UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2017-08-12

UA 2017-45

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Carlson v. Questar Capital

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-00438

Products

PrivSecTrans

Issue Date

2017-11-21

Situs

*

State

*

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."

Claim Summary

Cs requested the expungement from his CRD records of a class action claim that his employer failed to disclose to its brokers and customers that it was selling securities that it knew or should have known were part of a Ponzi scheme.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

People & Entities

Arbitrators

Richard E. Miley

Broker-Dealers Named

Questar Capital Corporation

Professionals

  • Cs: Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (QCCorp) Jeffrey D. Hedlund, Faegre Baker Daniels LLP, Minneapolis, MN. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Securities Service v. Conners

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

16-03494

Products

PromissoryNote

Issue Date

2017-11-21

Situs

Phoenix

State

AZ

Clmd Compensatory

26.3

Total Amt Awarded

33.1

Compensatory Awarded

26.3

Punitive Damage Awarded

Attorney Fees Awarded

3.3

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Claim Summary

Cs alleged that Rs breached a loan agreement executed in 9/14 and a promissory note executed on 4/15/16.

Notes

Arbitrator Remarks.

Arbitrators

Richard Marc Weinroth, Esq.

Broker-Dealers Named

Securities Service Network Incorporated

Professionals

  • Cs: (SSNInc) Ronald T. Klimas, Executive Vice President & Director of Compliance, Knoxville, TN. ISC.
  • Rs: (SCC) None.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Leech v. Morgan Stanley

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

16-02314

Products

Equity

Issue Date

2017-11-22

Situs

San Francisco

State

CA

Clmd Compensatory

160.0

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."

Claim Summary

The causes of action related to investments in Arch Coal Inc. and Cliffs Natural Resources.

Notes

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

Arbitrators

Kevin C. Coleman, JD - Chair; John J. Flynn; Clifford A. Threlkeld

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Wells Fargo Advisors LLC

Professionals

  • Cs: Pro se through Tom Leech, Incline Village, NV.
  • Rs: (MSSBLLC) Lesley V. Tepper, Morgan Stanley Wealth Management, San Francisco, CA. ISC.
  • Rs: (WFALLC) Michael Naccarato, Wells Fargo Law Department, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Destro v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-03141

Products

DirectInvesmts

Issue Date

2017-11-20

Situs

San Francisco

State

CA

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."

Claim Summary

Cs requested the expungement of five settled customer complaints regarding the sale of proprietary limited partnership interests created and sponsored by Prudential Securities.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Dean J. Dietrich, Esq. - Chair; Jennifer Schwartz; Timothy P. Bogan, CPA

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: (MAD) Paul Roshka, Polsinelli LLP, San Francisco, CA.
  • Rs: (WFALLC) Judy Louie, Wells Fargo Law Department, Pasadena, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Misappropriatn

Short Caption

Rom v. Steele

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

17-00087

Products

NP

Issue Date

2017-11-24

Situs

San Francisco

State

CA

Clmd Compensatory

3421.2

Total Amt Awarded

1176.0

Compensatory Awarded

1176.0

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."

Claim Summary

The causes of action related to a business partnership between two brokers.

Notes

Big $s. PHL -- Court ordered arbitration. Panel composition issue.

Arbitrators

Barbara M. Anscher, Esq. - Chair; Douglas W. Oldfield, Esq.; Jeffrey Scott Winaker

Broker-Dealers Named

First Financial Services LLC

Professionals

  • Cs: (MGR) Robert L. Gonser, Gonser Law PC, Lafayette, CA.
  • Rs: (PES & FFSLLC) Jeffrey L. Fillerup, Rincon Law LLP, San Francisco, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Simkovitz v. Morgan Stanley

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachContract

Docket No

16-01538

Products

*

Issue Date

2017-11-22

Situs

Hartford

State

CT

Clmd Compensatory

0.0

Total Amt Awarded

209.8

Compensatory Awarded

209.8

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."

Claim Summary

Bare-Bones Summary.

Notes

All-Public Panel.

Arbitrators

Philip S. Walker - Chair; Mae A. Brudner; Sean Alan D'Amico

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Morgan Stanley & Company Incorporated; Morgan Stanley & Company LLC

Professionals

  • Cs: Sabato P. Fiano, Zeldes Needle & Cooper, Bridgeport, CT.
  • Rs: (MSSBLLC, MS&CInc, MS&CLLC & JAM) Andrew Gelfand, Attorney-at-Law, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Mueller v. Charles Schwab

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-00901

Products

NP

Issue Date

2017-11-22

Situs

Hartford

State

CT

Clmd Compensatory

Equity

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."

