* 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 each awarded compensatory damages on their deferred compensation claims as well as costs and attorney fees pursuant to the California Labor Code 218.5.
Notes
Big $s. Arbitrator Remarks.
Arbitrators
Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.) - Chair; Ralph L. Jacobson; Carol Ann Jensen, MBA
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (MIA & TCJ) Jeremy S. Millstone, Peterson Watts Law Group LLC, Roseville, CA and Mitchell S. Ostwald, Law Offices of M.S. Ostwald, Sacramento, CA.
Rs: (WFCSLLC) Kenneth J. Turnbull & Samuel Sadeghi, Morgan Lewis & Bockius, 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
Despite the non-opposition of the customer involved and denying the authorized representative of the state securities regulator for California's Pre-Hearing Motion to Dismiss, a Panel explains in detail why it has decided to unanimously deny, with prejudice, Claimant's request for expungement of a complaint from his CRD record, finding that the event or occurrence giving rise to said complaint occurred more than 15 years prior to the filing of the Statement of Claim and is therefore barred under FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes). Also, in an unprecedented move, the Panel directs the State Bar of California Office of Special Admissions/Specialization to review this proceeding and their allowance of out of state law firms to practice in California due to Claimant's former counsel's conduct in this matter.
Notes
Arbitrator Remarks -- Explained Award.
Arbitrators
Roger M. Deitz, Esq. - Chair; Randy R. Maher, JD; Donna Ross Philip, Esq.
Broker-Dealers Named
Edward Jones
Professionals
Cs: (YHC) Elizabeth Fellmeth & Lynn M. Dean, Freeman Mathis & Gary, Seal Beach, CA from 6/19/25. Previously represented by: Peter Lindholm, HLBS Law, Broomfield, CO from 11/11/24 until 6/11/25.
Rs: (EDJ&CLP) Eric A. Michaels, 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
After finding that they are in violation of the Florida Securities and Investor Protection Act, a Panel holds two non-appearing Respondents (broker-dealer and registered representative) liable to Claimant for over $2.5 million in damages relating to her allegations that not only did Respondent broker-dealer fail to supervise its agent but also, through said agent, placed in her several illiquid and unsuitable securities for her investment portfolio.
Notes
Big $s. Rescission Requested. Arbitrator Remarks.
Arbitrators
Sidney J. Wartel, JD - Chair; Nofrey Matthew Fornaro, III; Santarvis Brown, Sr.
Broker-Dealers Named
Center Street Securities Incorporated
Professionals
Cs: Michael C. Bixby, Bixby Law PLLC, Pensacola, 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
In this small claims arbitration, a customer alleging that Respondent broker-dealer failed to protect his account from continuous unauthorized trading activity and failed to honor its security guarantee when it allegedly did not reimbursement him for monies lost loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Mark H. Schiff
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Simeon M. Schopf, Washington, DC. 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, a customer alleging that Respondent broker-dealer executed a Stop Buy Limit Order too early with respect to his investment in options loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
William W. Haskell, Esq.
Broker-Dealers Named
E*Trade Securities LLC
Professionals
Cs: Pro se.
Rs: (ETSLLC) Alan D. Romero, Morgan Stanley Wealth Management, San Francisco, CA. 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 being barred from presenting any defenses in this case as a sanction, Respondent registered representative is held solely liable to two customers for a little over $560,000 in damages relating to their investments in a Stanford International Bank Ltd. certificate of deposit (CD).
Notes
Big $s. Rs Succession/Estate of Arlen Blackwell II was not assessed any portion of the awarded amount. Rs James Keith Cox was assessed. Sanctions imposed. All-Public Panel. Arbitrator Remarks.
Arbitrators
William John Sommers, Jr. - Chair; Jacqueline Mae Goldberg; Lynn L. Lightfoot
Broker-Dealers Named
None.
Professionals
Cs: Robert V. Cornish Jr., Law Offices of R.V. Cornish Jr. PC, Jacksonville, WY.
Rs: (JKC) None.
Rs: (S/ESTAB) Mark W. Fry, Phelps Dunbar LLP, Baton Rouge, LA.
* 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 awarded over $8.7 million in damages after the Panel found that Respondent broker-dealers acted in bad faith when they trusted a non-independently produced Investigative Report in order to scrap said registered representative's deferred compensation claim. One named Respondent broker-dealer loses its Counterclaim seeking to recoup alleged monies owed under a discretionary variable incentive award (Promissory Note).
Notes
Big $s. Sanctions imposed. Arbitrator Remarks.
Arbitrators
Susan C. Lushing, Esq. - Chair; Jay Alan Kranis; Kenneth J. Diamond, Esq.
Broker-Dealers Named
Credit Suisse Securities (USA) LLC; UBS Group AG
Professionals
Cs: (PRG) Steven Eckhaus & Megan Dubatowska & Daniel Grossman, Harris St. Laurent & Wechsler LLP, New York, NY.
Rs: (CSSUSALLC & UBSGpAG) Victoria Sloan Lin, Epstein Becker & Green, 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 Panel provides factual background and explains in detail why it has decided to grant a broker's request for expungement of a customer complaint from his CRD record, despite the objection of said customer's sons, and after finding it to be factually impossible, clearly erroneous, and false under FINRA Rule 2080.
* 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 not only grants a broker's request for expungement of two customer complaints from appearing on his CRD record but also unanimously denies, with prejudice, his request for expungement of two more after the objection of the said customers involved.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Jason Allen Rosner - Chair; Evalyn Lipton Fishbein, Esq.; Debra Black Leo
* 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 honored a fraudulent check that was written by a third-party against his account and despite being notified of the fraud it failed to reimburse him for his alleged losses loses his case.
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
By unanimous decision, a Panel denies, with prejudice, a broker's request for expungement of three customer complaints from appearing on his CRD record.
Notes
None.
Arbitrators
Thomas P. Valenti - Chair; James W. (Jim) Geiger; Gary E. Marcus
Broker-Dealers Named
Centaurus Financial Incorporated
Professionals
Cs: (SDP) William Bean, HLBS Law, Broomfield, CO.
Rs: (CFInc) Michael J. Carey & Bryan Gless, Anaheim, CA. ISC.
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