* 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 granting Respondents' request for monetary sanctions, an All-Public Panel (despite the dissent of one Arbitrator), denies a customer's case involving the purchase of municipal bonds. Respondent broker is granted his request for expungement of this matter from his CRD record.
* 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 majority public panel holds a non-appearing customer liable to Claimant broker-dealer for damages (including attorney fees and costs) as a result of a debit balance he incurred in his margin account.
Notes
Damage Anomaly. Majority Public Panel. Arbitrator Remarks.
Arbitrators
Benjamin F. Breslauer - Chair; Deana S. Peck; Allen B. Lang
Broker-Dealers Named
Tastyworks Incorporated
Professionals
Cs: (TInc) Thomas G. Haskins Jr., Barnes & Thornburg LLP, Dallas, 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
Two customers alleging unsuitability with respect to their purchase of non-traded real estate investment trusts and GPB Capital settle their case against Respondent broker-dealer. Respondent broker-dealer loses its request for expungement on behalf of a Non-Party registered representative.
Notes
This is a Stipulated Award. All-Public Panel.
Arbitrators
Natalie Panossian-Bassler - Chair; Barbara M. Zak, Esq.; Robert B. Hansohn
Broker-Dealers Named
Crown Capital Securities Limited Partnership
Professionals
Cs: Adam J. Gana, Gana Weinstein LLP, New York, NY.
Rs: (CCSLP) Craig R. Bockman, Jones Bell et al., Los Angeles, 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 denies Respondent broker-dealer's Pre-Hearing Motion to Dismiss on eligibility grounds (FINRA Rule 13206) without prejudice and awards Claimant expungement of two customer complaints from his CRD record.
* 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 violation of the Securities Act and Blue Sky laws, settles her case against Respondent member firm. Non-Party broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Rescission Requested. Arbitrator Remarks -- Expungement granted.
Arbitrators
Andrew M. Mintzer, CPA
Broker-Dealers Named
LPL Financial LLC
Professionals
Cs: Michael C. Bixby, Bixby Law PLLC, Pensacola, FL and Samuel B. Edwards, Shepherd Smith et al., Houston, TX.
Rs: (LPLFLLC) David I. Hantman, Bressler Amery & Ross, 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
In this small claims arbitration, Respondent broker-dealer is held liable to Claimant for over $50,000 in compensatory damages relating to his Individual Retirement Account.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Damage Anomaly. Clrg BD dispute.
Arbitrators
Philip Aaron Tymon, JD
Broker-Dealers Named
Citigroup Global Markets Incorporated
Professionals
Cs: Pro se.
Rs: (CGMInc) Ellen M. Murphy & Nicole Lloret & Angelina T. Evans, Seyfarth Shaw LLP, 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
In this small claims arbitration, an Arbitrator explains why he has decided to deny a customer's case against Respondents finding that said customer decided to liquidate her securities in spite of the advice she was given by the registered representative and that her account, in fact, gained money.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. 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
A single Arbitrator awards Claimant broker expungement of a customer complaint from his CRD record after finding that he met his burden of proof under all three criteria of 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
In this small claims arbitration, a customer alleging that he was given misinformation with respect to a Coronavirus related distribution from his employer-sponsored retirement plan loses his case after the Arbitrator determined that the inaction on the part of said customer and the naming of the wrong party is fatal to this claim.
Notes
Please Note* This matter proceeded pursuant to Rule 13800 of the Code. Arbitrator Remarks.
Arbitrators
Laura A. Kaster
Broker-Dealers Named
Vanguard Marketing Corporation
Professionals
Cs: Pro se.
Rs: (VMCorp) Samantha B. Kats, Stradley Ronon et al., Philadelphia, PA. 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 denying Respondent broker-dealer's Motion for Directed Verdict alleging failure to present a case, an Arbitrator denies a registered representative's request for reformation of his Form U5 record.
* 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 that Respondent broker-dealer's Yield Enhancement Options Strategy program was misrepresented to them settle their case. 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
Sidney Seligman - Chair; John Rinaldi; Priscilla Coq, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: Jeffrey Erez, Erez Law PLLC, Miami, FL.
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
A Respondent customer is held liable to Claimant broker-dealer for damages due to a debit balance he incurred as a result of a margin liquidation on his account.
Notes
All-Public Panel.
Arbitrators
Sidney J. Wartel, JD - Chair; Diane M. Perry, Esq.; Mark H. Schiff
* 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 held liable for the amounts due and owing pursuant to a previously executed settlement agreement relating to a promissory note she signed as part of her employment with Claimant broker-dealer.
Notes
Please Note* This matter proceeded pursuant to Rule 13800 of the Code.
* 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 finds a non-appearing customer liable to Claimant broker-dealer for the amount due and owing relating to unpaid transaction fees in breach of a customer agreement she signed upon opening her account.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
Arbitrators
Michael S. Matek, Esq.
Broker-Dealers Named
Hiive Markets Limited
Professionals
Cs: (HMLtd) Deanna L. Koestel & Marc M. Yenicag, Pashman Stein et al., 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
Two brokers (sisters) are each awarded expungement of one customer complaint each from their respective CRD records involving the purchase of Puerto Rican securities.
* 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 (Individually and as Trustee of his Trust Account) alleging that Respondents wrongfully mismanaged his account by placing his entire portfolio in speculative stocks such as Jumia Technologies AG and Twitter loses his case.
Notes
All-Public Panel.
Arbitrators
Jeffry Mark Bauer, Esq. - Chair; John N. Polakas, Esq.; Michele Renee Zinn
Broker-Dealers Named
Stifel Nicolaus & Company Incorporated
Professionals
Cs: Christopher D. Kaye & Marc L. Newman & Brandon T. Goldstein, The Miller Law Firm, Rochester, MI.
Rs: (SN&CInc & LM) Edwin A. Zipf & Mark L. Kowalsky, Bressler Amery & Ross, Florham Park, NJ. 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 being notified that the customers settled their case against Respondent broker-dealer, a Panel grants four Non-Party brokers' requests for expungement of this matter from their respective CRD records. In awarding the four brokers expungement, the Panel found no evidence of fraud, breach of fiduciary duty, or unsuitable investments.
Notes
This is a Stipulated Award. Regulation Best Interest. Majority Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Nancy Kramer - Chair; Ruth G. Kurtz, Esq.; Donald Nevin Gershuny
Broker-Dealers Named
Gilder Gagnon Howe & Company LLC
Professionals
Cs: Michael F. Bachner, Bachner & Associates, New York, NY.
Rs: (GGH&CLLC) Christopher J. Bouchoux & Denis Hurley, Wilmer Cutler et al., 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
An Arbitrator presents background information and material facts as to why he has decided to grant Claimant broker's request for expungement of a customer complaint from her CRD record.
* 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 is awarded her request for expungement of a customer complaint from her CRD record involving Puerto Rican securities.
* 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 material facts as to why he has awarded Claimant broker expungement of five customer complaints from his CRD record.
* 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
Pursuant to the stipulation of the parties, a single Arbitrator has granted Claimant broker's request for expungement of two customer complaints from his CRD record.
* 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 wins expungement of a complaint, involving the purchase of Royalty Trust Stocks, from his CRD despite the objection of the the customer.
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