UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2024-06-14

2024-14

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Davis v. JRL Capital

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

22-01426

Products

CorpDebt

Issue Date

2024-05-24

Situs

Los Angeles

State

CA

Clmd Compensatory

0.0

Total Amt Awarded

1301.0

Compensatory Awarded

1301.0

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

After dismissing the claims of two of the customers as a sanction for discovery violations, a Panel holds one named Respondent broker liable to the remaining customers for over $1 million in damages. Another named Respondent broker is granted his request for expungement of this matter from his CRD record.

Notes

Big $s. Rs JRL Capital Corporation and Richard Dale Sandfer were not assessed any portion of the awarded amount. Rs Larry Richard Law was assessed. Pre-Hearing Adjudication -- Party Dismissal. PHL -- Involves bankruptcy stay. Sanctions imposed. All-Public Panel. Arbitrator Remarks -- Expungement granted.

People & Entities

Arbitrators

Anthony D. DeToro, Esq. - Chair; Richard Maurice Robinson; Luis Sanchez Espinoza

Broker-Dealers Named

JRL Capital Corporation

Professionals

  • Cs: Nico Banks, Banks Law Office, Washington, DC.
  • Cs: Pro se (DD & DD).
  • Rs: (JRLCCorp) Julie Z. Kimball, Elkins Kalt et al., Los Angeles, CA. OSC.
  • Rs: (RDS) Patrick R. Mahoney, The Law Offices of P.R. Mahoney, Beverly Hills, CA.
  • Rs: (LRL) None.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Velasco v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

23-01589

Products

NP

Issue Date

2024-05-21

Situs

San Francisco

State

CA

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

A broker is awarded reformation of defamatory information from appearing on his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.)

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (ACV) Harris Freedman, HLBS Law, Broomfield, CO.
  • Rs: (WFCSLLC) Geoff Beckham, Wells Fargo Legal Department, San Francisco, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Liu v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02148

Products

REITs

Issue Date

2024-05-21

Situs

Los Angeles

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."

Case Summary

An Arbitrator grants Claimant broker's request for expungement of a complaint from appearing on his CRD despite the objection of the customer involved.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Anita Rae Shapiro, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (ZL) David Harrison, Law Offices of D. Harrison, Beverly Hills, CA.
  • Rs: (MLPFSInc) Laura A. Pizzitola, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

SmallClms

Allegation I

Misreprestn

Short Caption

Goldberg v. Fidelity Brokerage

Allegation II

Forum

FINRA

Allegation III

Docket No

24-00161

Products

Equity

Issue Date

2024-05-21

Situs

Los Angeles

State

CA

Clmd Compensatory

39.8

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

In this small claims arbitration, a customer alleging that his investments in VMWare Inc. and Broadcom Inc. were misrepresented loses his case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. The Cs did not request a hearing.

Arbitrators

Kenneth E. Owen, Esq.

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: Pro se.
  • Rs: (FBSLLC) Shawn J. Gebhardt, FMR LLC Legal Department, Durham, NC. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Shuttleworth v. Thrivent Investment

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02775

Products

NP

Issue Date

2024-05-21

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

Broker wins expungement of two customer complaints from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

David Adams Reif

Broker-Dealers Named

Thrivent Investment Management Incorporated

Professionals

  • Cs: (JRS) Nathan W. Lamb, Ulmer & Berne LLP, Chicago, IL.
  • Rs: (TIMInc) Shannon M. Wheaton & Jeff Ziesman, Bryan Cave et al., St. Louis, MO. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Broussard v. Morgan Stanley

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

23-00074

Products

NP

Issue Date

2024-05-24

Situs

Washington

State

DC

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

A broker loses her request for reformation of alleged defamatory information from her Form U5 record after the Arbitrator found there was a violation of the Morgan Stanley Code of Ethics and Business Conduct.

Notes

Arbitrator Remarks.

