Gallo v. Department of Banking & Finance

In this appeal, Richard and Belinda Morin challenge a formal opinion rendered by Florida’s Department of Banking and Finance (Department). The question before the Department was whether the Morins were entitled to be reimbursed by the Securities Guaranty Fund for prejudgment interest damages which they suffered as a result of their security dealer’s violation of Florida’s Securities and Investor Protection Act.1 The Department answered the question in the negative. Upon review, we reverse the Department’s decision as being clearly erroneous.

The Morins deposited $231,862.59 with Schneider…