UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2022-01-19

2022-01

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Higashi v. Wells Fargo

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

19-01766

Products

NP

Issue Date

2021-12-21

Situs

Phoenix

State

AZ

Clmd Compensatory

114.0

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."

Case Summary

An All-Public Panel denies two customers' claims against Respondent broker-dealer and broker relating to the alleged unsuitability of investments purchased for their Individual Retirement Accounts and grants said broker's request for expungement of this matter from her CRD record.

Notes

All-Public Panel. Arbitrator Remarks -- Expungement granted.

People & Entities

Arbitrators

Jay Lawrence Witkin, Esq. - Chair; David S. Eisenberg; Bryan Thomas Di Lella

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: Lisa Anne Smith, DeConcini McDonald et al., Tucson, AZ.
  • Rs: (WFCSLLC & RLT) Matthew P. Fischer, Snell & Wilmer, Phoenix, AZ. OSC.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Denton v. Fidelity Brokerage

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

20-03841

Products

Money Mkt A/C

Issue Date

2021-12-21

Situs

Los Angeles

State

CA

Clmd Compensatory

250.0

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."

Case Summary

A customer alleging unauthorized trading with respect to his money market account voluntarily dismisses his case against Respondent broker and settles his claims against Respondent broker-dealer.

Notes

This is a Stipulated Award. All-Public Panel.

Arbitrators

Paula K. Konikoff, Esq. - Chair; Erin Person; Linda Wilde

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: Pro se.
  • Rs: (FBSLLC) Noah D. Sorkin, FMR LLC Legal Department, Boston, MA. ISC.
  • Rs: (PME) No-show.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Amaya v. Unionbanc Investment

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

21-01278

Products

CDs

Issue Date

2021-12-21

Situs

San Francisco

State

CA

Clmd Compensatory

100.0

Total Amt Awarded

Equity

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."

Case Summary

An All-Public Panel explains why it has decided to grant Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 of the Code (Six-year Eligibility Rule).

Notes

Pre-Hearing Adjudication -- Full Dismissal. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Explained Award.

Arbitrators

Herbert Liberman - Chair; Herb Schwartz; Peter H. Daly

Broker-Dealers Named

Unionbanc Investment Services LLC

Professionals

  • Cs: Kirk G. Smith, Shepherd Smith & Edwards, Houston, TX.
  • Rs: (UISLLC) Neal S. Robb & Bryce Cullinane, Keesal Young & Logan, Long Beach, CA. OSC.
  • Rs: (AKT) No-show.

TypeDisp

SmallClms

Allegation I

UnauthTdg

Short Caption

Li v. E*Trade Securities

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

21-01763

Products

Options

Issue Date

2021-12-22

Situs

San Francisco

State

CA

Clmd Compensatory

9.2

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

In this small claims arbitration, a customer alleging unauthorized trading with respect to the purchase of Amazon.com Inc. options contracts loses his case against Respondent broker-dealer.

Notes

Please Note* The matter proceeded pursuant to Rule 12800 of the Code.

Arbitrators

Lawrence R. Mills

Broker-Dealers Named

E*Trade Securities LLC

Professionals

  • Cs: Pro se.
  • Rs: (ETSLLC) Meredith Hoffman, Jersey City, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Chang v. JP Morgan

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-01836

Products

NP

Issue Date

2021-12-23

Situs

San Francisco

State

CA

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."

Case Summary

An Arbitrator explains why he has decided to grant Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes). Claimant broker sought reformation of her Form U5 record.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks -- Explained Award.

Arbitrators

Jonathan Polland

Broker-Dealers Named

JP Morgan Securities LLC

Professionals

  • Cs: (EJC) Michelle Atlas, HLBS Law, Westminster, CO.
  • Rs: (JPMSLLC) Shipra K. Rege, Ulmer & Berne, Cleveland, OH. OSC.

TypeDisp

SmallClms

Allegation I

Churning

Short Caption

Gold v. Webull Financial

Allegation II

Suitability

Forum

FINRA

Allegation III

Supervision

Docket No

21-01960

Products

Options

Issue Date

2021-12-20

Situs

San Diego

State

CA

Clmd Compensatory

46.6

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."

Case Summary

Two customers alleging churning and unsuitability with respect to options trading for their account and seeking damages including damages relating to dental implants lose their case against Respondent broker-dealer.

Notes

Please Note* The matter proceeded pursuant to Rule 12800 of the Code.

