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New Award Briefs

Report Dated: 2025-06-16

2025-14

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Lakh v. Berthel Fisher

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

23-03056

Products

REITs

Issue Date

2025-05-29

Situs

Phoenix

State

AZ

Clmd Compensatory

170.0

Total Amt Awarded

111.3

Compensatory Awarded

111.3

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

After losing on its various Motions to Dismiss (Pre-Hearing and Motion for Directed Verdict) pursuant to FINRA Rule 12206 (Six-year Eligibility Rule), Respondent broker-dealer is held liable to Claimant for compensatory damages as well as $10,000 as a monetary sanction for discovery abuses.

Notes

Rescission Requested. Sanctions imposed. All-Public Panel.

People & Entities

Arbitrators

Donald Dreyfus - Chair; Timothy J. Kroll, MS; Jerome Allan Landau

Broker-Dealers Named

Berthel Fisher & Company Financial Services Incorporated

Professionals

  • Cs: Jonathan Schwartz, Haselkorn & Thibaut, Juno Beach, FL.
  • Rs: (BF&CFSInc) James Baehr, The Law Office of J. Baehr LLC, Metairie, LA. OSC.

TypeDisp

SmallClms

Allegation I

FailToObey

Short Caption

Shakirov v. Charles Schwab

Allegation II

Operations

Forum

FINRA

Allegation III

Negligence

Docket No

24-01609

Products

Options

Issue Date

2025-05-30

Situs

Los Angeles

State

CA

Clmd Compensatory

35.0

Total Amt Awarded

7.5

Compensatory Awarded

7.5

Punitive Damage Awarded

Attorney Fees Awarded

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

In this small claims arbitration, Respondent broker-dealer is held liable to a customer for compensatory damages relating to an execution error with respect to his purchase of SMMT options.

Notes

None.

Arbitrators

Peter D. Steinbroner

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (CS&CInc) James J. Vihstadt, Omaha, NE. ISC.

TypeDisp

MemberCustomer

Allegation I

DebitBalance

Short Caption

Cobra Trading v. Dodge

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

24-02171

Products

Equity; Margin

Issue Date

2025-05-30

Situs

New Orleans

State

LA

Clmd Compensatory

110.0

Total Amt Awarded

103.9

Compensatory Awarded

103.9

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

A non-appearing customer is held liable for the balance due and owing in his non-discretionary online account as a result of margin trading.

Notes

Majority Public Panel.

Arbitrators

Jeffrey H. Kilgore, Esq. - Chair; Michael E. Enow; Eric M. Schorr

Broker-Dealers Named

Cobra Trading Incorporated

Professionals

  • Cs: (CTInc) Chifeng (Frank) Jiang, Carrollton, TX. ISC.
  • Rs: Pro se.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Dulac v. OSAIC Wealth

Allegation II

Forum

FINRA

Allegation III

Docket No

24-02414

Products

Equity; LifeInsurance

Issue Date

2025-05-27

Situs

Boston

State

MA

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

A Panel awards a broker expungement of two customer complaints from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Charles G. Michaels, Esq. - Chair; Veronica Ann Williams; Peter Shapiro

Broker-Dealers Named

OSAIC Wealth Incorporated

Professionals

  • Cs: (NRD) N. Nancy Ghabai, Ghabai Law Group LLC, Boston, MA.
  • Rs: (OSAICWInc) Jennifer R. Cox, Scottsdale, AZ. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Gavin v. Bankers Life

Allegation II

Forum

FINRA

Allegation III

Docket No

24-02160

Products

Annuities

Issue Date

2025-05-28

Situs

Detroit

State

MI

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

A Panel grants a broker's request for expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Edith M. Novack, Esq. - Chair; Kenneth R. Starr, Esq.; Michael John Florio

Broker-Dealers Named

Bankers Life Securities Incorporated

Professionals

  • Cs: (GSG) Austin Davis, HLBS Law, Broomfield, CO.
  • Rs: (BLSInc) Adam D. Cotter, S.K. Huffer & Associates, Indianapolis, IN. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Lowry v. Spartan Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02864

Products

DirectInvesmts

Issue Date

2025-05-27

Situs

New York

State

NY

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

A broker is granted his request for expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

John Warner Lowe, Jr.

Broker-Dealers Named

Spartan Capital Securities LLC

Professionals

  • Cs: (JDL) Michael H. Ference & Thomas P. McEvoy, Sichenzia Ross et al., New York, NY.
  • Rs: (SCSLLC) Kim M. Monchik & Amalia Chin, Chief Compliance Officers, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Averwater v. Fifth Third

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

24-01715

Products

NP

Issue Date

2025-05-29

Situs

Cincinnati

State

OH

Clmd Compensatory

0.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

Registered Rep loses his request for reformation of defamatory information from his Form U5 record.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code.

Arbitrators

Thomas H. Barnard, Jr., Esq.

Broker-Dealers Named

Fifth Third Securities Incorporated

Professionals

  • Cs: (RKA) Austin Davis & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (FTSInc) Andrew M. Sherwood, Jackson Lewis PC, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hyre v. Raymond James

Allegation II

Forum

FINRA

Allegation III

Docket No

24-02357

Products

NP

Issue Date

2025-05-29

Situs

Columbus

State

OH

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

A Panel awards a broker expungement of a customer complaint from his CRD record after finding the complaint to be false under FINRA Rule 2080.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

John Warner Lowe, Jr. - Chair; Gloria O. North, Esq.; Frances Johnson-Wright, Esq.

Broker-Dealers Named

Raymond James Financial Services Incorporated

Professionals

  • Cs: (JGH) Scott Holcomb, Holcomb + Ward LLP, Atlanta, GA.
  • Rs: (RJFSInc) Laura Ruiz Rivera, St. Petersburg, FL. ISC.
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