* 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 in great detail why it has denied a customer's claim against Respondent broker-dealer and broker finding that said customer failed to satisfy his burden of proof that a fiduciary relationship existed between him and Respondents.
* 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 granted Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13504(a)(6)(C) (res judicata) of the Code. The broker previously brought his claim against Respondent broker-dealer in FINRA Case No. 17-02598.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks -- Explained Award.
Arbitrators
Adam Michael Porter - Chair; Jack R. Goetz; John E. Ohashi, Esq.
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (SM) Paul W. Thomas, Thomas Law Group, Carlsbad, CA.
Rs: (MLPFSInc) Brian F. Amery, Bressler Amery & Ross, Florham Park, NJ. OSC and Jacqueline R. Meyers, Bressler Amery & Ross, New York, NY. OSC and Joseph E. Floren, Morgan Lewis & Bockius, San Francisco, CA. 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
An Arbitrator grants a broker's request for expungement of two customer complaints and one FINRA arbitration case from his CRD records despite the objection of one named Respondent broker-dealer.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.)
Broker-Dealers Named
Parkland Securities LLC; H. Beck Incorporated
Professionals
Cs: (JDB) Erica Harris, Of Counsel, HLBS Law, Westminster, CO.
Rs: (PSLLC) Randolph F. Pistor II, Ann Arbor, MI. ISC.
Rs: (HBInc) David J. Lehr, D'Amura & Zaidman, Austin, TX. 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 trust settles its claims against Respondent broker-dealer involving an investment in a Puerto Rico Municipal Bond Fund. Non-Party broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Susan A. Romano - Chair; Ernesto V. Luzzatto, Esq.; Peter A. Seibel
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: Anthony J. Badway, Klayman & Toskes, Boca Raton, 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 alleging elder abuse and fraud, among other things, is awarded damages against Respondent broker-dealer and broker. The customer's claim involved his allegation that during a 3 year period Rs recommended over 300 buys and sells, primarily of OPKO Health Inc., Melco Resorts and Entertainment Limited and SolarCity utilizing margin, resulting in significant commissions to Respondent brokers.
Notes
Rs Legend Securities Inc., Daniel M. King, Ali Habib Mayar and Francis Louis Smookler Jr. were not assessed any portion of the awarded amount. Rs Brookville Capital Partners and Yousuf Saljooki were assessed. Rescission Requested. All-Public Panel.
Arbitrators
Robert J. Scafuri, Esq. - Chair; John W. Eichleay, Jr., Esq.; Mary Kathleen Coleman
Broker-Dealers Named
Brookville Capital Partners; Legend Securities Incorporated
Professionals
Cs: Jonathan E. Neuman, Law Offices of J.E. Neuman, Fresh Meadows, NY. Previously represented by: Mitchell Markowitz, Stock Market Recovery Consultants Incorporated, Brooklyn, NY until 12/25/19.
Rs: (DMK) Ross J. Karetz, Ruskin Moscou Faltischek PC, Uniondale, NY.
Rs: (FLS) Brett D. Zinner, Rosenberg Fortuna & Laitman, Garden City, NY.
Rs: (AHM) Robert M. Bursky, RMB Legal, Melville, 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 customer alleging inappropriate, unethical, and disrespectful among other things with respect to his online trading account, loses his claim against Respondent broker-dealer.
Notes
None.
Arbitrators
Robert E. Anderson, Esq.
Broker-Dealers Named
Robinhood Securities LLC; Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RSLLC & RFLLC) Jonathan J. Brennan, Maynard Cooper & Gale, 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 that a registered representative made an unauthorized decision to liquidate the investments in said customer's brokerage account contrary to his instructions is awarded damages from Respondent broker-dealer.
Notes
None.
Arbitrators
Christine L. Stetson, Esq.
Broker-Dealers Named
Morgan Stanley; Morgan Stanley & Company LLC
Professionals
Cs: Pro se.
Rs: (MSSBLLC & MS&CLLC) Christine A. Kendrick & Eric Chen, 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
A Panel denies Claimant broker's claims against Respondent broker finding that said broker failed to establish entitlement to relief. The Panel also denied Respondent broker's Counterclaim as he did not proffer any evidence during his presentation as to said Counterclaim.
Notes
Directed Verdict -- Party Dismissal. Arbitrator Remarks.
Arbitrators
Stephen H. Biller, Esq. - Chair; Earle J. Schwarz, Esq.; William Robert Vance, Jr.
Broker-Dealers Named
Calton & Associates Incorporated
Professionals
Cs: (TKB) Andy T. Arant Jr., Arant Law Firm, Oxford, MS.
Rs: (C&AInc & MCI) Debra A. Jenks, Jenks & Harvey, West Palm Beach, FL. OSC.
Rs: (DCB) Brad Walsh, The Walsh Law Firm, Oxford, MS.
* 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 Consolidated Award, a customer alleges that Respondent broker-dealer and two brokers allowed her son (a named Respondent) to withdraw funds on their joint account as part of a conspiracy to seize said customer's joint tenant ownership interest. The Panel ultimately denied the customer's claims and awarded her son control over their joint accounts.
Notes
This is a Consolidated Award. Rescission Requested (Counterclaim). Majority Public Panel.
Arbitrators
G. Maynard Green, JD - Chair; C. Sumpter Logan; Robert R. Nursey
Broker-Dealers Named
Morgan Stanley Smith Barney LLC; True Capital Management LLC
Professionals
Cs: Joe B. Abbey, The Law Office of A.B. Abbey, Dallas, TX as of 10/6/17.
Cs: Philip M. Aidikoff & Ryan K. Bakhtiari, Aidikoff Uhl & Bakhtiari, Beverly Hills, CA and Justin B. Elegant, Berger Singerman LLP, Miami, FL.
Rs: (MSSBLLC, JDW, BJD, OVA, EAK & DAY) Joseph C. Coates III & Bradford D. Kaufman & Gina Schlaferman, Greenberg Traurig P.A., West Palm Beach, FL. OSC.
Rs: (TCMLLC) Brian Kennedy, Law Office of B. Kennedy, 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
Claimant broker is awarded expungement of a FINRA arbitration case from her CRD records.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Charles Scott McClellan - Chair; Ian Stephen Birk; Frederick B. Mueller
Broker-Dealers Named
Pacific West Securities Incorporated
Professionals
Cs: (EJF) Tanya Urbach & Amir Tadjedin, Markun Zusman et al., Portland, OR.
Rs: (PWSInc) No-show.
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