UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2018-04-16

2018-16

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Clancy v. Merrill Lynch

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01823

Products

MutualFunds

Issue Date

2018-04-06

Situs

*

State

*

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 sole Arbitrator recommends the expungement of two customer complaints, one alleging the recommendation of overly aggressive securities and the other unauthorized trading, from a claimant broker's CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

People & Entities

Arbitrators

James John Jurinski, JD

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated; Morgan Stanley & Company LLC

Professionals

  • Cs: (MDC) Armin Sarabi & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (MLPFSInc) Kathryn D. Perreault & Stuart D. Roberts, Bressler Amery & Ross, Birmingham, AL. OSC.
  • Rs: (M&CLLC) Nicholas Y. Lin, Morgan Stanley Wealth Management, San Francisco, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Garner v. AG Edwards

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-02044

Products

*

Issue Date

2018-04-05

Situs

*

State

*

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 wins expungement of one customer complaint and two NASD arbitration cases from his CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael S. Matek, Esq.

Broker-Dealers Named

AG Edwards & Sons Incorporated nka Wells Fargo Clearing Services Incorporated

Professionals

  • Cs: (JWG) Dochtor Kennedy & Michael Bessette, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (WFCSInc) Deirdre Wolff, Vice President & Senior Counsel, Wells Fargo Law Department, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Mendoza v. Merrill Lynch

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-02089

Products

Equity; Margin; Annuities

Issue Date

2018-04-04

Situs

*

State

*

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 wins expungement of three NASD arbitrations and one customer complaint from his CRD records.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Laurel Littman Gothelf, MPH

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (DAM) Dochtor Kennedy & Michael Bessette, AdvisorsLaw LLC, Broomfield, CO.
  • Rs: (MLPFSInc) Randi P. Spallina, Bressler Amery & Ross, Fort Lauderdale, FL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Glasman v. Hilltop Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-02462

Products

*

Issue Date

2018-04-06

Situs

*

State

*

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 wins expungement of a customer complaint alleging that he failed to follow the customer's request that he liquidate a portion of her portfolio.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Thomas D. Reese, Esq.

Broker-Dealers Named

Hilltop Securities Incorporated

Professionals

  • Cs: (BTG) Owen Harnett & Armin Sarabi, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (HSInc) Rebecca E. MacLaren & Brandon S. Reif, Reif Law Group PC, Los Angeles, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Peconi v. Morgan Stanley

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

16-02661

Products

DirectInvesmts; HedgeFund

Issue Date

2018-04-02

Situs

Los Angeles

State

CA

Clmd Compensatory

400.0

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 settles her claims regarding a private placement investment hedge fund and a non-party broker wins expungement of them from his CRD records.

Notes

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

Arbitrators

Mary M. O'Neil - Chair; Natalie Panossian-Bassler; Stephen Mack, III

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Bruce D. Oakes, Oakes & Fosher, St. Louis, MO.
  • Rs: (MSSBLLC) Nicholas Y. Lin, Legal & Compliance, San Francisco, CA. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Marks

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-01179

Products

PromissoryNote

Issue Date

2018-04-02

Situs

San Francisco

State

CA

Clmd Compensatory

184.6

Total Amt Awarded

192.6

Compensatory Awarded

184.6

Punitive Damage Awarded

Attorney Fees Awarded

8.0

* 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 sole Arbitrator dismisses a broker's counterclaim because he failed to pay the filing fee or register for the FINRA Portal. The Arbitrator then holds the broker liable for breach of a promissory note.

Notes

Sanctions imposed. Arbitrator Remarks.

Arbitrators

Ralph L. Jacobson

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Timothy N. Will, Albert & Will, Torrance, CA. OSC.
  • Rs: (TMM) None.

TypeDisp

MemberMember

Allegation I

BreachContract

Short Caption

Barnes Capital v. Allen Mooney

Allegation II

Compensatn

Forum

FINRA

Allegation III

Reformation(U-5)

Docket No

16-03624

Products

NP

Issue Date

2018-03-19

Situs

Jacksonville

State

FL

Clmd Compensatory

262.6

Total Amt Awarded

105.8

Compensatory Awarded

101.8

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

In this dispute over a 2014 Branch Office Agreement, a broker and his office win unpaid commissions and the reformation of the broker's Form U-5.

