Couple loses a fortune, sues broker

For some retirees, handing over money to the wrong financial adviser can turn a nest egg into a nightmare.

In April 2004, Stephen Davis, then 64, had just sold his title search company. The Staten Island businessman was banking on the $1 million he netted to support his and his wife Linda’s retirement, and to pay college tuition for their youngest child, Randy.

“I wanted to make sure my wife would be taken care of if God forbid something happened to me,” Stephen Davis said.