ARBchek - Arbitrator Research Base

1. Willoughby v. Oppenheimer & Company FINRA ID #21-03115 (Orlando, FL, 2023-05-04) – In this selling away case, Respondent broker-dealer is held liable to a group of customers for nearly $14 million in damages (inclusive of $6.9 million in punitive damages) after the Panel found it was grossly negligent in its failure to supervise four of its employees by allowing them to operate a Ponzi scheme out of its Atlanta, Georgia office. Said customers are also awarded attorney fees and costs to be determined by a court of competent jurisdiction.

2. Roberson v. Citigroup Global FINRA ID #22-02014 (Jersey City, NJ, 2023-04-24) – An Arbitrator explains her reasoning for granting Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to Rule 12206 of the Code after finding that the customer closed her account with Respondent way back in 2001 outside the scope of the eligibility period and was unable to sustain her burden of proof with respect to her claims.

3. Elnenaey v. Fidelity Brokerage FINRA ID #22-01565 (New York, NY, 2023-05-01) – An All-Public Panel grants Respondents Pre-Hearing Motions to Dismiss pursuant to FINRA Rule 12504(a)(6)(C) (Fidelity Respondents) and FINRA Rule 12206 (Six-year Eligibility Rule) (Vanguard Marketing) and orders the customer to pay $500.00 as a monetary sanction for his non-compliance with their orders regarding the production of discovery.