Arbitrators

George Richard Najjar, Esq.

Broker-Dealers Named

Webull Financial LLC

Professionals

  • Cs: Pro se, through Nina Gould.
  • Rs: (WFLLC) Anya J. Goldstein, Summa LLP, Los Angeles, CA. OSC and Danielle R. Gill, New York, NY. ISC.

TypeDisp

SmallClms

Allegation I

Negligence

Short Caption

Flores v. Aspiration Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02220

Products

*

Issue Date

2021-12-22

Situs

Los Angeles

State

CA

Clmd Compensatory

13.7

Total Amt Awarded

2.5

Compensatory Awarded

2.5

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."

Case Summary

In this small claims arbitration, Respondent broker-dealer is held liable to a customer for compensatory damages relating to her securities account.

Notes

Please Note* The matter proceeded pursuant to Rule 12800 of the Code.

Arbitrators

Robert E. Jenks

Broker-Dealers Named

Aspiration Financial LLC

Professionals

  • Cs: Pro se.
  • Rs: (AFLLC) Connor M. Trafton, Keesal Young & Logan, Long Beach, CA. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Williams

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-01783

Products

PromissoryNote

Issue Date

2021-12-20

Situs

Boca Raton

State

FL

Clmd Compensatory

340.8

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

Equity

* 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

Claimant broker-dealer and broker resolve their respective claims and Counterclaims involving the amount due and owing on a promissory note by entering into a Settlement Agreement.

Notes

This is a Stipulated Award.

Arbitrators

James M. Scutti, Esq. - Chair; Virginia Lee Perez-Berry (fka Virginia Lee Perez); Marilyn Barbara Nader

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Craig Stein & Nisha Wright, Stein & Stein, Palm Beach, CA. OSC.
  • Rs: (JTW) John Hubbard & Eric Parzianello, Hubbard Snitchler & Parzianello, Naples, FL.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Scort C.A. v. Morgan Stanley

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

19-03148

Products

GovtSecs; Margin

Issue Date

2021-12-22

Situs

Boca Raton

State

FL

Clmd Compensatory

500.0

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."

Case Summary

A customer settles its claims against Respondent broker-dealer and registered representative involving the purchase of government bonds. Said registered representative is granted expungement of this matter from her CRD record.

Notes

This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Mark C. Perry, Esq. - Chair; Daniel Joseph Chiodo; Mary C. Walsh

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: Lars Kristian Soreide, Soreide Law Group PLLC, Pompano Beach, FL.
  • Rs: (MSSBLLC & PPH) Christopher M. Sacco, St. Petersburg, FL. ISC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Waselenchuk v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

21-00686

Products

Equity

Issue Date

2021-12-22

Situs

Boca Raton

State

FL

Clmd Compensatory

50.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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."

Case Summary

A customer alleging that his IRA account was heavily invested in stock of a foreign bank holding company settles his claims against Respondent broker-dealer and Non-Party broker is granted expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Expungement granted.

Arbitrators

Andrea R. Jacobs

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: Teresa Verges & Scott Eichhorn, University of Miami School of Law Investor Rights Clinic, Coral Gables, FL.
  • Rs: (MSSBLLC) Irisa Chen, Morgan Stanley Wealth Management, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Femminella v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

21-00695

Products

Equity

Issue Date

2021-12-20

Situs

Boca Raton

State

FL

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 Claimant broker expungement of a customer complaint from his Form U4/CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Will Murphy, Esq. - Chair; Isadora Velazquez-Rivas; Gary A. Klein

Broker-Dealers Named

Morgan Stanley & Company LLC

Professionals

  • Cs: (RJF) Craig D. Stein, Stein & Stein, Palm Beach, FL.
  • Rs: (MS&CLLC) Christopher M. Sacco, Morgan Stanley, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Mui v. Prudential Equity

Allegation II

Forum

FINRA

Allegation III

Docket No

21-00779

Products

Annuities; ARS; DirectInvesmts

Issue Date

2021-12-23

Situs

Boca Raton

State

FL

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

Claimant broker is granted expungement of four customer complaints from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven N. Ainbinder, Esq.