Arbitrators

Joseph J. Dougherty, JD

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (GLB) Harris Freedman & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (MSSBLLC) Amanda Parisi, Vice President, New York, NY. ISC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Sproat v. William Blair

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Misreprestn

Docket No

22-02649

Products

NP

Issue Date

2024-05-24

Situs

Boca Raton

State

FL

Clmd Compensatory

1100.0

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."

Case Summary

A customer alleging that Respondent broker-dealer ignored his agreed upon dollar-cost-averaging investment strategy in violation of its fiduciary duty by perpetrating a fraudulent scheme settles his case. Two Non-Party brokers are each granted their requests for expungement of this matter from their CRD records.

Notes

This is a Stipulated Award. Regulation Best Interest. Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Paul J. Burkhart - Chair; Scott Manker; Michael Lau

Broker-Dealers Named

William Blair & Company LLC

Professionals

  • Cs: Laurence M. Landsman, Landsman Saldinger Carroll PLLC, Chicago, IL.
  • Rs: (WB&CLLC) Bruce Lewitas, Lewitas Hyman PC, Chicago, IL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Grodin v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02742

Products

DirectInvesmts

Issue Date

2024-05-21

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."

Case Summary

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

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven Gerard Goerke, Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (RSG) Stephan Louviere, Louviere Law Firm, Pompano Beach, FL.
  • Rs: (MSSBLLC) Trae D. Meyr, Morgan Stanley Legal and Compliance, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Marshall v. Lincoln Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02800

Products

Annuities

Issue Date

2024-05-22

Situs

Tampa

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."

Case Summary

A Panel awards registered rep expungement of a customer complaint from his CRD record after finding that said complaint was factually impossible and false.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Carole M. Crosby, Esq. - Chair; John G. Sciandra; Donald N. Malawsky, Esq.

Broker-Dealers Named

Lincoln Financial Securities Corporation

Professionals

  • Cs: (JEM) None.
  • Rs: (LFSCorp) Benjamin Edwards, The Lincoln National Life Insurance, Greensboro, NC. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hanvey v. Ameriprise Advisor

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02819

Products

Equity

Issue Date

2024-05-23

Situs

Tampa

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."

Case Summary

Registered Rep wins expungement of a customer complaint from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Carolyn E. Moore

Broker-Dealers Named

Ameriprise Advisor Services Incorporated

Professionals

  • Cs: (DGH) Harris Freedman, HLBS Law, Broomfield, CO.
  • Rs: (AASInc) Howard M. Klausmeier, Ameriprise Financial Services LLC, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ciocia v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02931

Products

DirectInvesmts; CorpDebt

Issue Date

2024-05-23

Situs

Tampa

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."

Case Summary

A Panel awards Claimant broker expungement of two customer complaints from his CRD record after finding said complaints to be factually impossible and false under FINRA Rule 2080.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard S. Zaifert, Esq. - Chair; Jerome Blevins; Brian E. Spletzer

Broker-Dealers Named

National Securities Corporation

Professionals

  • Cs: (JCC) Tosh Grebenik, Judex Law LLC, Broomfield, CO.
  • Rs: (NSCorp) Emily A. Hayes, New York, NY. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Cardona

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

23-03265

Products

PromissoryNote

Issue Date

2024-05-24

Situs

Orlando

State

FL

Clmd Compensatory

5039.4

Total Amt Awarded

5196.7

Compensatory Awarded

5039.4

Punitive Damage Awarded

Attorney Fees Awarded

126.7

* 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 broker is held liable to his former employer for over $5 million in damages representing the amounts due and owing pursuant to the terms of the executed Promissory Note Agreements.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

Langfred W. White, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Morgan Stanley Smith Barney Financing LLC

Professionals

  • Cs: (MSSBLLC & MSSBFLLC) Tracy L. Gerber & Elizabeth E. Moum, Greenberg Traurig PA, West Palm Beach, FL. OSC.
  • Rs: (FC) No-show.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Klein v. Fidelity Brokerage

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

23-01074

Products

Equity

Issue Date

2024-05-23

Situs

Chicago

State

IL

Clmd Compensatory

150.0

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."

