UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2022-11-29

2022-24

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Sholty v. Banc of America

Allegation II

Forum

FINRA

Allegation III

Docket No

21-01929

Products

NP

Issue Date

2022-11-02

Situs

Los Angeles

State

CA

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."

Case Summary

A Panel grants one named Respondent broker-dealer's Pre-Hearing Motion to Dismiss Claimant rep's requests for expungement on eligibility grounds (pursuant to Rule 13206) and also denies his remaining request for expungement of another customer complaint.

Notes

Pre-Hearing Adjudication -- Party Dismissal. Arbitrator Remarks.

People & Entities

Arbitrators

Edith N. Dinneen, Esq. - Chair; David Harvey Failer; Jeffrey E. Skogsbergh, Esq.

Broker-Dealers Named

Banc of America Investment Services Incorporated; Morgan Stanley

Professionals

  • Cs: (RLS) Zachary Morse, HLBS Law, Westminster, CO.
  • Rs: (BAISInc) Jason E. Murtagh, Buchanan Ingersoll & Rooney, San Diego, CA. OSC.
  • Rs: (MSSBLLC) Sarah Malik, Keesal Young & Logan, San Francisco, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hine v. Securities Service

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00112

Products

NP

Issue Date

2022-11-01

Situs

Hartford

State

CT

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

A broker is granted his request for expungement of two customer complaints from appearing on his CRD record but is denied his request for expungement of a third.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Catherine Stewart, Esq.

Broker-Dealers Named

Securities Service Network LLC

Professionals

  • Cs: (TJH) Dochtor Kennedy & Samantha Pastor, AdvisorLaw LLC, Westminster, CO.
  • Rs: (SSNLLC) Jennifer R. Cox, Securities America Incorporated, Jersey City, NJ. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Jacobson v. Morgan Stanley

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Supervision

Docket No

21-00200

Products

DirectInvesmts; RealEstate; HedgeFunds

Issue Date

2022-10-28

Situs

Tampa

State

FL

Clmd Compensatory

225.7

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

Two customers alleging constructive fraud with respect to the purchase of various alternative investments including master limited partnerships lose their case against Respondent broker-dealer. Non-Party registered rep is awarded expungement of this matter from his CRD record.

Notes

All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Martin M. Van Luven - Chair; Jessica Shaw; Jennifer Lavoie

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: Christopher J. Moyen, Dovin Ficken LLC, Atlanta, GA.
  • Rs: (MSSBLLC) Trae D. Meyr, Executive Director, Morgan Stanley Legal and Compliance, St. Petersburg, FL. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Gray v. Triad Advisors

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

22-00169

Products

*

Issue Date

2022-10-24

Situs

Jacksonville

State

FL

Clmd Compensatory

200.0

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

An All-Public Panel grants Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206(a) (Six-year Eligibility Rule), thus denying the customer's request for rescission of his investments.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Rescission Requested. All-Public Panel. Arbitrator Remarks.

Arbitrators

Richard R. Logsdon, Esq. - Chair; Meeta Alberta Bass; Karen Santiago

Broker-Dealers Named

Triad Advisors LLC

Professionals

  • Cs: David P. Meyer & Courtney M. Werning, Meyer Wilson Co. LPA, Columbus, OH and Joseph Peiffer & Jason Kane & Christa Hibbard, Peiffer Wolf et al, Pittsford, NY.
  • Rs: (TALLC) James A. McGovern, Marshall Dennehey et al., Pittsburgh, PA. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Matsakis v. Equitable Advisors

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-02607

Products

NP

Issue Date

2022-10-26

Situs

Baltimore

State

MD

Clmd Compensatory

0.0

Total Amt Awarded

Equity

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

Claimant registered representative and Respondent broker-dealer resolve their respective claims and Counterclaims, while said registered rep is granted reformation of defamatory information from his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Nancy E. Watters, Esq. - Chair; Cherelle K. Donaldson; John L. Bruch, III

Broker-Dealers Named

Equitable Advisors LLC

Professionals

  • Cs: (CPM) Jon-Jorge Aras & Christopher D. Warren, Warren Law Group, New York, NY.
  • Rs: (EALLC) Matthew I. Penfield, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

CustomerMember

Allegation I

Misappropriatn

Short Caption

Barker v. Charles Schwab

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

21-02847

Products

*

Issue Date

2022-10-25

Situs

Augusta

State

ME

Clmd Compensatory

239.1

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 customer alleging that securities in his account were misappropriated and that Respondent broker-dealer engaged in fraud in violation of the Electronic Fund Transfer Act loses his case.

