ORLANDO, Fla. -- Squeezed between a political ad and a weather update from the local news station, a bearded attorney appears on the television screen.

"So you worked hard and socked your money away so that you could enjoy retirement," James Richard Hooper says. "You selected a major Wall Street brokerage firm to invest and protect your money and now, now you're left holding the bag. Your money is gone."

He blinks. Across his chest is a graphic listing a toll-free number.

"Your dreams are shattered, but you might just have a claim against that trusted brokerage house," the Orlando attorney says.

Hooper is one of a number of trial lawyers who are finding a niche in mining the discontent of retired investors. At a time when many retirees are depending on their investment income more than ever, their portfolios have headed south with the stock market.

Nationwide, arbitration claims are up 10 percent, according to the National Association of Securities Dealers, which regulates brokerage firms.

The number of lawsuits also has grown: Last year, there were 486 class-action lawsuits for federal securities fraud, more than doubled the 214 in 2000, according to the Securities Class Action Clearinghouse at Stanford Law School.

While bigger law firms are getting attention filing class-action lawsuits against investment firms and brokerage houses, Hooper is casting his net for clients in a state that is home to large amounts of retirement money. About 18 percent of Florida's population is over age 65.

Claims may have merit

Hooper has yet to file any claims, although his firm has received hundreds of calls since his radio and television ads began running in Florida two weeks ago. About half appear to have merit, he said.

Not everyone who loses money in the stock market has a legal case. But Hooper said a case could be made if an investor tells a broker to invest conservatively and the broker puts the money in high-risk stocks or if the broker ignores specific instructions.

Merrill Lynch spokesman Bill Halldin said he has no figures on how big an increase there has been in legal claims against his company.

"Typically, in bear markets that have followed bull markets, situations when investors have lost money because of investment decisions, all of Wall Street sees a rise in claims," Halldin said from New York.

Attorney Vincent DiCarlo points to the number of hits on his Web site as evidence of the recent interest in legal action against brokers. In October 2000, the Web site had 410 hits. Last month, it had 19,000.

"When the market falls, all of the misconduct is revealed," the Sacramento, Calif., attorney said.