Case Summary

A customer alleging that she was subjected to unnecessary adverse tax and estate planning consequences after the unsuitable advice she received from one of Respondent broker-dealer's agents settles her case. Non-Party broker is granted his request for expungement of this matter from his CRD record.

Notes

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

Arbitrators

Gregory G. Gocek - Chair; Sal Presti, CPA; Debra J. Tucker

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: Christopher Lufrano, Lufrano Law LLC, Oak Park, IL.
  • Rs: (FBSLLC) Rebecca Swenson, FMR LLC Legal Department, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hoyle v. Grove Point

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02874

Products

Annuities

Issue Date

2024-05-24

Situs

Chicago

State

IL

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 awards a registered rep expungement of two customer complaints from his CRD record and explains why he has decided to deny the registered rep's request for expungement of a third finding he contributed to the settlement with the customer relating to that occurrence.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven H. Vogel, Esq.

Broker-Dealers Named

Grove Point Investments LLC; JW Cole Financial Incorporated

Professionals

  • Cs: (RMH) Peter Lindholm, HLBS Law, Broomfield, CO.
  • Rs: (GPILLC) Matthew Winterhalter, Grove Point Financial LLC, Rockville, MD. ISC.
  • Rs: (JWCFInc) Gregg J. Breitbart, Kaufman Dolowich & Voluck LLP, Fort Lauderdale, FL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Snyder v. Transamerica Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-01304

Products

NP

Issue Date

2024-05-20

Situs

St. Louis

State

MO

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 wins expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Tracy L. Allen, Esq.

Broker-Dealers Named

Transamerica Financial Advisors Incorporated

Professionals

  • Cs: (FBS) Chelsea Bauer, HLBS Law, Broomfield, CO.
  • Rs: (TFAInc) Megan Schneider, Cedar Rapids, IA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Caldera v. Invest Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-03012

Products

Equity

Issue Date

2024-05-21

Situs

Las Vegas

State

NV

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 awarded expungement of three customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Mark R. Lee

Broker-Dealers Named

Invest Financial Corporation; Quick & Reilly Incorporated

Professionals

  • Cs: (JAC) Stephan Louviere, Louviere Law Firm, Pompano Beach, FL.
  • Rs: (IFCorp) Eric A. Michaels & Zachary Chuey, Saretsky Hart et al., Birmingham, MI. OSC.
  • Rs: (Q&RInc) Laura A. Pizzitola, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Schrader v. First Union

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00696

Products

Equity

Issue Date

2024-05-24

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 Panel grants Claimant broker's request for expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Madelon M. Rosenfeld, Esq. - Chair; Eugene G.P. Byrne, Esq.; Glen R. Stifelman

Broker-Dealers Named

First Union Securities Incorporated; Dime Securities Incorporated

Professionals

  • Cs: (MES) Craig A. Riha, Gusrae Kaplan Nusbaum PLLC, Melville, NY.
  • Rs: (FUSInc) Nuviah Shirazi, Wells Fargo Advisors LLC, St. Louis, MO. ISC.
  • Rs: (DSInc) Thomas J. Cahill, Duane Morris LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Darnell v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

23-01816

Products

Equity; MutualFunds; Hypothecation; Margin

Issue Date

2024-05-21

Situs

New York

State

NY

Clmd Compensatory

860.0

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."

Case Summary

Two customers alleging unsuitable investments in Disney and Google stocks and seeking $860,000 in compensatory damages settle their case against Respondent broker-dealer. Non-Party broker is granted his request for expungement of this matter from his CRD record despite the objection of Claimants.

