UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2020-07-20

UA 2020-16

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Safieddine

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-00815

Products

PromissoryNote

Issue Date

2020-05-11

Situs

Los Angeles

State

CA

Clmd Compensatory

96.4

Total Amt Awarded

97.2

Compensatory Awarded

84.4

Punitive Damage Awarded

Attorney Fees Awarded

12.8

* 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 registered representative is held liable to Claimant broker-dealer for the amount due and owing on a promissory note agreement.

Notes

Arbitrator Remarks.

People & Entities

Arbitrators

Robert E. Jenks

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Timothy N. Will, Albert & Will, Torrance, CA. OSC.
  • Rs: (LS) None.

TypeDisp

EmployeeMember

Allegation I

Retaliation

Short Caption

Visher v. AXA Advisors

Allegation II

Defamation

Forum

FINRA

Allegation III

BreachContract

Docket No

19-00895

Products

NP

Issue Date

2020-05-05

Situs

Los Angeles

State

CA

Clmd Compensatory

451.6

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 Panel explains in great detail why it has granted Respondent broker-dealer's Motion for Directed Verdict as a sanction for discovery violations, among other things. Respondent broker-dealer is also granted injunctive relief in addition to the awarding of monetary sanctions.

Notes

Directed Verdict -- Full Dismissal. Sanctions imposed. Whistleblowing case. Arbitrator Remarks -- Explained Award.

Arbitrators

Thomas R. Watkins - Chair; Elliott David Finkel, Esq.; Elizabeth June Fehmel

Broker-Dealers Named

AXA Advisors LLC

Professionals

  • Cs: (RDV) None.
  • Rs: (AALLC) Kevin Alexander & Michael P. Bryant, Gordon & Rees, Irvine, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Supervision

Short Caption

Cuccaro v. Raymond James

Allegation II

Negligence

Forum

FINRA

Allegation III

Docket No

17-02304

Products

*

Issue Date

2020-05-12

Situs

Hartford

State

CT

Clmd Compensatory

600.0

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 trust settles its claims against Respondent broker-dealer. A non-appearing T-Pty Respondent broker is held liable to Respondent broker-dealer on its indemnification claim.

Notes

This is a Stipulated Award. All-Public Panel.

Arbitrators

Lewis S. Kurlantzick, Esq. - Chair; Robert L. Chase, Esq.; Peter E. Gillespie

Broker-Dealers Named

Raymond James & Associates Incorporated

Professionals

  • Cs: Stephen Studer, Berchem Mosses & Devlin, Milford, CT.
  • Rs: (RJ&AInc) George D. Sullivan, Greenberg Traurig LLP, New York, NY. OSC.
  • T-Pty Cs: (RJ&AInc) George D. Sullivan, Greenberg Traurig LLP, New York, NY. OSC.
  • T-Pty Rs: (PAS) No-show.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

George v. Merrill Lynch

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

BreachContract

Docket No

18-01945

Products

EqOptions

Issue Date

2020-05-21

Situs

Tampa

State

FL

Clmd Compensatory

0.0

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

A Majority Public Panel explains why it has granted Respondent broker-dealer's Pre-Hearing Motion pursuant to FINRA Rule 12206 (Six-year Eligibility Rule). The Claimant's case involved company stock and company stock options he obtained while employed by Respondent broker-dealer.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks -- Explained Award.

Arbitrators

Karl A. Vogeler, III - Chair; Richard S. Zaifert, Esq.; Nicholas Gerald Castellano

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Michael S. Taaffe, Shumaker Loop & Kendrick, Sarasota, FL.
  • Rs: (MLPFSInc) Ivan P. Harris, Morgan Lewis & Bockius, Miami, FL. OSC and Leonel Peraza Jr., Bressler Amery & Ross, Fort Lauderdale, FL. OSC and Kenneth I. Schacter, Morgan Lewis & Bockius, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Dixon v. Investors Capital

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

18-03170

Products

DirectInvesmts; Equity; REITS

Issue Date

2020-05-21

Situs

Boca Raton

State

FL

Clmd Compensatory

100.0

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

Two customers settle their claims involving investments in an American Realty Finance REIT and various oil and gas investments including Breitburn, Seadrill, and Navios. Respondent broker is granted expungement of this matter from his CRD record.

Notes

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

Arbitrators

Donald Theodore Ryce, Jr., Esq.

Broker-Dealers Named

Investors Capital Corporation

Professionals

  • Cs: Lars K. Soreide, Soreide Law Group, Pompano Beach, FL.
  • Rs: (ICCorp) Benjamin J. Biard, Winget Spadafora & Schwartzberg, Miami, FL. OSC.
  • Rs: (MB) Neil S. Baritz, Baritz & Colman, Boca Raton, FL.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Margulies v. Morgan Stanley

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

19-00565

Products

NP

Issue Date

2020-05-21

Situs

Boca Raton

State

FL

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."

