UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2019-12-06

2019-43

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Misappropriatn

Short Caption

Palm Beach Equity v. Steinle

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

BreachContract

Docket No

19-00085

Products

Equity; Margin

Issue Date

2019-10-30

Situs

Little Rock

State

AR

Clmd Compensatory

679.0

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 customer is granted specific performance relating to its allegations that Respondent broker-dealer and broker breached the parties' Client Agreement by reversing a journal entry transferring $650,000 from non-parties Mr. and Mrs. V's TD Ameritrade account to Claimant's account.

Notes

Rs Jeremy Daniel Steinle was dismissed from this case pursuant to FINRA Rule 12504. The case solely proceeded against TD Ameritrade Clearing. Pre-Hearing Adjudication -- Party Dismissal. All-Public Panel. Arbitrator Remarks.

People & Entities

Arbitrators

Joseph Neal Richardson - Chair; Mary Elizabeth Skelnik; Sheldon Weinhaus

Broker-Dealers Named

TD Ameritrade Clearing Incorporated

Professionals

  • Cs: John W. Townshend, Fort Smith, AR.
  • Rs: (JDS & TDACInc) Alison M. Gutierrez, Kutak Rock LLP, Omaha, NE. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Borecky v. Scottrade Incorporated

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-01033

Products

NP

Issue Date

2019-10-30

Situs

Little Rock

State

AR

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 granted reformation of his Form U-5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Allan R. Lazor, Esq.

Broker-Dealers Named

Scottrade Incorporated

Professionals

  • Cs: (PLB) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (SInc) Marcia A. Washkuhn & Meaghan M. Gandy, Kutak Rock LLP, Omaha, NE. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Adikwu v. Charles Schwab

Allegation II

Defamation

Forum

FINRA

Allegation III

WrongTerm

Docket No

19-00379

Products

NP

Issue Date

2019-11-01

Situs

Phoenix

State

AZ

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

Claimant broker alleging wrongful termination and seeking compensation settles his claims against Respondent broker-dealer. Claimant broker is also awarded reformation of his Form U-5 record.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Mary M. O'Neil - Chair; Marc Kalish, JD; Holly A. Hart

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: (COA) Joshua B. Kons, Law Offices of J.B. Kons, Weatogue, CT.
  • Rs: (CS&CInc) Eric Dowell, Ogletree Deakins et al., Phoenix, AZ. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Tsuchiyose v. Lau

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

18-03463

Products

ETFs; Equity

Issue Date

2019-11-01

Situs

Los Angeles

State

CA

Clmd Compensatory

639.5

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

A customer voluntarily withdraws his claims against one named Respondent broker-dealer without prejudice pursuant to Rule 12702(a) and loses his remaining claims against the other named Respondents. The customer's claims involved Exchange Traded Funds. Respondent broker is awarded expungement of this matter from his CRD record.

Notes

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

Arbitrators

Eric Gad Forster - Chair; Kenneth M. Weinman, Esq.; Leslie Marie Hopp

Broker-Dealers Named

Girard Securities Incorporated; LFS Asset Management; Fortune Financial Services Incorporated

Professionals

  • Cs: Marc I. Zussman, Law Offices of M.I. Zussman, Los Angeles, CA.
  • Rs: (JOL & LFSAMgmt) Elizabeth A. Lowery, Freeman Mathis & Gary, Hermosa Beach, CA. OSC.
  • Rs: (GSInc) R. Craig Zafis, R.C. Zafis APC, San Diego, CA. OSC.
  • Rs: (FFSInc) Karl E. May, Kadish Hinkel & Weibel, Cleveland, OH. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Nowakowski

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

18-02164

Products

PromissoryNote

Issue Date

2019-11-01

Situs

Hartford

State

CT

Clmd Compensatory

60.9

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

An Arbitrator explains why he has denied Claimant broker-dealer's request for the amounts due and owing on two promissory notes from Respondent broker.

Notes

Arbitrator Remarks.

Arbitrators

Patrick Richard Westerkamp, Esq.

