UPDATE : ARBchek

This Report is a product of Securities Arbitration Commentator, Inc.

New Award Briefs

Report Dated: 2017-07-20

UA 2017-27

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Misappropriatn

Short Caption

Gallion v. Pruco Securities

Allegation II

Forgery

Forum

FINRA

Allegation III

Misreprestn

Docket No

15-02108

Products

NP

Issue Date

2017-07-05

Situs

Los Angeles

State

CA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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."

Claim Summary

Cs alleged that their broker obtained an unlawful loan from them, misused their funds and forged one of their signatures on a document, among other things.

Notes

This is a Stipulated Award. Selling Away case. All-Public Panel. Arbitrator Remarks -- Arbitrator dissents without explanation.

People & Entities

Arbitrators

Joseph Winter, Esq. - Chair (Dissents); Kenneth E. Owen, Esq.; Daniel Lawrence Pearlman

Broker-Dealers Named

Pruco Securities LLC; Prudential Equity Group LLC; Prudential Investment Management Services LLC; Prudential Insurance Company of America; Prudential Financial Planning Services; Prudential Financial Incorporated

Professionals

  • Cs: John D. Singer, Singer Deutsch LLP, New York, NY.
  • Rs: (CZIns, TH, TOLLC & CGZ) David H. Jarvis, Jarvis Law Group PLLC, West Bloomfield, MI. OSC.
  • Rs: (PEGLLC, PIMSLLC, TPICUSA, PFPSInc, PFInc, PSLLC & JES) Lorie E. Almon & Courtney Stieber & Julia Rigby, Seyfarth Shaw LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Moses v. Pruco Securities

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Docket No

16-02408

Products

Equity

Issue Date

2017-07-07

Situs

Los Angeles

State

CA

Clmd Compensatory

90.3

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

0.0

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."

Claim Summary

The causes of action related to the sale of blue chip stocks from Cs' account and the capital gain taxes incurred as a result.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael D. Harrison, Esq.

Broker-Dealers Named

Pruco Securities LLC

Professionals

  • Cs: Pro se.
  • Rs: (PSLLC & JES) Andrew S. Azami, Dentons US LLP, San Francisco, CA. OSC.
  • Rs: (DEW) Chad Weaver, Freeman Mathis & Gary, Hermosa Beach, CA.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hill v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-00369

Products

NP

Issue Date

2017-07-06

Situs

Washington

State

DC

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."

Claim Summary

Cs requested expungement of a customer complaint alleging improper transfer of funds from one jointly held account to another.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Douglas Earl McLaren, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (APH) David Hantman, Bressler Amery & Ross, New York, NY.
  • Rs: (UBSFSInc) Craig A. Vollono, Director UBS Business Solutions US LLC, Weehawken, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Boyce v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

DeclaratoryJudgment

Docket No

14-01598

Products

NP

Issue Date

2017-07-07

Situs

Boca Raton

State

FL

Clmd Compensatory

5000.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

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."

Claim Summary

Cs brokers alleged that their employer provided untenable working conditions, centering around an allegedly dysfunctional technology platform for the use of its employees, which ultimately led to Cs' respective terminations.

Notes

None.

Arbitrators

Alice J. Johnson (fka Alice J. Dutton) - Chair; William John Kattula; Robert J. Bender

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (HB & AY) Allan M. Lerner, Law Offices of A.M. Lerner, Fort Lauderdale, FL.
  • Rs: (MSSBLLC) H. Nicholas Berberian & Tina Winer, Neal Gerber & Eisenberg, Chicago, IL. OSC.

TypeDisp

SmallClms

Allegation I

Churning

Short Caption

Kalin v. Avenir Financial

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

16-00035

Products

Equity

Issue Date

2017-07-03

Situs

Tampa

State

FL

Clmd Compensatory

24.8

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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."

Claim Summary

The causes of action related to common stocks, including Halliburton, GoPro, Sprint, and Baidu.