Notes

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

Arbitrators

John Franklin Udochi - Chair; Josefa Antonia Sicard-Mirabal; Anjelica Cappellino

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Jessica A. Murzyn, Rich Intelisano & Katz LLP, New York, NY.
  • Rs: (MSSBLLC) Jeremy S. Winer, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Sheth v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02543

Products

DirectInvesmts

Issue Date

2024-05-21

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 Panel awards Claimant registered representative expungement of a customer complaint from his CRD record after finding said request met all three criteria under FINRA Rule 2080.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Madelon M. Rosenfeld, Esq. - Chair; Frances Gottfried; John Nino Brenkovich

Broker-Dealers Named

National Securities Corporation

Professionals

  • Cs: (JS) Craig A. Riha, Gusrae Kaplan Nusbaum PLLC, Melville, NY.
  • Rs: (NSCorp) Emily A. Hayes, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Efthemis v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02807

Products

NP

Issue Date

2024-05-20

Situs

Buffalo

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

An Arbitrator awards a broker his request for expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard W. Dissen, Esq.

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (NJE) Peter Lindholm & Owen Harnett, HLBS Law, Broomfield, CO.
  • Rs: (AFSInc) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Chera v. Capital One

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02878

Products

CDs

Issue Date

2024-05-24

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

An Arbitrator awards Claimant broker his request for expungement of a customer complaint from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Ira A. Auerbach

Broker-Dealers Named

Capital One Investing LLC

Professionals

  • Cs: (RCC) Peter Lindholm & Owen Harnett, HLBS Law, Broomfield, CO.
  • Rs: (COILLC) Ted A. Gehring, Doll Amir & Eley LLP, Los Angeles, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rosenberg v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-03027

Products

Options

Issue Date

2024-05-24

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

An Arbitrator grants a broker's request for expungement of 18 customer complaints from appearing on his CRD record involving the placement of said customers in Respondent broker-dealer's Yield Enhancement Options Strategy.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Harvey E. Benjamin

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (SMR) David I. Hantman, Bressler Amery & Ross, New York, NY.
  • Rs: (UBSFSInc) Melissa J. Gworek & Omar Perez, UBS Business Solutions US LLC, Nashville, TN. ISC.

TypeDisp

EmployeeEmployee

Allegation I

LoanDefault

Short Caption

Manto v. Quinn

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

23-03236

Products

PromissoryNote

Issue Date

2024-05-24

Situs

New York

State

NY

Clmd Compensatory

47.6

Total Amt Awarded

62.8

Compensatory Awarded

47.6

Punitive Damage Awarded

Attorney Fees Awarded

15.2

* 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 held liable to Claimant broker for the amounts due and owing pursuant to a Promissory Note Agreement.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code under the Special Proceeding option. Arbitrator Remarks.

Arbitrators

Linda J. Baer, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: (GSM) David E. Robbins & Sam A. Silverstein, Kaufmann Gildin & Robbins LLP, New York, NY.
  • Rs: (MJQ) None.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Hayes v. Aegis Capital

Allegation II

Churning

Forum

FINRA

Allegation III

Suitability

Docket No

22-02854

Products

NP

Issue Date

2024-05-24

Situs

Cleveland

State

OH

Clmd Compensatory

881.0

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

A Panel dismisses with prejudice a group of customers' claims against Respondent broker-dealer and imposes monetary sanctions in the form of attorney fees pursuant to FINRA Rules 12212(c) and 12511 for their intentional disregard and failure to comply with the Panel's Orders regarding the production of discovery in this matter.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. All-Public Panel. Arbitrator Remarks -- Explained Award.

Arbitrators

Gregory G. Gocek - Chair; Henry George Grendell; Michael Jay Teitelbaum

Broker-Dealers Named

Aegis Capital Corporation

Professionals

  • Cs: Brandon Dei, SA Law Group PLLC, Huntington, NY.
  • Rs: (ACCorp) Sameer Rastogi & Emily M. Knight, Sichenzia Ross et al., New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Oeming v. Commonwealth Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

24-00453

Products

NP

Issue Date

2024-05-22

Situs

Portland

State

OR

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/expungement of his Form U5 record finding that the reported facts surrounding his termination from Respondent broker-dealer are true and accurate and modifying his Form U5 to reflect a voluntarily termination status would be inaccurate and misleading to the public.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code. The Cs did not request a hearing. Arbitrator Remarks -- Explained Award.