Broker-Dealers Named

Wells Fargo Advisors Financial Network

Professionals

  • Cs: (WFAFNtwk) Jonathan A. Scobie, Stevens & Lee, Lawrenceville, NJ. OSC.
  • Rs: (JTN) Dennis C. Carter, Carter & Doyle, Wellesley Hills, MA.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Taylor v. Interactive Brokers

Allegation II

Fraud

Forum

FINRA

Allegation III

Supervision

Docket No

18-00111

Products

PrivSecTrans

Issue Date

2019-10-31

Situs

Tampa

State

FL

Clmd Compensatory

50.0

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

The causes of action relate to Cs allegation that her financial advisor, who was registered with Interactive Brokers, and an unregistered investment advisor engaged in a scheme that resulted in Cs suffering significant financial loss caused by aggressive, excessive and speculative trading in her account with Interactive Brokers.

Notes

None.

Arbitrators

Langfred W. White, Esq.

Broker-Dealers Named

Interactive Brokers LLC; Securities America Incorporated

Professionals

  • Cs: Teresa J. Verges & Taylor Bandy & Theodore O'Brien & Brooke Nelson, University of Miami School of Law Investor Rights Clinic, Coral Gables, FL.
  • Rs: (IBLLC) Carlos E. Provencio & Mark G. Materna, Washington, DC. ISC.
  • Rs: (SAInc) Chad Weaver, Freeman Mathis & Gary, Seal Beach, CA. OSC.

TypeDisp

EmployeeCustomer

Allegation I

Expungement(CRD)

Short Caption

Lemke v. Cwichon

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01027

Products

UITs

Issue Date

2019-11-01

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

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

Notes

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

Arbitrators

Leon Fox, JD - Chair; Michael S. Matek, Esq.; Theodore W. Wrobleski, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: (MEL) John A. Dienner, Law Office of J.A. Dienner, Chicago, IL.
  • Rs: No-show.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Cage v. O'Brien

Allegation II

Fraud

Forum

FINRA

Allegation III

Suitability

Docket No

17-02973

Products

DirectInvesmts; UITs

Issue Date

2019-10-28

Situs

Shreveport

State

LA

Clmd Compensatory

8906.7

Total Amt Awarded

3151.7

Compensatory Awarded

2986.7

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

One group of the named customers settle their claims with Respondent broker-dealer, while the remaining customers are awarded over $2.9 million in compensatory damages and $165,000 in various costs relating to their investments in gas and oil limited partnerships and unit investment trusts. Respondent broker is found not liable to said customers and is granted expungement of this matter from his CRD record.

Notes

Big $s. Rs Thomas Whitmeyer O'Brien was not assessed any portion of the awarded amount. Rs Raymond James & Associates Inc. was assessed. All-Public Panel. Arbitrator Remarks -- Expungement granted. According to BrokerCheck 6 of 40 Cs settled for $269,000.

Arbitrators

John P. Cullem, Esq. - Chair; Langfred W. White, Esq.; Stuart K. Furman

Broker-Dealers Named

Raymond James & Associates Incorporated

Professionals

  • Cs: Frank Kim Breese III, Breese Law Office, Ridgeland, MS.
  • Rs: (RJ&AInc & TWO) Stephen H. Kupperman & George C. Freeman III, Barraso Usdin et al., New Orleans, LA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Domingue v. Edward Jones

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01080

Products

NP

Issue Date

2019-10-31

Situs

New Orleans

State

LA

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Brian James Tagtmeier

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: (BTD) Dochtor Kennedy & Michael O'Gara, AdvisorLaw LLC, Westminster, CO.
  • Rs: (EDJ&CLP) Darren Goodman, Tempe, AZ. ISC.

TypeDisp

EmployeeCustomer

Allegation I

Expungement(CRD)

Short Caption

Congemi v. Nason

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00773

Products

NP

Issue Date

2019-10-29

Situs

Boston

State

MA

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 registered representative's request for expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Howard N. Gorney - Chair; Ericka B. Gray; Debra M. Brown, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: (FC) Katie Lynn Zorc, Reminger Co. LPA, Cleveland, OH.
  • Rs: Pro se.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kosanke v. Questar Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

18-04416

Products

DirectInvesmts; RealEstate

Issue Date

2019-10-29

Situs

Detroit

State

MI

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 expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Tracy L. Allen, Esq.

