other persons filed claims against Dean Witter Reynolds, Inc. before the National Association of Securities Dealers ("NASD") Board of Arbitration alleging breach of fiduciary duty, fraud, and the like. These plaintiffs alleged that a Dean Witter broker, Jeffrey Hayden, bilked them out of substantial amounts of money by investing their retirement savings in risky investments to reap excessive fees and commissions all the while assuring the investors that their money would be both secure and prosperous. Evidently, the investments went sour.