Claim Summary

Cs requested the expungement of a single customer complaint.

Notes

None.

Arbitrators

Edward Blumstein, Esq. - Chair; Melanie Merchant Cunningham; Lucia A. Aschettino

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: (VLM) Alvin L. Fishman, JRA Law Partners LLP, San Francisco, CA.
  • Rs: (CS&CInc) Garrett R. Wynne, Lone Tree, CO. ISC.

TypeDisp

EmployeeEmployee

Allegation I

BreachContract

Short Caption

Sofia v. Fross

Allegation II

BreachFiducDty

Forum

AAA

Allegation III

DeclaratoryJudgment

Docket No

01-16-0002-6358

Products

NP

Issue Date

2017-11-27

Situs

Leesburg

State

FL

Clmd Compensatory

1250.0

Total Amt Awarded

970.1

Compensatory Awarded

625.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

297.5

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Claim Summary

Cs alleged that the other two members of Platinum Advisor Strategies LLC and Platinum Strategies LLC revoked his membership interest in those business entities without giving him the required notice of the members' meeting in which they did so and without compensation.

Notes

Big $s. Arbitrator Remarks -- Explained Award.

Arbitrators

John A. DeVault, III; Terrance Schmidt, Esq.; Edward Mullins, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: (RS) *
  • Rs: (TF, RF, PASLLC & PSLLC) *

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Russell v. Ameriprise Financial

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachContract

Docket No

16-00502

Products

REITs; UITs

Issue Date

2017-11-22

Situs

Orlando

State

FL

Clmd Compensatory

400.0

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."

Claim Summary

Cs alleged that his broker recommended that he concentrate its portfolio in illiquid non-traded real estate investment trusts and unit investment trusts.

Notes

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

Arbitrators

Theodore Haynes - Chair; Lauren S. Puritz, Esq.; Robert G. Bannon

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: Kristian P. Kraszewski, Kyros Law Office, Naples, FL.
  • Rs: (AFSInc) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Coble v. Merrill Lynch

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-02573

Products

NP

Issue Date

2017-11-20

Situs

Boca Raton

State

FL

Clmd Compensatory

Equity

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."

Claim Summary

Bare-Bones Summary.

Notes

None.

Arbitrators

Donald Theodore Ryce, Jr., Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (CSC) Robert K. Michael, R.K. Michael Law Firm, Tampa, FL.
  • Rs: (MLPFSInc) Rima Hartman & Patrick J. Mulligan, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Friedman v. Merrill Lynch

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

16-03225

Products

Equity

Issue Date

2017-11-22

Situs

Boca Raton

State

FL

Clmd Compensatory

96.7

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."

Claim Summary

Cs alleged that Rs improperly recommended against the use of a stop loss for Cs' investment in Baja Mining Corp., a penny stock.

Notes

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

Arbitrators

Donald Theodore Ryce, Jr., Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Robert J. Harvey, Jenks & Harvey, West Palm Beach, FL.
  • Rs: (MLPFSInc) Logan S. Fisher, Bressler Amery & Ross, Florham Park, NJ. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Gottlieb v. Securities America

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-00373

Products

REITs

Issue Date

2017-11-21

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."

Claim Summary

Cs requested the expungement of a settled arbitration claim.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

William E. Schneider - Chair; William Kent Brown, Esq.; Alisa Matire

Broker-Dealers Named

Securities America Incorporated; First Allied Securities Incorporated

Professionals

  • Cs: (JDG) Adam D. Palmer, Schoeppl Law PA, Boca Raton, FL.
  • Rs: (SAInc) Elaine M. Rice, Wiand Guerra King PL, Tampa, FL. OSC.
  • Rs: (FASInc) Jeremy Wooden, Cetera Financial Group, El Segundo, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Evans v. LPL Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

16-01770

Products

Insurance; Annuities; DirectInvesmts

Issue Date

2017-11-27

Situs

Atlanta

State

GA

Clmd Compensatory

135.0

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."

Claim Summary

The causes of action relate to a surrender charge paid as a result of the liquidation of an Allianz MasterDex X insurance policy, and account losses in oil and gas investments, including Linn Energy, Halcon Resoures Corp., QEP Resources, Proshares Ultra Crude, Whiting Petroleum and Magellan Midstream.