Notes

This is an Amended Award. Setoff Award. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Roger W. Van Deusen, Esq. - Chair; Gerald Thomas Harper; Daniel Patrick Gimmy

Broker-Dealers Named

Barnes Capital Advisors LLC; Barnes Benefit Consultants LLC; Barnes Holdings Incorporated; Allen Mooney & Barnes Brokerage Services LLC; Allen Mooney & Barnes Investment Advisors LLC; Allen Mooney & Barnes Client Services LLC

Professionals

  • Cs: (BCALLC, BBCLLC, BHInc & TSB) Victor L. Hayslip & Fob James, Burr & Forman, Birmingham, AL. OSC.
  • Rs: (AM&BBSLLC, AM&BIALLC, AM&BCSLLC & MHA) Peter N. Farley & Kurt E. Lentz, McGuire Woods LLP, Atlanta, GA. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Novack v. Cadaret Grant

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

BreachContract

Docket No

17-00222

Products

MutualFunds; Annuities; Equity

Issue Date

2018-04-02

Situs

Boca Raton

State

FL

Clmd Compensatory

250.0

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

After a customer settles his claims of elder abuse and misrepresentation, among other causes of action, the Panel grants expungement relief to one of the respondent brokers, finding that he was not involved.

Notes

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

Arbitrators

Diane M. Perry, Esq. - Chair; Donald Theodore Ryce, Jr., Esq.; Joseph Michael Librie

Broker-Dealers Named

Cadaret Grant & Company Incorporated

Professionals

  • Cs: Bradford M. Gucciardo, Gucciardo Law Group PA, Lakewood Ranch, FL.
  • Rs: (CG&CInc, SHH & LER) William Zeena, Kaplan Zeena LLP, Miami, FL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Long v. Berthel Fisher

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01960

Products

Equity; VariableAnnuities

Issue Date

2018-04-06

Situs

Des Moines

State

IA

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 wins expungement of a customer arbitration arising from a private placement of stock, but fails to secure similar relief with respect to another customer complaint after the customer shows up at the expungement hearing to contest the broker's request.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Gerald W. Hepp

Broker-Dealers Named

Berthel Fisher & Company Financial Services Incorporated

Professionals

  • Cs: (JPL) Michael Bessette, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (BF&CFSInc) Shelley Davenport, Vice President Legal & Regulatory Matters, Cedar Rapids, IA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Hoffman v. NewBridge Securities

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

Misreprestn

Docket No

16-00767

Products

Equity; Margin

Issue Date

2018-04-05

Situs

Chicago

State

IL

Clmd Compensatory

242.4

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 alleges that respondents engaged in unauthorized trading and over-concentrated his account in unsuitable securities. However, when he ignores a discovery order, the Panel dismisses his claims and recommends expunging them from the CRD records of the only respondent who pursues his request for that remedy.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven H. Vogel, Esq. - Chair; Frank A. Dusek, CPA; Stephen W. Mack

Broker-Dealers Named

NewBridge Securities Corporation; National Securities Corporation

Professionals

  • Cs: James Malachy Meaney, Meaney & Meaney, Huntington, NY as of 9/12/17. Cs was originally represented by counsel until 1/5/17 when a Notice of Substitution Representation was filed by a non-attorney representative. On 7/5/17, a Notice of Appearance was filed by counsel.
  • Rs: (NSCorp) Gregg J. Breitbart, Kaufman Dolowich & Voluck, Boca Raton, FL. OSC.
  • Rs: (NSCorp, DHH, KJL, MHG & KAJ) Timothy Feil, Finkelstein & Feil, Bohemia, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Guinn v. Darden

Allegation II

Suitability

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

16-02031

Products

VariableAnnuities

Issue Date

2018-04-02

Situs

New Orleans

State

LA

Clmd Compensatory

348.4

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 customer settles his claims alleging that his broker failed to properly advise him of the nature and risks of a MetLife Balanced variable annuity, among other claims, and the Panel expunges the claim from the broker's CRD records.

Notes

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

Arbitrators

Jeff Howard Abrams - Chair; Ashley Lucile Belleau, Esq.; Mark A. Myers, Esq.

Broker-Dealers Named

Williams Financial Advisors LLC; LPL Financial LLC

Professionals

  • Cs: Steven G. Durio, Durio McGoffin et al., Lafayette, LA.
  • Rs: (SCD, LPLFLLC & WFALLC) Thomas F. Barnett, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Oliver v. Morgan Stanley

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-00219

Products

VariableAnnuities

Issue Date

2018-04-03

Situs

Baltimore

State

MD

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 recommends expungement of a previously settled customer arbitration claim regarding the purchase and liquidation of a Pacific Life Variable Annuity from a claimant broker's CRD records.