Broker-Dealers Named

Questar Capital Corporation

Professionals

  • Cs: (MGK) Harris M. Freedman, HLBS Law, Westminster, CO.
  • Rs: (QCCorp) Jeffrey D. Hedlund & Daniel R. Kelley, Faegre Baker Daniels LLP, Minneapolis, MN. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Rener v. UBS Financial

Allegation II

Expungement(CRD)

Forum

FINRA

Allegation III

Defamation

Docket No

19-00289

Products

NP

Issue Date

2019-10-28

Situs

Detroit

State

MI

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 granted reformation of defamatory information from his Form U-5 record but is denied expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Jeffry Mark Bauer, Esq.

Broker-Dealers Named

Oppenheimer & Company Incorporated; UBS Financial Services Incorporated

Professionals

  • Cs: (BJR) Audette Paul Morales & Rachel A. Weitzman, Gordon Rees et al., Irvine, CA.
  • Rs: (O&CInc) John T. McGuire, New York, NY. ISC.
  • Rs: (UBSFSInc) Igor V. Stadnik, Keesal Young & Logan, Seattle, WA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Bollinger v. LPL Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01448

Products

REITs

Issue Date

2019-10-31

Situs

Jackson

State

MS

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

The Panel grants Claimant broker's request for expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Stuart K. Furman - Chair; Langfred W. White, Esq.; Robert E. Graves, JD

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (JOB) Brandon M. Taaffe, Shumaker Loop & Kendrick, Sarasota, FL.
  • Rs: (LPLFLLC) Jon D. Kaplon, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Brookshire v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00062

Products

ARS

Issue Date

2019-10-28

Situs

Charlotte

State

NC

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 expungement of five customer complaints from his CRD record involving Auction Rate Securities.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Harvey R. Linder, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (AEB) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (UBSFSInc) Olivia Lee Jones, Bressler Amery & Ross, New York, NY. OSC.

TypeDisp

SmallClms

Allegation I

UnauthTdg

Short Caption

Gallagher v. Morgan Stanley

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

18-03753

Products

VariableAnnuities

Issue Date

2019-10-29

Situs

Newark

State

NJ

Clmd Compensatory

45.0

Total Amt Awarded

8.1

Compensatory Awarded

8.1

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 small claims case, a customer is awarded compensatory damages relating to her purchase of an ING Variable Annuity.

Notes

None.

Arbitrators

Edward W. Morris, Jr., Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Christopher B. Jones, C.B. Jones, Scranton, PA.
  • Rs: (MSSBLLC) Abigail Elrod, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Micera v. RBC Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01078

Products

DirectInvesmts; MuniSecs; CorpDebt

Issue Date

2019-10-28

Situs

Newark

State

NJ

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 expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Morton S. Bunis, Esq.

Broker-Dealers Named

RBC Capital Markets LLC

Professionals

  • Cs: (JPM) Andrew T. Mount, Bressler Amery & Ross, Florham Park, NJ.
  • Rs: (RBCCMLLC) Tiana M. Towns & James Langdon, Dorsey & Whitney, Minneapolis, MN. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Elston v. Stifel Nicolaus

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01205

Products

CorpDebt

Issue Date

2019-10-31

Situs

Reno

State

NV

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 granted expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

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

Broker-Dealers Named

Stifel Nicolaus & Company Incorporated

Professionals

  • Cs: (MJE) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (SN&CInc) Julie Flynn, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Elston v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-01206

Products

NP

Issue Date

2019-11-01

Situs

Reno

State

NV

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 registered representative is awarded reformation of his Form U-5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Philip Aaron Tymon, JD

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (MJE) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (WFCSLLC) Judy Louie, Wells Fargo Legal Department, Pasadena, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Dos Santos v. Citibank NA

Allegation II

Defamation

Forum

FINRA

Allegation III

Compensatn

Docket No

16-02593

Products

NP

Issue Date

2019-10-29

Situs

New York

State

NY

Clmd Compensatory

7705.0

Total Amt Awarded

4100.0

Compensatory Awarded

4100.0

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

Claimant broker is awarded $4.1 million in damages on his compensation claim and is granted reformation of his Form U-5 record. Respondent broker-dealer loses its Counterclaim for breach of duty of loyalty.

Notes

Big $s. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Daniel Robbins, Esq. - Chair; Richard Gee; Michael J. McAllister, Sr.

