* 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.
* 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
* 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).
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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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