Sterner v. Penn

HUDSON, Judge.

Plaintiff Eva M. Sterner lost more than $160,000 that she had entrusted to defendant Delmar Penn, believing that he would invest the money for her. Penn used the services of defendants Ameritrade, Inc. (“Ameritrade”); Advance Clearing, Inc. (“Advanced Clearing”); Deutsche Banc Alex. Brown, Inc. (“Deutsche Banc”); and Wallstreet Access (“Wallstreet Access”), brokerage firms and securities clearing companies. Sterner sued the defendants, asserting claims for negligence, constructive fraud, and unfair and deceptive trade practices. Defendants moved to dismiss the suit, and the…