Notes

Majority Public Panel. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

James W. (Jim) Geiger - Chair; Ellen F. Kandell; Timothy J. Wright

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (BCO) Timothy C. Lynch & Sarah M. Sawyer, Offit Kurman PA, Baltimore, MD.
  • Rs: (MSSBLLC) Abigail Elrod, New York, NY. ISC.
  • Rs: No-show.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Struve v. LaVolpe

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

16-00263

Products

Equity

Issue Date

2018-04-06

Situs

Omaha

State

NE

Clmd Compensatory

110.5

Total Amt Awarded

110.5

Compensatory Awarded

110.5

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 customer alleging that his broker over-concentrated his account in securities that were unsuitable for his risk tolerance or trading strategy settles with the broker's employer and obtains a default judgment against the broker.

Notes

Rs Meyers Associates LP was not assessed any portion of the awarded amount. Rs Michael Scott LaVolpe aka Michael S. LaVordie was assessed. Rule 12801 default judgment. Panel composition issue.

Arbitrators

Susan L. Walker, Esq.

Broker-Dealers Named

Meyers Associates Limited Partnership

Professionals

  • Cs: Bradley Schnur, Law Office of B. Schnur PC, Jericho, NY. as of 7/29/17. Cs was previously represented by a non-attorney representative. On 10/19/16, a Notice of Appearance was filed by counsel.
  • Rs: (MALP) Gregory S. Sparer, Baritz & Colman, New York, NY. OSC. as of 9/7/17. Previously represented by other counsel.
  • Rs: (MSL) No-show.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Segal v. RBC Capital

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Negligence

Docket No

16-00188

Products

MutualFunds

Issue Date

2018-04-05

Situs

Newark

State

NJ

Clmd Compensatory

100.0

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

The causes of action relate to Puerto Rican bonds.

Notes

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

Arbitrators

Robert E. Anderson, Esq. - Chair; Catherine Stewart, Esq.; Veronica Ann Williams

Broker-Dealers Named

RBC Capital Markets LLC

Professionals

  • Cs: Kirk G. Smith, Shepherd Smith et al., Houston, TX.
  • Rs: (RBCCMLLC) Denis C. Dice, Winget Spadafora & Schwartzberg, Philadelphia, PA. OSC. N-Pty
  • Rs: (DF & RF) Maryana Feigen, Attorney-at-Law, New York, NY.

TypeDisp

MemberMember

Allegation I

Raiding

Short Caption

Euro Pacific v. Oppenheimer & Company

Allegation II

TakingRecords

Forum

FINRA

Allegation III

InjunctiveRelief

Docket No

15-01484

Products

NP

Issue Date

2018-04-04

Situs

New York

State

NY

Clmd Compensatory

35000.0

Total Amt Awarded

363.6

Compensatory Awarded

128.6

Punitive Damage Awarded

Attorney Fees Awarded

200.0

* 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 80 hearing sessions, a broker-dealer proves its raiding claim against a rival, winning injunctive relief, compensatory damages, attorney fees and costs, but its recovery is reduced by sanctions. Complicating matters, the claimant's former counsel asserts a lien against the recovery.

Notes

Rs Steven E. Savoy was not assessed any portion of the awarded amount. Rs Oppenheimer & Company Incorporated was assessed. Raiding case. Bankruptcy involved. PHL -- TRO granted. Sanctions imposed. Setoff Award. Arbitrator Remarks.

Arbitrators

Robert J. Kheel, Esq. - Chair; Jack Friedman, Esq.; Jerry M. Greenspan

Broker-Dealers Named

Euro Pacific Capital Incorporated; Oppenheimer & Company Incorporated

Professionals

  • Cs: (EPCInc) Rachael Kierych, Robin Kaplan LLP, New York, NY. OSC.
  • Rs: (O&CInc) S. Lawrence Polk, Eversheds Sutherland (US) LLP, Atlanta, GA. OSC.
  • Rs: (SES) Christopher E. Chang, Law Offices of C.E. Chang, New York, NY.
  • T-Pty Cs: (O&CInc) S. Lawrence Polk, Eversheds Sutherland (US) LLP, Atlanta, GA. OSC.
  • T-Pty Rs: (SES) Christopher E. Chang, Law Offices of C.E. Chang, New York, NY.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Litsky v. The GMS Group

Allegation II

FailToObey

Forum

FINRA

Allegation III

Misreprestn

Docket No

16-02324

Products

CorpDebt

Issue Date

2018-04-04

Situs

New York

State

NY

Clmd Compensatory

220.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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

After customers settle their claims regarding an investment in GMF Warren/Tulane bonds, their broker (who was not a party to the arbitration) wins expungement of the claims from his CRD records.

