ARBchek - Arbitrator Research Base

1. Parker Trust v. Center Street FINRA ID #24-00138 (Orlando, FL, 2025-09-15) – In this Big $ case, a Panel explains why it has decided to award Claimant punitive damages finding that Respondent broker-dealer and one named registered representative recommended that said Claimant invest in two high risk, illiquid, non-publicly traded products called iCap Equity LLC Series 3 Promissory Note I/A/O and iCap Equity LLC Series 3 Promissory Note I/A/O which were inappropriate for the Trust's moderate to conservative risk tolerance, as well as misrepresenting that the two investments were part of a Ponzi scheme. As such, Respondent broker-dealer is solely liable to the Claimant Trust for $670,000 in damages (inclusive of $292,521 in punitive damages pursuant to Bonar v. Dean Witter Reynolds, 835 F.2d 1378 (11th Cir. 1988) and Masey v. Humana Inc., 2007 WL 2788612 (M.D. Fla. 2007)).