Notes

This is a Stipulated Award. Sanctions imposed. Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard R. Logsdon, Esq.

Broker-Dealers Named

Avenir Financial Group

Professionals

  • Cs: David Neuman, Israels & Neuman, Bellevue, WA.
  • Rs: (AFGp) Michael Todd Clements, Chief Executive Officer, Wellington, FL. ISC.
  • Rs: (MTC) None.
  • Rs: (RG & DAA) None.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Bodner v. Chase Investment

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-03262

Products

NP

Issue Date

2017-07-07

Situs

Miami

State

FL

Clmd Compensatory

0.0

Total Amt Awarded

Equity

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."

Claim Summary

Cs requested expungement of two customer complaints and a and a previously filed arbitration, Docket #09-06823.

Notes

Pre-Hearing Adjudication -- Party Dismissal. Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Christopher J. Klein, Esq.

Broker-Dealers Named

Chase Investment Services Corporation; Citigroup Global Markets Incorporated

Professionals

  • Cs: (RJB) Owen Harnett, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (CISCorp) Jeffrey J. Kmoch, JP Morgan Chase & Company, Chicago, IL. ISC.
  • Rs: (CGMInc) Kurt Kalberer, Bressler Amery & Ross, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Bryant v. State Street

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-02895

Products

NP

Issue Date

2017-07-03

Situs

Boston

State

MA

Clmd Compensatory

0.0

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."

Claim Summary

Bare-Bones Summary.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Richard J. Grahn, Esq. - Chair; Jeffrey P. Petrucelly, Esq.; George Weston Mann, Jr.

Broker-Dealers Named

State Street Global Markets LLC

Professionals

  • Cs: (TJB) David Glod, Rich May PC, Boston, MA.
  • Rs: (SSGMLLC) Morgan C. Nighan, Nixon Peabody LLP, Boston, MA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Case v. National Planning

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-03341

Products

REITs; MutualFunds; VariableAnnuities

Issue Date

2017-06-30

Situs

Detroit

State

MI

Clmd Compensatory

0.0

Total Amt Awarded

Equity

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."

Claim Summary

Cs requested expungement of four customer complaints.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits. Explained Award.

Arbitrators

Lee Hornberger, JD

Broker-Dealers Named

National Planning Corporation; Voya Financial Advisors Incorporated

Professionals

  • Cs: (SJC) Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (NPCorp) Scott R. Forbush, Lansing, MI. ISC.
  • Rs: (VFAInc) Mark Sides, Vice President, Des Moines, IA. ISC.

TypeDisp

SmallClms

Allegation I

Misreprestn

Short Caption

Caris v. Watson

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Docket No

16-01431

Products

Annuities

Issue Date

2017-07-07

Situs

Newark

State

NJ

Clmd Compensatory

50.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

0.0

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."

Claim Summary

Bare-Bones Summary.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.

Arbitrators

Philip Levine, CPA, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: Arthur S. Leider, Investors Arbitration Specialists LLC, San Diego, CA.
  • Rs: (JRW) None.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Cohen v. Alexander Capital

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

Suitability

Docket No

13-03605

Products

*

Issue Date

2017-07-07

Situs

New York

State

NY

Clmd Compensatory

622.3

Total Amt Awarded

0.0

Compensatory Awarded

0.0

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."

Claim Summary

Bare-Bones Summary.

Notes

Directed Verdict -- Party Dismissal. Sanctions imposed. Severance. All-Public Panel. Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Christine Moore, Esq. - Chair; William E. Nuckel; Mary Julia O'Connell

Broker-Dealers Named

Alexander Capital Limited Partnership; RBC Capital Markets LLC

Professionals

  • Cs: Adam J. Weinstein, Gana LLP, New York, NY.
  • Rs: (ACLP & JAA) Scott Holcomb, The Holcomb Law Firm LLC, Atlanta, GA. OSC.
  • Rs: (RBCCMLLC) Frank J. Cuccio, Bressler Amery & Ross, Morristown, NJ. OSC.
  • Rs: (BD, FAL & DMM) None.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Gittins v. Barclays Capital

Allegation II

Expungement(CRD)

Forum

FINRA

Allegation III

Defamation

Docket No

16-01553

Products

NP

Issue Date

2017-07-03

Situs

New York

State

NY

Clmd Compensatory

6324.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

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."