Arbitrators

Peter Khalil

Broker-Dealers Named

Commonwealth Financial Network

Professionals

  • Cs: (NDO) None.
  • Rs: (CFNtwk) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Diorio v. JJB Hilliard

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02761

Products

Equity

Issue Date

2024-05-21

Situs

Philadelphia

State

PA

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 wins expungement of two customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

George Forest Bingham, Esq.

Broker-Dealers Named

JJB Hilliard WL Lyons LLC; Banc of America Investment Services Incorporated

Professionals

  • Cs: (JAD) Stephan Louviere, Louviere Law Firm, Pompano Beach, FL.
  • Rs: (JJBHWLLLLC) Todd A. Holleman & Amber L. Kipfmiller, Miller Johnson LLP, Detroit, MI. OSC.
  • Rs: (BAISInc) Katelyn H. Wilson, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kramer v. Fidelity Brokerage

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02877

Products

CorpDebt

Issue Date

2024-05-23

Situs

Columbia

State

SC

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

Pursuant to the stipulation of the parties, a single Arbitrator granted Claimant broker's request for expungement of a customer complaint from his CRD record despite the objection of said customer.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Mauricio Arcadier, JD

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: (MRK) William Preston Martin, Bressler Amery & Ross, Birmingham, AL.
  • Rs: (FBSLLC) Efrat Cohen, FMR LLC Legal Department, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Zehntner v. Rhodes Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02799

Products

NP

Issue Date

2024-05-22

Situs

Dallas

State

TX

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 wins expungement of a customer complaint from appearing on her CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Frances Johnson-Wright, Esq.

Broker-Dealers Named

Rhodes Securities Incorporated

Professionals

  • Cs: (MRZ) Dochtor Kennedy & Alex Padla, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (RSInc) Gordon Rhodes, Fort Worth, TX. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Martyna v. Voya Financial

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

22-02398

Products

REITs

Issue Date

2024-05-21

Situs

Seattle

State

WA

Clmd Compensatory

270.0

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."

Case Summary

A customer alleging misrepresentation with respect to his investments in two real estate investment trusts called Hospitality Investors Trust and Northstar Real Estate Income II settles his case against Respondent broker-dealer. A Non-Party broker loses his request for expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Rescission Requested. All-Public Panel.

Arbitrators

William J. Bender, Esq. - Chair; Al Van Kampen; Frederick Allan Kaseburg

Broker-Dealers Named

Voya Financial Advisors Incorporated

Professionals

  • Cs: Peter J. Mougey & William B. Young Jr. & Page A. Poerschke, Levin Papantonio Rafferty PA, Pensacola, FL.
  • Rs: (VFAInc) Derek C. Anderson, Winget Spadafora & Schwartzberg LLP, Boulder, CO. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kasel v. US Bancorp

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00700

Products

NP

Issue Date

2024-05-22

Situs

Seattle

State

WA

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 broker loses his request for expungement of a customer complaint from appearing on his CRD record.

Notes

None.

Arbitrators

Katherine Hendricks, Esq. - Chair; David William Hickman, JD; Linda Dai-Fong Koa

Broker-Dealers Named

US Bancorp Investments Incorporated; KMS Financial Services Incorporated

Professionals

  • Cs: (JAK) Christopher F. Robertson, Seyfarth Shaw LLP, Boston, MA.
  • Rs: (USBIInc) Briana Al Taqatqa, Dorsey & Whitney LLP, Minneapolis, MN. OSC.
  • Rs: (KMSFSInc) No-show.
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