Notes

Majority Public Panel. Panel composition issue.

Arbitrators

Edward W. Morris, Jr., Esq. - Chair; John W. Eichleay, Jr., Esq.; Samuel Harrison Chorches, Esq.

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: Alexander Darr, Darr Law, Columbus, OH.
  • Rs: (CS&CInc) Frank Cuccio, Bressler Amery & Ross, Florham Park, NJ. OSC.

TypeDisp

EmployeeMember

Allegation I

ExcessiveFees

Short Caption

Osborn v. Concorde Investment

Allegation II

Operations

Forum

FINRA

Allegation III

Docket No

21-02870

Products

NP

Issue Date

2022-10-31

Situs

Detroit

State

MI

Clmd Compensatory

64.6

Total Amt Awarded

0.0

Compensatory Awarded

0.0

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

A broker alleging that he was wrongfully charged commissions on fee-based accounts loses his claim against Respondent broker-dealer.

Notes

None.

Arbitrators

Jeffry Mark Bauer, Esq.

Broker-Dealers Named

Concorde Investment Services LLC

Professionals

  • Cs: (DCO) Philip J. Weipert, Attorney-at-Law, South Lyon, MI.
  • Rs: (CISLLC) M. Scott Holcomb, Holcomb + Ward LLP, Atlanta, GA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Shanahan v. Raymond James

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00224

Products

VariableAnnuities; VariableLifeInsurance

Issue Date

2022-11-01

Situs

Charlotte

State

NC

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

Claimant broker is granted his request for expungement of three customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard James Igou

Broker-Dealers Named

Raymond James Financial Services Incorporated

Professionals

  • Cs: (PHS) Robert J. Moses, Lax & Neville, New York, NY.
  • Rs: (RJFSInc) Laura Ruiz Rivera, Assistant General Counsel, Raymond James, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hicks v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00502

Products

NP

Issue Date

2022-10-24

Situs

Raleigh

State

NC

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

A Panel awards a broker expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard James Igou - Chair; S.M. Kernodle-Hodges; Charles Robert Moore

Broker-Dealers Named

Ameriprise Financial Services LLC

Professionals

  • Cs: (CTH) Tosh D. Grebenik, Judex Law LLC, Broomfield, CO.
  • Rs: (AFSInc) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Discrimination(Gender)

Short Caption

Krauss v. Citigroup Global

Allegation II

Retaliation

Forum

FINRA

Allegation III

Compensatn

Docket No

21-00274

Products

NP

Issue Date

2022-10-28

Situs

New York

State

NY

Clmd Compensatory

512.5

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

Registered rep loses his statutory employment claims including allegations of gender discrimination and retaliation against Respondent broker-dealer.

Notes

Please Note* This matter was decided by an All-Public Panel pursuant to Rule 13802 of the Code. Gender Discrimination case.

Arbitrators

Karen J. Orlin - Chair; Camille S. Cooper, Esq.; Kenneth Paul Williams, JD

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (TJK) Daniel J. Kaiser & William H. Kaiser, Kaiser Saurborn & Mair, New York, NY.
  • Rs: (CGMInc) James McQuade, Orrick Herrington & Sutcliffe, New York, NY. OSC and Thomas Panighetti, Orrick Herrington & Sutcliffe, Wheeling, WV. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Elmazahy v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-02996

Products

NP

Issue Date

2022-11-04

Situs

New York

State

NY

Clmd Compensatory

Equity

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 Panel grants a registered representative's request for reformation of alleged defamatory information from appearing on his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Bryan Lane Berson - Chair; Lorrie E. Whitfield; Lynda Kommel-Browne

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (SSE) Christopher D. Warren & Jon-Jorge Aras, Warren Law Group, New York, NY.
  • Rs: (WFCSLLC) Charlton Young, Wells Fargo, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Jackson v. Citigroup Global

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

22-00050

Products

NP

Issue Date

2022-10-26

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 alleged defamatory information from appearing on his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

William E. Nuckel

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

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

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Vidal v. Morgan Stanley

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

22-00086

Products

NP

Issue Date

2022-10-24

Situs

New York

State

NY

Clmd Compensatory

0.0

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."

Case Summary

An Arbitrator explains why he has decided to deny a broker's request for reformation of his Form U5 record finding that the "Yes" answers to the questions contained in it were accurate.

Notes

Arbitrator Remarks -- Explained Award.

