* 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 this matter, finding that the customer did not suffer any losses as Respondent broker-dealer complied with and did not violate the agreement between the parties when said broker-dealer sold his shares of SPCE in order to meet margin requirements. In fact, the customer not only made a profit after Respondent sold the shares, but the funds were also credited to his account.
Notes
Arbitrator Remarks -- Explained Award.
Arbitrators
Jonathan Polland
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) William M. Turner, Turner Dhillon LLP, 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
In this small claims arbitration, a customer alleging that Respondents did not act in his best interest when it placed restrictions on his account, thus causing him to be unable to access his shares of TC Financial Holdings Corporation, wins his case and is awarded compensatory damages solely from Respondent broker-dealer.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Rescission Requested. Rs Douglas Lon Peterson was not assessed any portion of the awarded amount. Rs Fidelity Brokerage Services LLC was assessed. Regulation Best Interest. Panel composition issue.
Arbitrators
Richard W. Epstein, Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC & DLP) Thomas F. Barnett, FMR LLC Legal Department, Boston, MA. 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 customer alleging that he suffered financial losses as a result of a wire transfer scam that occurred with respect to his securities account after Respondent broker-dealer allegedly failed to follow its own security procedures to prevent such actions is awarded compensatory damages.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
* 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, with prejudice, her request for expungement of a customer complaint from appearing on her CRD record by unanimous decision of the Panel.
Notes
None.
Arbitrators
Leah Murray Albert, Esq. (fka Leah A. Murray, Esq. fka Leah M. Balk-Teitelbaum, Esq. fka Leah M. Murray, Esq.) - Chair; James R. McGuone, Esq.; Tina E. Patterson
Broker-Dealers Named
Cetera Investment Services LLC
Professionals
Cs: (KC) Samuel E. Cohen, Marshall Dennehey PC, Philadelphia, PA.
Rs: (CISLLC) David Feldstein, Cetera Financial Group, New York, NY. 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 non-appearing registered representative is held liable to Claimant broker-dealer for the amounts due and owing under a promissory note agreement (Forgivable Loan Agreement).
Notes
Arbitrator Remarks.
Arbitrators
B. John Dill
Broker-Dealers Named
Parkland Securities LLC
Professionals
Cs: (PSLLC) Jonathan M. Sterling, Saretsky Hart et al., Birmingham, MI. 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 granted her request for expungement of two customer complaints from appearing on her CRD record. In awarding expungement, the Panel noted that Respondent broker-dealer correctly reported the items and committed no errors in its handling of the customer complaints.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Terry M. Lloyd, CPA, CFA - Chair; Kirtley M. Thiesmeyer, Esq.; Brett Coonrod
Broker-Dealers Named
Edward Jones
Professionals
Cs: (NFN) None.
Rs: (EDJ&CLP) Douglas Buck & Jonathan W. Hackbarth, Quarles & Brady LLP, Madison, WI. 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 Panel denies, with prejudice, a broker's request for expungement of a customer complaint from his CRD record as the decision to award said relief was not unanimous. Two Arbitrators found that one or more grounds for expungement under Rule 13805 were met, while one Arbitrator did not make such a finding.
Notes
Arbitrator Remarks -- Arbitrators dissent without explanation.
Arbitrators
Patricia Ann Tracey, Esq. (Dissents) - Chair; Eric Ross Cromartie (Dissents); Lorrie E. Whitfield
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (ASR) David I. Hantman, Bressler Amery & Ross, New York, NY.
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 Panel awards Claimant broker expungement of a customer complaint from appearing on his CRD record after finding that he was not involved with the alleged investment-related sales practice violation and that said complaint is false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Lise Gabrielle Hunter, Esq. - Chair; Steven R. Rolnick, Esq.; Richard Marc Weinroth, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (RAR) David I. Hantman, Bressler Amery & Ross, New York, NY.
Rs: (UBSFSInc) Melissa J. Gworek, 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
An Arbitrator explains why he has decided to grant Respondent broker-dealer's Pre-Hearing Motion to Dismiss Claimant's request for reformation of alleged defamatory information from his Form U5 record based upon the applicable statute of limitations - Rule 13206 of the Code (Six-year Eligibility Rule for Industry Disputes) as said U5 was filed in 2015.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks -- Explained Award. Case law cited.
Arbitrators
Thomas E. Kopil
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (ML) Alex Padla, AdvisorLaw LLC, Broomfield, CO.
Rs: (MLPFSInc) Stuart D. Roberts, Maynard Nexsen PC, Birmingham, AL. 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 denying its Pre-Hearing Motion to Dismiss on eligibility grounds (Six-year Eligibility Rule), a Panel holds Respondent broker-dealer liable to a customer for over $1.2 million in damages relating to the use of margin and the purchase of a variable annuity for her securities account.
Notes
Big $s. All-Public Panel.
Arbitrators
John Winslow Griesser - Chair; John A. Baynes, III; Yolanda Michelle Ahmad
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: Bruce D. Oakes & Richard B. Fosher, Oakes & Fosher LLC, St. Louis, MO.
Rs: (UBSFSInc) Anthony J. Borrelli & Rebecca A. Borgese, Riker Danzig LLP, Madison, NJ. OSC.
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