Case Summary

A customer alleging unauthorized trading settles his claims against Respondent broker-dealer. Non-party broker is awarded expungement of this matter from his CRD record despite the objection of the Claimant.

Notes

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

Arbitrators

Edward R. Niederriter, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: Pro se.
  • Rs: (MSSBLLC) Christopher M. Sacco, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Velho v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03118

Products

UITs

Issue Date

2020-05-20

Situs

Orlando

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."

Case Summary

Claimant broker is granted expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

John P. Cullem, Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (GDV) Erica J. Harris, HLBS Law, Westminster, CO.
  • Rs: (MSSBLLC) Timothy B. Atkins, Morgan Stanley Wealth Management, Pensacola, FL. ISC.

TypeDisp

SmallClms

Allegation I

Churning

Short Caption

Best v. Columbus Advisory

Allegation II

Suitability

Forum

FINRA

Allegation III

Supervision

Docket No

18-03337

Products

*

Issue Date

2020-05-21

Situs

Atlanta

State

GA

Clmd Compensatory

43.9

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."

Case Summary

An Arbitrator explains why he has dismissed the customer's claims against Respondents with prejudice as a sanction pursuant to Code Rule 12212(c). The Arbitrator also explains why he has decided to dismiss with prejudice Respondent broker-dealer's Counterclaim.

Notes

Please Note* This case was administered under the Special Proceeding option for simplified cases. Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Arbitrator Remarks -- Explained Award.

Arbitrators

Robert H. Putnam, Jr., Esq.

Broker-Dealers Named

Columbus Advisory Group Limited

Professionals

  • Cs: Pro se.
  • Rs: (CAGLtd, MOB, MPM & MPM) Charles M. O'Rourke, C.M. O'Rourke Attorney-at-Law, Woodbury, NY. OSC.
  • Rs: (TAW) No-show.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Field v. TIAA-CREF Individual & Institutional

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

18-04172

Products

ManagedA/C

Issue Date

2020-05-13

Situs

Detroit

State

MI

Clmd Compensatory

400.0

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

Two customers alleging that Respondent broker-dealers advised them to transfer funds from low-fee employer sponsored 403(b) self-directed account investments into proprietary managed account investment products settle their claims against said Respondents. Respondent broker loses his request for expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Majority Public Panel.

Arbitrators

Michael J. Meeusen, Esq. - Chair; Douglas S. Parker; Edward M. Olson, Esq.

Broker-Dealers Named

TIAA-CREF Individual & Institutional Services LLC; Teachers Personal Investors Services; Nuveen Securities LLC; TIAA-CREF Trust Company; Teachers Insurance and Annuity Association of America; College Retirement Equities Fund; TIAA-CREF Investment Management LLC; TIAA Global Asset Management

Professionals

  • Cs: Jaclyn M. Reinhart & Chiharu G. Sekino, Shepherd Finkelman et al., San Diego, CA and James E. Miller & Laurie Rubinow, Shepherd Finkelman et al., Chester, CT and Joseph A. Ahern, Ahern & Kill, Birmingham, MI.
  • Rs: (TIAA-CREFI&ISLLC & EM) Scott N. Sherman & Josh R. Lewin, Nelson Mullins et al., Atlanta, GA. OSC.
  • Rs: (TPISvs & NSLLC) No-show.
  • Rs: (TIAA-CTCo, TI&AAUSA, CREFnd, TIAA-CIMLLC & TIAAGAMgmt) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Smith v. Wells Fargo

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03458

Products

Equity

Issue Date

2020-05-15

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."

Case Summary

An Arbitrator granted Claimant broker's request for expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Jeffry Mark Bauer, Esq.

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: (DAS) Joseph H. Spiegel, J.H. Spiegel PLLC, Ann Arbor, MI.
  • Rs: (WFALLC) Jeffery D. Rodgers Jr., Wells Fargo Legal Department, St. Louis, MO. ISC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Smith v. Raymond James

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

19-00367

Products

REITs

Issue Date

2020-05-13

Situs

St. Louis

State

MO

Clmd Compensatory

50.0

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."

Case Summary

A customer alleging unsuitable investments in Northstar Real Estate Income II Inc., a REIT investment, loses his claims against Respondent broker-dealer and broker.

Notes

Please Note* This case was administered under the Special Proceeding option for simplified cases.

Arbitrators

Barry Goldman, Esq.