Claim Summary

Bare-Bones Summary.

Notes

None.

Arbitrators

Sandra J. Mullings, Esq. - Chair; Pamela H. Roderick; Amy Y. Moy

Broker-Dealers Named

Barclays Bank PLC; Barclays Capital Incorporated

Professionals

  • Cs: (MCG) Jack A. Gordon, Kent Beatty & Gordon, New York, NY.
  • Rs: (BCInc) Ira G. Rosenstein, Morgan Lewis & Bockius, New York, NY. OSC.
  • Rs: (BBnkPLC) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hernandez v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-03348

Products

NP

Issue Date

2017-07-03

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."

Claim Summary

Cs requested expungement of two customer complaints, one of which alleged failure to execute trades and excessive charges, among other things, and the other alleged unauthorized trading, churning and unsuitability, among other things.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits. Explained Award.

Arbitrators

Sandra J. Mullings, Esq. - Chair; Joan M. Traub, Esq.; Joanne Basso Mack

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (EFH) Brian Kennedy, Law Office of B. Kennedy, New York, NY.
  • Rs: (UBSFSInc) Mark Knoll, Bressler Amery & Ross, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kurrasch v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-00796

Products

Equity; CorpDebt

Issue Date

2017-07-05

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."

Claim Summary

Cs requested expungement of a customer complaint alleging that she purchased Delta stock and convertible bonds that were outside the risk parameters of the customer's Portfolio Management Program account agreement.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Joseph J. Arata, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (KAK) David Hantman, Bressler Amery & Ross, New York, NY.
  • Rs: (UBSFSInc) Craig Vallono, Weehawken, NJ. ISC.

TypeDisp

SmallClms

Allegation I

FailToObey

Short Caption

Patel v. Ameriprise Financial

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

15-03209

Products

Equity

Issue Date

2017-06-30

Situs

PP

State

PP

Clmd Compensatory

50.0

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."

Claim Summary

Cs alleged that his broker failed to execute trades and sell various stocks in a timely manner.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Kevin R. Zehe

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: Philip D. Sever, Sever Storey LLP, Carmel, IN.
  • Rs: (AFSInc & SAN) Edward A. Walton, Troy, MI. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

UBS Financial v. Edmunds

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-00191

Products

PromissoryNote

Issue Date

2017-07-07

Situs

PP

State

PP

Clmd Compensatory

190.9

Total Amt Awarded

204.6

Compensatory Awarded

190.9

Punitive Damage Awarded

Attorney Fees Awarded

11.3

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

Claim Summary

Bare-Bones Summary.

Notes

Arbitrator Remarks.

Arbitrators

B. John Dill

Broker-Dealers Named

UBS Credit Corporation; UBS Financial Services Incorporated

Professionals

  • Cs: (UBSFSInc) Timothy Gronewold, Howard & Howard, Peoria, IL. OSC.
  • Rs: (RSE) None.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

First Standard v. Degregorio

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-00571

Products

PromissoryNote

Issue Date

2017-07-03

Situs

PP

State

PP

Clmd Compensatory

23.6

Total Amt Awarded

23.6

Compensatory Awarded

23.6

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."

Claim Summary

Cs alleged that Rs breached a registered representative agreement.

Notes

None.

Arbitrators

Peter L. Michaelson

Broker-Dealers Named

First Standard Financial Company LLC

Professionals

  • Cs: (FSFCLLC) Michael S. Colombo, StreetWide Asset Recovery Group Inc., Hazlet, NJ. OSC.
  • Rs: (JOD) None.
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