Notes

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

Arbitrators

James R. McGuone, Esq. - Chair; Ronelle W. Genser; Marcia A. Ogilvie

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: Lars Kristian Soreide, Soreide Law Group, Pompano Beach, FL.
  • Rs: (LPLFLLC) Thomas F. Barnett, Boston, MA. ISC.
  • Rs: (BJD) Mickey Wright, Lloyd Gray et al., Birmingham, AL.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Barnes v. Stifel Nicolaus

Allegation II

BreachContract

Forum

FINRA

Allegation III

Negligence

Docket No

16-01680

Products

VariableAnnuities

Issue Date

2017-11-24

Situs

Honolulu

State

HI

Clmd Compensatory

100.0

Total Amt Awarded

90.0

Compensatory Awarded

90.0

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."

Claim Summary

Cs alleged, in his capacity as next friend of a minor, that the minor was designated the beneficiary of a variable annuity with MetLife Investors USA Insurance by a deceased customer, but that Rs that failed to properly and expeditiously change the beneficiary of the annuity to the minor.

Notes

None.

Arbitrators

John J. Fitzpatrick, Jr., Esq.

Broker-Dealers Named

Stifel Nicolaus & Company Incorporated

Professionals

  • Cs: Jacob M. Merrill, Law Office of J.M. Merrill, Honolulu, HI.
  • Rs: (SN&CInc & MYK) Ian Ross, Keesal Young & Logan, San Francisco, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Flack v. Meyers Associates

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

16-00402

Products

Equity

Issue Date

2017-11-22

Situs

Des Moines

State

IA

Clmd Compensatory

308.7

Total Amt Awarded

233.7

Compensatory Awarded

233.7

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."

Claim Summary

Cs alleged that Rs recommended and sold securities which were unsuitable for his investment needs, including Ivanhoe Energy, Intrepid Potash, and Rock Creek.

Notes

Rs Meyers Associates LP was not assessed any portion of the awarded amount. Rs Michael Scott LaVolpe (aka Michael S. LaVordie) was assessed. Rule 12801 default judgment.

Arbitrators

Mark A. Frankel, JD

Broker-Dealers Named

Meyers Associates Limited Partnership

Professionals

  • Cs: Jennifer Tarr, Cold Spring Advisory Group, New York, NY.
  • Rs: (MSLP) David A. Schrader, Morritt Hock & Hamroff, New York, NY. OSC.
  • Rs: (MSL) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

King v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-02544

Products

ARS

Issue Date

2017-11-21

Situs

Louisville

State

KY

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."

Claim Summary

Cs requested expungement of a customer complaint that she alleged was the result of the failure of the auction rate securities market and not of her own own conduct.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Michael L. Lyons, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (TSK) David Hantman, Bressler Amery & Ross, New York, NY.
  • Rs: (UBSFSInc) Craig A. Vollono, UBS Business Solutions LLC, Weehawken, NJ. ISC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

DeBacco v. Merrill Lynch

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

BreachContract

Docket No

16-01635

Products

DirectInvesmts

Issue Date

2017-11-20

Situs

Kansas City

State

MO

Clmd Compensatory

3900.0

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."

Claim Summary

Cs alleged that Rs failed to acquire a trust preferred security in CBI Kansas Capital Trust I, under Indenture dated 8/24/05 issued by the entity known as Soloso CDO 2005-1 Ltd.

Notes

All-Public Panel.

Arbitrators

Susan L. Walker, Esq. - Chair; Steven Joseph Streen; Brett Coonrod

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Charles W. German, German May PC, Kansas City, MO.
  • Rs: (MLPFSInc) Tara LaClair & Jennifer N. Lamirand, Crowe & Dunlevy, Oklahoma City, OK. OSC.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Cafasso v. Buckman Buckman & Reid

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

15-01027

Products

*

Issue Date

2017-11-22

Situs

Newark

State

NJ

Clmd Compensatory

993.0

Total Amt Awarded

200.0

Compensatory Awarded

200.0

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."

Claim Summary

Bare-Bones Summary.

Notes

Rs Buckman Buckman & Reid Inc., Saxony Securities Inc., Glenn R. King, Robert J. Fiore Jr. and Louis R. Sorrentino were not assessed any portion of the awarded amount. Rs Royal Alliance Associates Inc. was assessed. All-Public Panel.