Broker-Dealers Named

Prudential Equity Group LLC; UBS Financial Services Incorporated; Raymond James Financial Services Incorporated; Raymond James & Associates Incorporated

Professionals

  • Cs: (JKM) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (PEGLLC) Jennifer Novoselsky, Reyes Kurson Limited, Chicago, IL. OSC.
  • Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.
  • Rs: (RJFSInc & RJ&AInc) Robert M. Rudnicki, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Yahney v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

21-00834

Products

NP

Issue Date

2021-12-20

Situs

Tampa

State

FL

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

Claimant registered rep wins expungement of four customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Thomas J. Patka, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (REY) Daniel P. Dietrich, Gunster Yoakley & Stewart, Tampa, FL.
  • Rs: (MLPFSInc) Kathryn D. Perreault, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Thompson v. Janney Montgomery Scott

Allegation II

Forum

FINRA

Allegation III

Docket No

21-00914

Products

Equity

Issue Date

2021-12-21

Situs

Boca Raton

State

FL

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 three-member Panel grants a broker's request for expungement of three customer complaints from appearing on her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis David Huss - Chair; Robert Lawrence Ostrov; Michael Lau

Broker-Dealers Named

Janney Montgomery Scott LLC

Professionals

  • Cs: (VFT) James P. Galvin, Galvin Legal PLLC, Decatur, GA.
  • Rs: (JMSLLC) Jill B. Clarke, Vice President, Philadelphia, PA. ISC.

TypeDisp

SmallClms

Allegation I

Misreprestn

Short Caption

Hope v. LPL Financial

Allegation II

Suitability

Forum

FINRA

Allegation III

Docket No

21-01347

Products

DirectInvesmts

Issue Date

2021-12-23

Situs

Jacksonville

State

FL

Clmd Compensatory

46.0

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."

Case Summary

A customer settles her claims with prejudice against Respondent broker-dealer involving the purchase of Franklin Square Energy & Power. Non-Party registered representative is awarded expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Mimi B. Osiason

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: Pro se.
  • Rs: (LPLFLLC) Matthew Bohenek, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Jasinski v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-01178

Products

NP

Issue Date

2021-12-20

Situs

Chicago

State

IL

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."

Case Summary

Registered representative is awarded reformation of her Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Marilee Roberg, JD

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (JMJ) Douglas W. Hyman, Lewitas Hyman PC, Chicago, IL.
  • Rs: (WFCSLLC) Michael Naccarato, Wells Fargo Legal Department, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Cowans v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

20-02482

Products

NP

Issue Date

2021-12-23

Situs

Boston

State

MA

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."

Case Summary

An Arbitrator grants a broker's request for expungement of two customer complaints from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

David Wertz Ellis

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (CJC) Seth I. Rubinson, Rubinson Law, Houston, TX.
  • Rs: (UBSFSInc) Omar Perez, UBS Business Solutions US LLC, Nashville, TN. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Rukieh v. Ameriprise Financial

Allegation II

Churning

Forum

FINRA

Allegation III

Misreprestn

Docket No

19-03014

Products

Annuities

Issue Date

2021-12-22

Situs

Detroit

State

MI

Clmd Compensatory

0.0

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."

Case Summary

A customer alleging that she incurred tax liabilities due to the liquidation and sale of her EquiTrust and American Equity annuities and that her account with Respondents was churned, loses her case.

Notes

All-Public Panel.

Arbitrators

Patrick R. Sughroue, Esq. - Chair; Sandra Jo Baumchen; Sheldon Jacob Stark, JD

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: Dennis E. Murray Jr., Murray & Murray Co. LPA, Sandusky, OH.
  • Rs: (AFSInc & AI) Edward A. Walton, Troy, MI. ISC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Murray v. Cetera Advisor

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

21-00844

Products

REITs

Issue Date

2021-12-20

Situs

Detroit

State

MI

Clmd Compensatory

50.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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."

Case Summary

In this small claims arbitration, two customers settle their claims against Respondent broker-dealer and two brokers involving the purchase of real estate investment trusts. Respondent brokers are awarded expungement of this matter from their respective CRD records.

Notes

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

Arbitrators

Lee Hornberger, JD

Broker-Dealers Named

Cetera Advisor Networks LLC fka Summit Brokerage Services Incorporated

Professionals

  • Cs: Dietrich P. Epperson, Epperson & Greenidge, Media, PA.
  • Rs: (CANLLC, SCE & KJCE) Samuel P. Mauch, Saretsky Hart et al., Birmingham, MI. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Guidicipietro v. JP Turner

Allegation II

Forum

FINRA

Allegation III

Docket No

21-00999

Products

NP

Issue Date

2021-12-21

Situs

Jersey City

State

NJ

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

Claimant broker wins expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Joan M. Traub, Esq. - Chair; Paul Allan Massaro; Martin Jay Siegel, Esq.

