* 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 to Claimant broker-dealer for the amount due and owing relating to a debit balance she incurred as a result of a margin liquidation on her account.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Arbitrator Remarks.
* 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 that Respondent broker-dealer did not act in his best interest when it liquidated his margin account is awarded damages.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Regulation Best Interest.
Arbitrators
Arocles Aguilar
Broker-Dealers Named
Interactive Brokers LLC
Professionals
Cs: Pro se.
Rs: (IBLLC) Vincent P. Iannece, Greenwich, CT. 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
Two brokers alleging that they were fraudulently induced to enter a contract with Claimant and seeking nearly $7 million in compensatory damages lose their case.
Notes
None.
Arbitrators
Richard J. Lawrence, Esq. - Chair; Ronald G. Guida; Joseph M. Costello
* 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 being granted its Motion for Default Judgment pursuant to FINRA Rule 13801, a non-appearing broker is held liable to Claimant for the amounts due and owing on three Loan Agreements.
* 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 that a transfer error occurred with respect to his account loses his case against Respondent broker-dealer.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
* 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 registered representatives alleging that Respondents violated FINRA Rules 2140 and 11870 by tortiously interfering with the transfer of their customers' accounts lose their case. By a two to one Panel vote, Respondent broker-dealer prevails on its Counterclaim and is awarded damages from one named Claimant registered representative.
Notes
Big $s (Counterclaim). Raiding case (Counterclaim). Arbitrator Remarks -- Arbitrator dissents with explanation.
Arbitrators
Katherine Hendricks, Esq. - Chair; Dean J. Dietrich, Esq.; Michael R.E. Sanders, Esq. (Dissents)
Broker-Dealers Named
LPL Financial LLC; Frontier Credit Union
Professionals
Cs: (ACS & SLK) Michael V. Colvin & Andrew R. Marsh, Shumaker Loop & Kendrick LLP, Sarasota, FL.
Rs: (LPLFLLC) Jeffrey K. Compton, Markun Zusman & Compton LLP, Encino, CA. OSC.
Rs: (FCUnion) Gary L. Cooper & J.D. Oborn & Tony Budge, Cooper & Larsen, Pocatello, ID. 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 broker loses his request for expungement of a customer complaint from his CRD record after the state securities regulator for Kansas and the customer involved objected to said relief and the Panel unanimously found that he failed to prove that expungement was appropriate.
Notes
Arbitrator Remarks.
Arbitrators
Howard N. Gorney - Chair; Richard J. Grahn, Esq.; George G. Kurschner, Esq.
* 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 registered representative is held liable to Claimant broker-dealer for the amount due and owing on a promissory note agreement he signed as part of his employment.
Notes
None.
Arbitrators
Arthur J. Giacomarra, Esq.
Broker-Dealers Named
Robert W Baird & Company Incorporated
Professionals
Cs: (RWB&CInc) Jessica L. Newman, Louisville, KY. 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
Prior to settling his case, a Panel assesses monetary sanctions against Claimant customer for his failure to comply with their prior Orders regarding the production of discovery in this matter. Two named Respondent brokers are each awarded expungement of this matter from their respective CRD records.
Notes
This is a Stipulated Award. Sanctions imposed. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Robert J. Scafuri, Esq. - Chair; John N. Polakas, Esq.; Dale Frederick Feigley
Broker-Dealers Named
Four Points Capital Partners LLC
Professionals
Cs: David Vermont, Securities Arbitration Law Group PLLC, Washington, DC.
Rs: (FPCPLLC, MCM, JAT & DWM) Michael P. Gilmore, Moss & Gilmore LLP, Mineola, 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
Claimant broker-dealer and Respondent broker entered into a Settlement Agreement with respect to the amounts due and owing on two Promissory Note Agreements.
Notes
This is a Stipulated Award.
Arbitrators
Edward W. Morris, Jr., Esq.
Broker-Dealers Named
LPL Financial LLC
Professionals
Cs: (LPLFLLC) Gary M. Saretsky & Samuel P. Mauch & Brooke Hochestein, Saretsky Hart et al., Birmingham, MI. 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 group of customers (on behalf of various Trust accounts) alleging that they were charged excessive fees, that Respondents negligently handled their accounts and that they are entitled to recover $20 million in market adjusted damages lose their case. Respondent brokers are each awarded expungement of this matter from their respective CRD records despite the objection of the customers.
* 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 said complaint to be factually impossible and false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Mauricio Arcadier, JD - Chair; Steven H. Vogel, Esq.; Frederick Ramos, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (WMC) David L. Goldberg & Zachary M. Schmitz, Katten Muchin Rosenman LLP, New York, NY.
Rs: (UBSFSInc) Omar Perez, UBS Business Solutions US LLC, Nashville, TN. 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
After resolving his claims against Respondent member firm, a broker is granted his request for reformation of defamatory information from his Form U5 record.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Gene M. Bauer, Esq.
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (MIO) Stephan Louviere, Louviere Law Firm, Pompano Beach, FL. Rs (MLPFSInc) Stuart D. Roberts, Maynard Nexsen PC, Birmingham, AL. 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 non-appearing registered representative is held liable to Claimant broker-dealer for the amount due and owing on a promissory note agreement he signed as part of his employment and has allegedly failed to repay.
Notes
Big $s.
Arbitrators
Andrea U. Calve, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (WFCSLLC) Keith J. Barnett, Troutman Pepper Locke LLP, Atlanta, GA. OSC and Seth M. Erickson & So Young (Anna) Lee, Troutman Pepper Locke LLP, Chicago, IL. OSC.
Rs: (AMJ) No-show.
Any attempt to use robotics to download Awards posted on this WebSite or to gain access to the Awards on this WebSite in contravention of the Terms of Use Agreement is an unauthorized use, an abuse of the privileges extended to users of this WebSite, and, in our view, a violation of federal law.