Broker-Dealers Named

Raymond James Financial Services Incorporated; Cetera Investment Services LLC

Professionals

  • Cs: Mark S. Simms, Simms Law PA, Fort Lauderdale, FL.
  • Rs: (RJFSInc) Brandy N. Pikus, St. Petersburg, FL. ISC.
  • Rs: (CISLLC) Christina Z. Vourakis, Winget Spadafora & Schwartzberg, Los Angeles, CA. OSC.
  • Rs: (MJ) Jeremy A. Root, Stinson LLP, Jefferson City, MO.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Starr v. MSC - BD LLC

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

19-00804

Products

DirectInvesmts

Issue Date

2020-05-15

Situs

Newark

State

NJ

Clmd Compensatory

600.0

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 trustee settles her claims against Respondent broker-dealer and three brokers. All three Respondent brokers are granted expungement of this matter from their respective CRD records.

Notes

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

Arbitrators

Michael H. DuBoff, Esq. - Chair; Annamaria Boccia-Smith, Esq. (fka Annamaria Boccia-Kovarcik, Esq.)

Broker-Dealers Named

MSC - BD LLC

Professionals

  • Cs: Jason T. Albin & Philip Vujanov, ChapmanAlbin LLC, Cleveland, OH.
  • Rs: (MSC-BDLLC, RF, CB & PM) Alan M. Wolper & Christopher Seps, Ulmer & Berne LLP, Chicago, IL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rotella v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03155

Products

Annuities

Issue Date

2020-05-19

Situs

Newark

State

NJ

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

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael H. DuBoff, Esq.

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (MRR) Dochtor Kennedy & Jessica Calloway, AdvisorLaw LLC, Westminster, CO.
  • Rs: (AFSInc) Edward A. Walton & Howard Klausmeier, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hickly v. Chase Investment

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03390

Products

VariableAnnuities

Issue Date

2020-05-11

Situs

Las Vegas

State

NV

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 granted Claimant broker's request for expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Milton N. Gross

Broker-Dealers Named

Chase Investment Services Corporation

Professionals

  • Cs: (NJH) Michael O'Gara & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (CISCorp) Thomas J. Cahill, Duane Morris LLP, New York, NY. OSC.

TypeDisp

SmallClms

Allegation I

UnauthTdg

Short Caption

Brown v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Operations

Docket No

20-00092

Products

Equity

Issue Date

2020-05-14

Situs

Las Vegas

State

NV

Clmd Compensatory

33.9

Total Amt Awarded

18.8

Compensatory Awarded

18.8

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

Respondent broker-dealer and a broker are held jointly liable to two customers for damages relating to their investment in Green Thumb Industries stock. Respondent broker loses her request for expungement of this matter from her CRD record.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Rs Kenneth Phillip O'Connell was not assessed any portion of the awarded amount. Rs Morgan Stanley and Jerri Lynne Pratt were assessed.

Arbitrators

Andrew M. Mintzer, CPA

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Pro se through Forrest Brown, Chicago, IL.
  • Rs: (MSSBLLC, KPO & JLP) Ethan Weinberg, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Mehrotra v. Barclays Capital

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-00077

Products

NP

Issue Date

2020-05-12

Situs

New York

State

NY

Clmd Compensatory

5200.0

Total Amt Awarded

200.0

Compensatory Awarded

200.0

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

An Arbitration Panel explains in detail why it has awarded the broker damages on his severance claim but denied all other causes of action in this case.

Notes

Arbitrator Remarks -- Explained Award. Case law cited.

Arbitrators

Gerald M. Levine - Chair; Judith B. Weinstock; Roger Loeb

Broker-Dealers Named

Barclays Capital Incorporated

Professionals

  • Cs: (AM) Todd Gutfeisch & David B. Wechsler, Wechsler & Cohen, New York, NY.
  • Rs: (BCInc) Kenneth J. Trumbull & Chelsea L. Conanan, Morgan Lewis & Bockius, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Steinberg v. Citigroup Global

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02738

Products

NP

Issue Date

2020-05-13

Situs

New York

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 granted Claimant broker's request for expungement of two customer complaints from her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Carolyn A. Mann

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (PMS) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (CGMInc) Adam Kauff, Kauff Laton Miller LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wittpenn v. Credit Suisse

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02880

Products

NP

Issue Date

2020-05-15

Situs

New York

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

A broker is granted expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Roger B. Jacobs

Broker-Dealers Named

Credit Suisse Securities (USA) LLC

Professionals

  • Cs: (GPW) Dochtor Kennedy & Jessica Calloway, AdvisorLaw LLC, Westminster, CO.
  • Rs: (CSSUSALLC) Deborah Burstein, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Mittal v. ALPS Distributors

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

20-00387

Products

NP

Issue Date

2020-05-12

Situs

New York

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

Claimant broker is awarded reformation of his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Sandra J. Mullings, Esq.

