Panel awards $3.8m to ‘mom and pop’ investors whose risky investments tanked

Florida investors featured in Guardian investigation claimed they lost most of their life savings after a financial adviser put their money into alternative' assets

In a victory for everyday investors, arbitrators have awarded $3.8m to 13 Florida seniors who claimed a financial adviser squandered their retirement money by plowing it into risky investments.

The award comes after the Guardian highlighted these investors' losses as part of an investigation into dangers that so-called mom and pop" investors face at a time when the Trump administration has thrown its support behind Wall Street's efforts to sell them more higher-risk alternative investments".