Arbitrators

Robert E. Anderson, Esq. - Chair; Robert T. Costello, Esq.; Jay Alan Kranis

Broker-Dealers Named

Buckman Buckman & Reid Incorporated; Royal Alliance Associates Incorporated; Saxony Securities Incorporated

Professionals

  • Cs: Jonathan E. Neuman, Law Offices of J.E. Neuman, Fresh Meadows, NY.
  • Rs: (BB&RInc) Maureen Reid, John Murphy & Associates, New York, NY. OSC.
  • Rs: (RAAInc) Steven E. Mellen, Winget Spadafora & Schwartzberg, New York, NY. OSC.
  • Rs: (SSInc) Donald J. Mehan Jr., Moline & Mehan, St. Louis, MO.
  • Rs: (GRK) No-show.
  • Rs: (LRS & RJF) None.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Park v. Wells Fargo

Allegation II

Misappropriatn

Forum

FINRA

Allegation III

BreachContract

Docket No

16-03488

Products

PromissoryNote

Issue Date

2017-11-20

Situs

Las Vegas

State

NV

Clmd Compensatory

120.0

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."

Claim Summary

Cs alleged an unauthorized transfer to pay a disputed balance of a promissory note executed on 4/1/11, unpaid wages earned on commissions and unauthorized sales of investments and liquidation of employee accounts.

Notes

None.

Arbitrators

Mary M. O'Neil - Chair; Robert Dean McKinley; Dean C. Abraham

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: (JKP) None.
  • Rs: (WFALLC) Kevin J. Woods, White Woods LLP, San Francisco, CA. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Waddell & Reed v. Montano

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-01270

Products

PromissoryNote

Issue Date

2017-11-20

Situs

PP

State

PP

Clmd Compensatory

28.6

Total Amt Awarded

36.9

Compensatory Awarded

28.6

Punitive Damage Awarded

Attorney Fees Awarded

8.3

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Claim Summary

Cs alleged that Rs failed to repay a 9/25/15 Transition Assistance Program Loan Agreement, which included a Promissory Note, after his termination on 12/15/16.

Notes

Arbitrator Remarks.

Arbitrators

Leonard Arthur Nelson, Esq.

Broker-Dealers Named

Waddell & Reed Incorporated

Professionals

  • Cs: (W&RInc) Lindsay E. Wuller, Bryan Cave LLP, St. Louis, MO.
  • Rs: (RM) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Farrant v. Santander Securities

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

14-01998

Products

MutualFunds

Issue Date

2017-11-20

Situs

San Juan

State

PR

Clmd Compensatory

100.0

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."

Claim Summary

Cs alleged over-concentration, among other things. The causes of action related to investments in closed-end mutual funds concentrated in Puerto Rico bonds.

Notes

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

Arbitrators

James W. Geiger, Esq. - Chair; Marc T. Danon, Esq.; Ronald Charles Waters

Broker-Dealers Named

Santander Securities LLC

Professionals

  • Cs: Jeffrey Erez, Sonn & Erez, Miami, FL.
  • Rs: (SSLLC) Sara Lydia Velez-Santiago, Pietrantoni Mendez & Alvarez, San Juan, PR. OSC.
  • Rs: (DAO, FGF & CLB) Matthew E. Wolper, Bressler Amery & Ross, Fort Lauderdale, FL.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Banco Invex SA v. Deutsche Bank

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

15-02136

Products

MutualFunds

Issue Date

2017-11-20

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."

Claim Summary

The causes of action related to the recommendation and purchase of a proprietary real estate fund, the Glanmore Property Fund Limited. Cs alleged that Rs failed to conduct adequate due diligence on a highly risky and over-valued proprietary real estate fund, the Glanmore Property Fund Limited, that Rs recommended and sold to them.

Notes

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

Arbitrators

Donald K. Eckhardt, Esq. - Chair; Robert Alan Meyer; Mary Ann Tunick

Broker-Dealers Named

Deutsche Bank Securities Incorporated

Professionals

  • Cs: Brian Levin, Dimond Kaplan & Rothstein, Miami, FL.
  • Rs: (DBSInc) Mark L. Parmelee, Greenberg Traurig LLP, White Plains, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Pecoraro v. Morgan Stanley

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01144

Products

CorpDebt

Issue Date

2017-11-21

Situs

Milwaukee

State

WI

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."

Claim Summary

Cs requested the expungement of a customer complaint, filed in 10/08 after Lehman Brother's bankruptcy, alleging that he recommended an unsuitable Lehman Brothers corporate bond in 3/08.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Philip J. Glick, Esq.

Broker-Dealers Named

Morgan Stanley & Company LLC

Professionals

  • Cs: (ACP) Ronald M. Amato, Amato Law Firm, Naperville, IL.
  • Rs: (MS&CLLC) Chan Nam, Morgan Stanley Wealth Management, New York, NY. ISC.
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