Arbitrators

Howard D. Jacob, Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (CCV) Dochtor Kennedy & Zachary Morse, AdvisorLaw LLC, Westminster, CO.
  • Rs: (MSSBLLC) Andrew Joyce, Morgan Stanley Wealth Management, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Updegrove v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00173

Products

NP

Issue Date

2022-10-31

Situs

New York

State

NY

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

A broker is awarded expungement of two customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Eugene G.P. Byrne, Esq. - Chair; Mark Joseph Hyland

Broker-Dealers Named

National Securities Corporation; Eastbrook Capital Group LLC

Professionals

  • Cs: (SLU) Tosh D. Grebenik, Judex Law LLC, Broomfield, CO.
  • Rs: (NSCorp) Emily A. Hayes, New York, NY. ISC.
  • Rs: (ECGLLC) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Gagnon v. Gilder Gagnon

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00481

Products

NP

Issue Date

2022-11-03

Situs

New York

State

NY

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

Registered Rep is awarded expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Gerald M. Levine

Broker-Dealers Named

Gilder Gagnon Howe & Company LLC

Professionals

  • Cs: (NJG) Dochtor Kennedy & Samantha Pastor, AdvisorLaw LLC, Westminster, CO.
  • Rs: (GGH&CLLC) Elizabeth Curran, Shulte Roth & Zabel, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Tansey v. RBC Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00786

Products

NP

Issue Date

2022-10-31

Situs

New York

State

NY

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."

Case Summary

An Arbitrator denies a broker's request for expungement of a complaint from his CRD record after the objection of the customer.

Notes

Panel composition issue.

Arbitrators

Michele S. Riley

Broker-Dealers Named

RBC Capital Markets LLC

Professionals

  • Cs: (RFT) Frederic M. Krieger & Rebecca Kurley, Davis Wright Tremaine LLP, New York, NY and P. Thomas DeFranco, Davis Wright Tremaine LLP, Washington, DC.
  • Rs: (RBCCMLLC) Leyla Bari, Dorsey & Whitney, Minneapolis, MN. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Everett v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00256

Products

NP

Issue Date

2022-10-28

Situs

Portland

State

OR

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

A broker is only awarded expungement of one customer complaint from appearing on his CRD record and not his request for expungement of three more.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Katherine Hendricks, Esq.

Broker-Dealers Named

Ameriprise Financial Services LLC; Voya Financial Advisors Incorporated

Professionals

  • Cs: (DKE) Dochtor Kennedy & Zachary Morse, AdvisorLaw LLC, Westminster, CO.
  • Rs: (AFSLLC) Howard M. Klausmeier, Minneapolis, MN. ISC.
  • Rs: (VFAInc) Christina Z. Vourakis & Taylor J. Trotter, Winget Spadafora & Schwartzberg, Los Angeles, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Garcia Romero v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00444

Products

MuniSecs

Issue Date

2022-11-04

Situs

San Juan

State

PR

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

An Arbitrator provides factual background and explains why he has decided to grant Claimant broker's request for expungement of five customer complaints from his CRD record finding that said request met all three criteria under Rule 2080.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Martin A. Feigenbaum, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico

Professionals

  • Cs: (DRGR) Maria Lugo & Ubaldo M. Fernandez, O'Neill & Borges, San Juan, PR.
  • Rs: (UBSFSIncPR) Rey F. Medina Velez, San Juan, PR. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ubinas Taylor v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00454

Products

MuniSecs

Issue Date

2022-10-28

Situs

San Juan

State

PR

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

An Arbitrator provides factual background and explains in detail why he has decided to grant a broker's request for expungement of five customer complaints from his CRD record involving the purchase of Puerto Rico bond fund securities.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Martin A. Feigenbaum, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico

Professionals

  • Cs: (CVUT) Ubaldo M. Fernandez-Barrera & Maria de los Angeles Lugo Colom, O'Neill & Borges, San Juan, PR.
  • Rs: (UBSFSIncPR) Rey F. Medina Velez, San Juan, PR. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Skudlarczyk

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

22-01464

Products

PromissoryNote

Issue Date

2022-10-31

Situs

Houston

State

TX

Clmd Compensatory

576.9

Total Amt Awarded

585.7

Compensatory Awarded

576.9

Punitive Damage Awarded

Attorney Fees Awarded

2.5

* 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 a broker is held liable to his former employer for the amounts due and owing on a promissory note agreement.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

G. Maynard Green, JD

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (MSSBLLC) Erin Friel Elmore, Henneman Rau et al., Houston, TX. OSC.
  • Rs: (PLS) No-show.
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