Broker-Dealers Named

ALPS Distributors Incorporated

Professionals

  • Cs: (HM) David I. Hantman, Bressler Amery & Ross, New York, NY.
  • Rs: (ALPSDInc) Joanne Wilcomes & Ira G. Rosenstein, Morgan Lewis & Bockius, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wood v. JP Morgan

Allegation II

Reformation(U-5)

Forum

FINRA

Allegation III

Defamation

Docket No

18-01716

Products

NP

Issue Date

2020-05-19

Situs

Columbus

State

OH

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 Panel imposes monetary sanctions against Claimant broker for her failure to comply with the production of discovery and denied her request for expungement of the financial disclosures filed by Respondent because they are ineligible for expungement from the CRD system in arbitration.

Notes

Sanctions imposed. Arbitrator Remarks.

Arbitrators

Peter Ordower, Esq. - Chair; Phillip Lawrence Wright, Jr.; Matthew Harold Fields

Broker-Dealers Named

JP Morgan Chase & Company

Professionals

  • Cs: (JW) Eliott R. Good, Good Law Co. LPA, Columbus, OH.
  • Rs: (JPMC&Co) Jeffrey S. Dunlap & Alyson Terrell, Ulmer & Berne, Cleveland, OH. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Plessl v. LPL Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03261

Products

Annuities

Issue Date

2020-05-14

Situs

Philadelphia

State

PA

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

Two brokers are awarded expungement of customer complaints from their respective CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

John J. Jordan, Esq. - Chair; Stephen J. Scherf; Dale A. Pope

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (GTP & KDH) Brandon M. Taaffe, Shumaker Loop & Kendrick, Sarasota, FL.
  • Rs: (LPLFLLC) Jon Kaplon, Boston, MA. ISC.

TypeDisp

SmallClms

Allegation I

ExcessiveFees

Short Caption

Contreras Pallares v. Electronic Transaction

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03077

Products

Equity

Issue Date

2020-05-14

Situs

PP

State

PP

Clmd Compensatory

29.4

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 case, an Arbitrator explains why she has denied a customer's allegations involving 400 shares of Hunter Maritime Acquisition Corp. stock.

Notes

Clrg BD dispute. Arbitrator Remarks -- Explained Award.

Arbitrators

Natalie Panossian-Bassler

Broker-Dealers Named

Electronic Transaction Clearing Incorporated; USA Stock Execution Services Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (ETCInc) Eli Wishnivetski, Chief Compliance Officer, Los Angeles, CA. ISC.
  • Rs: (USASESInc) Dana Sirkis Gloor, Miles & Stockbridge, Baltimore, MD. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

McCay v. Cruz

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

18-02049

Products

Equity; REITs

Issue Date

2020-05-20

Situs

Nashville

State

TN

Clmd Compensatory

250.0

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

After voluntarily dismissing and settling their claims against some of the named Respondents, the customers' Motion for Default Proceedings against the remaining Respondents is granted and will proceed under a separate FINRA arbitration case. Respondent broker is granted expungement of this matter from his CRD record.

Notes

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

Arbitrators

Lita S. Menkin, JD - Chair; John P. Cullem, Esq.; Ian S. Greig

Broker-Dealers Named

Joseph Stone Capital LLC; Windsor Street Capital Limited Partnership

Professionals

  • Cs: Bradford M. Gucciardo, Gucciardo Law Group, Lakewood Ranch, FL.
  • Rs: (JSCLLC, DM, JVP & SW) David Hirschberg, Wexler Burkhart et al., Garden City, New York, NY. OSC.
  • Rs: (WSCLP) John W. Stalanski, Chief Compliance Officer, New York, NY. ISC.
  • Rs: (SAC, AM, AP, JFR & NS) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Frederick v. LPL Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-00021

Products

DirectInvesmts; Insurance

Issue Date

2020-05-14

Situs

Houston

State

TX

Clmd Compensatory

500.0

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

Two customers settle their claims against two Respondent broker-dealers relating to their investment in a Pacific Life Insurance Company universal life policy. Non-Party broker is granted expungement of this matter from his CRD record.

Notes

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

Arbitrators

Mary Esther Escobedo - Chair; Montie G. Grimes; Shannon Lyn Mays

Broker-Dealers Named

LPL Financial LLC; First National Bank of Shiner

Professionals

  • Cs: Ryan Cook, Shepherd Smith et al., Houston, TX.
  • Rs: (LPLFLLC & FNBnkS) Jack D. Ballard & Charles A. Hammaker, Ballard & Littlefield, Houston, TX. OSC.
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