A Florida couple, Robert and Michele Billings of Naples, Florida, were recently awarded $1.34 million due to Merrill Lynch’s misrepresentation about the risks associated with Fannie Mae preferred shares. The Billings were sold Fannie Mae preferred shares after being told by their broker, Miles Pure (CRD# 2475647), that Fannie Mae preferred shares were safe and backed by the U.S. government, neither of which were true at the time of the sale. Further, as the value of the shares continued to decline after the 2008 housing market collapse the broker continued to recommend holding onto the shares. The whole story can be viewed here. This is a classic case of civil fraud and negligent supervision. If you have a case similar to this, please consider contacting the clinic to see if you meet the clinic’s requirements for representation.