Notes

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

Arbitrators

Joseph J. Arata, Esq. - Chair; Paul Bennett Marrow; Barry Stephen Spector

Broker-Dealers Named

The GMS Group LLC

Professionals

  • Cs: Michael C. Farkas, Attorney-at-Law, New York, NY.
  • Rs: (TGMSGLLC) Alex R. Schmidt, Lubiner Schmidt & Palumbo, Cranford, NJ. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Marketos v. Oppenheimer & Company

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01537

Products

CorpDebt; MuniSecs; Equity

Issue Date

2018-04-05

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

A sole Arbitrator recommends the expungement from a broker's CRD records of three customer complaints alleging that the broker recommended high-risk securities to customers who were either risk-averse or wanted only moderate risk.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Ted M. Rosen, Esq.

Broker-Dealers Named

Oppenheimer & Company Incorporated; Raymond James & Associates Incorporated

Professionals

  • Cs: (PCM) Robert L. Herskovits, Herskovits PLLC, New York, NY.
  • Rs: (O&CInc) Ralph T. Izzo, New York, NY. ISC.
  • Rs: (RJ&AInc) Robert M. Rudnicki, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Epstein v. Credit Suisse

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-02023

Products

*

Issue Date

2018-04-05

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 sole Arbitrator recommends expungement of a customer complaint from a broker's CRD records, finding that the customer relied on false information when he complaint and then withdrew his complaint.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Lise Gabrielle Hunter, Esq.

Broker-Dealers Named

Credit Suisse Securities (USA) LLC

Professionals

  • Cs: (NAE) Nicolis Singer, Bressler Amery & Ross, Florham Park, NJ.
  • Rs: (CSSUSALLC) Deborah Burstein, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Thakar v. AG Edwards

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-02577

Products

Equity

Issue Date

2018-04-02

Situs

Pittsburgh

State

PA

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

After denying a motion to dismiss an expungement proceeding based on the Six-Year Eligibility Rule, a sole Arbitrator explains his decisions to recommend expungement of two customer complaints, one of which alleged the unauthorized purchase of stock and the other the purchase of unsuitable stock, from a broker's CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael D. McDowell

Broker-Dealers Named

AG Edwards & Sons Incorporated; Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (GST) Armin Sarabi, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (AGE&SInc) Deirdre C. Wolff, Wells Fargo, St. Louis, MO. ISC.
  • Rs: (MLPFSInc) Kathryn D. Perreault, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Sullivan

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

18-00055

Products

PromissoryNote

Issue Date

2018-04-03

Situs

PP

State

PP

Clmd Compensatory

169.5

Total Amt Awarded

169.5

Compensatory Awarded

169.5

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-dealer receives an award of the unpaid balances of two promissory notes, dated 2014 and 2015, with interest, in their claim against one of their former employees.

Notes

None.

Arbitrators

Maurice M. Feller, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Gregory S. Tendrich, G. Tendrich PA, Boca Raton, FL. OSC.
  • Rs: (JS) None.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Bui

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-02727

Products

PromissoryNote

Issue Date

2018-04-03

Situs

Houston

State

TX

Clmd Compensatory

72.2

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 broker and his former employer incorporate their settlement of a dispute over repayment of a 2013 promissory note into a Stipulated Award.

Notes

This is a Stipulated Award.

Arbitrators

Daniel J. Pagnano, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC dba Wells Fargo Advisors LLC

Professionals

  • Cs: (WFCSLLC) Jack D. Ballard & Kristina L. Cunningham, Ballard & Littlefield, Houston, TX. OSC.
  • Rs: (AB) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Carver v. Spero

Allegation II

Supervision

Forum

FINRA

Allegation III

Docket No

17-01059

Products

Equity

Issue Date

2018-04-06

Situs

Seattle

State

WA

Clmd Compensatory

43.8

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 sole Arbitrator explains his decision to grant pre-hearing dismissal of a customer's unsuitability claim under FINRA's Six-Year Eligibility Rule, even as the Arbitrator acknowledges that the eligibility period may be subject to tolling.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks. Explained Award.

Arbitrators

Craig Charles Beles, Esq.

Broker-Dealers Named

Charles Vista LLC

Professionals

  • Cs: Jennifer Tarr, Cold Spring Advisory Group, New York, NY.
  • Rs: (AJS, AJU & JV) Michael P. Gilmore, Moss & Gilmore, Mineola, NY.
  • Rs: (MRM) None.
  • Rs: (CVLLC) No-show.
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