Broker-Dealers Named

JP Turner & Company LLC

Professionals

  • Cs: (RG) Scott Holcomb, Holcomb + Ward LLP, Atlanta, GA.
  • Rs: (JPT&CLLC) David F. Feldstein, Cetera Financial Group, New York, NY. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Turnbull v. Oppenheimer & Company

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

19-01192

Products

Equity

Issue Date

2021-12-21

Situs

New York

State

NY

Clmd Compensatory

87.5

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."

Case Summary

Two customers settle their case against Respondent broker-dealer and registered representative, while said registered representative is granted expungement of this matter from her CRD record.

Notes

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

Arbitrators

Alice E. Winkler, Esq.

Broker-Dealers Named

Oppenheimer & Company Incorporated

Professionals

  • Cs: Lawrence R. Gelber, Attorney-at-Law, Brooklyn, NY.
  • Rs: (O&CInc & DEC) Justin M. Garbaccio, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Mastrovich v. UBS Securities

Allegation II

WrongTerm

Forum

FINRA

Allegation III

Retaliation

Docket No

19-01247

Products

NP

Issue Date

2021-12-22

Situs

New York

State

NY

Clmd Compensatory

6719.3

Total Amt Awarded

6370.4

Compensatory Awarded

6362.9

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 broker alleging wrongful termination and seeking deferred compensation relating to three bonuses is awarded nearly $6.4 million in compensatory damages against Respondent broker-dealer. Said Respondent broker-dealer loses its Counterclaim for unjust enrichment.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

Lorrie E. Whitfield - Chair; Adam B. Lass; Thomas F. Caiaffa

Broker-Dealers Named

UBS Securities LLC

Professionals

  • Cs: (SJM) Jonathan Sack & Queenie Paniagua, Sack & Sack, New York, NY.
  • Rs: (UBSSLLC) Carl W. Mills, Hughes Hubbard & Reed, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Maloney v. Commonwealth Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

20-03890

Products

NP

Issue Date

2021-12-22

Situs

Albany

State

NY

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."

Case Summary

An Arbitrator awards a broker reformation of defamatory language from appearing on his Form U5 record.

Notes

Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Josian Antoine, Esq.

Broker-Dealers Named

Commonwealth Financial Network

Professionals

  • Cs: (SAM) Tosh D. Grebenik, Judex Law LLC, Broomfield, CO.
  • Rs: (CFNtwk) Joe Tully, Waltham, MA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Cooperativa De Ahorro v. Wells Fargo

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

20-01009

Products

MuniSecs

Issue Date

2021-12-22

Situs

San Juan

State

PR

Clmd Compensatory

1500.0

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."

Case Summary

A customer alleging unsuitability and seeking rescission of its investment in Puerto Rico bonds settles its claims against Respondent broker-dealer. Non-Party broker is awarded expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Rescission Requested. Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard James Igou - Chair; Hiram Lee Tanner, Jr.; Hector R. Lopez-Garcia

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: Edward H. Glenn Jr., Zamansky LLC, New York, NY.
  • Rs: (WFCSLLC) Sara Soto & Leonel Peraza Jr., Bressler Amery & Ross, Miami, FL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Canabal v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-01247

Products

MuniSecs

Issue Date

2021-12-21

Situs

San Juan

State

PR

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

Claimant broker is granted expungement of eight customer complaints from appearing on his CRD record involving Puerto Rico bonds.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis David Huss

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico

Professionals

  • Cs: (AMC) Russell Del Toro Parra III & Linette Figueroa-Torres, Toro Colon Mullet PSC, San Juan, PR.
  • Rs: (UBSFSIncPR) Rey F. Medina Velez, San Juan, PR. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Barton v. Merrill Lynch

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

20-03445

Products

NP

Issue Date

2021-12-22

Situs

Houston

State

TX

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."

Case Summary

A group of customers alleging that Respondents voluntarily and secretively worked with third parties to undermine their economic and estate planning interests settle their case. Respondent broker is awarded expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Daniel J. Pagnano, Esq. - Chair; Michael James Barton; Jeffrey R. Pendergraft

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: William J. Garrison, Garrison PC, Dallas, TX.
  • Rs: (MLPFSInc & RHP) Logan S. Fisher, Bressler Amery & Ross, Florham Park, NJ. OSC.
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