Broker-Dealers Named

Citigroup Global Markets Incorporated; Citibank NA

Professionals

  • Cs: (AMD) Jonathan Sack, Sack & Sack, New York, NY.
  • Rs: (CBnkNA & CGMInc) Joseph Baumgarten, Proskauer Rose LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Paun v. Miller Tabak

Allegation II

BreachContract

Forum

FINRA

Allegation III

Misreprestn

Docket No

17-02640

Products

NP

Issue Date

2019-10-28

Situs

New York

State

NY

Clmd Compensatory

51.2

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 seeking compensation loses his claim against two Respondent broker-dealers and two brokers.

Notes

None.

Arbitrators

John Michael Richardson

Broker-Dealers Named

Miller Tabak & Company LLC; Mitchell Securities Incorporated

Professionals

  • Cs: (AHP) None.
  • Rs: (MT&CLLC) No-show.
  • Rs: (MSInc) Thomas S. Mitchell, Morristown, NJ. ISC.
  • Rs: (JDM & JST) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Jachles v. Merrill Lynch

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

18-01457

Products

VariableAnnuities

Issue Date

2019-11-01

Situs

Buffalo

State

NY

Clmd Compensatory

230.0

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 against Respondent broker-dealer involving her investment in a Prudential variable annuity. Non-party broker is awarded expungement of this matter from her CRD record.

Notes

This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted. According to BrokerCheck, the claims were settled for $14,000.

Arbitrators

John C. Aten - Chair; William Joseph Caprathe; Gary E. Vickers

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Jason J. Kane, Peiffer Wolf et al., Pittsford, NY.
  • Rs: (MLPFSInc) Robert E. Goldberg, Bressler Amery & Ross, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Volino v. Mirae Asset

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

18-03595

Products

NP

Issue Date

2019-10-30

Situs

New York

State

NY

Clmd Compensatory

15000.0

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 seeking $15 million dollars in owed compensation loses his claim against Respondent broker-dealer.

Notes

None.

Arbitrators

Elizabeth Gilbert, Esq. - Chair; Elise I. Strauss; Angela A. Turiano, Esq.

Broker-Dealers Named

Mirae Asset Securities (USA) Incorporated

Professionals

  • Cs: (PFV) Edward Hernstadt, Hernstadt Atlas PLLC, Brooklyn, NY.
  • Rs: (MASUSAInc) Dov Kesselman, Seyfarth Shaw LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Mariani v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00300

Products

NP

Issue Date

2019-10-29

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 broker is awarded expungement of three customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Arthur M. Handler, Esq.

Broker-Dealers Named

National Securities Corporation; First Montauk Securities Corporation

Professionals

  • Cs: (JJM) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (NSCorp) Fred N. Knopf, New York, NY. ISC.
  • Rs: (FMSCorp) Robert I. Rabinowitz, Red Bank, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Diddel v. Voya Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00984

Products

NP

Issue Date

2019-10-30

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 broker is awarded expungement of three customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Susan A. Romano

Broker-Dealers Named

Voya Financial Advisors Incorporated

Professionals

  • Cs: (GSD) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (VFAInc) Christina Z. Vourakis, Winget Spadafora & Schwartzberg, Los Angeles, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wesselt v. SA Stone

Allegation II

Forum

FINRA

Allegation III

Docket No

18-01977

Products

MutualFunds

Issue Date

2019-11-01

Situs

Philadelphia

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

Claimant broker is awarded expungement of five customer complaints from his CRD record but is also held liable to Respondent broker-dealer for $50,000 on the Counterclaim.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis P. Wagman

Broker-Dealers Named

SA Stone Wealth Management Incorporated

Professionals

  • Cs: (RMW) Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (SASWMInc) Craig Hymowitz, Birmingham, AL. ISC.

TypeDisp

SmallClms

Allegation I

Churning

Short Caption

Romashko v. Ameriprise Financial

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

18-02601

Products

*

Issue Date

2019-11-01

Situs

Philadelphia

State

PA

Clmd Compensatory

10.0

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

Three customers alleging excessive trading, among other things, settle their claims against Respondent broker-dealer and two brokers. One Respondent broker is award expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.

Arbitrators

Donald S. Bauman, Esq.

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: Christopher B. Jones, C.B. Jones PC, Scranton, PA.
  • Rs: (AFSInc, EJK & AFM) Joel Wertman, Winget Spadafora & Schwartzberg, Philadelphia, PA. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Richmond

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-01643

Products

PromissoryNote

Issue Date

2019-10-30

Situs

PP

State

PP

Clmd Compensatory

31.0

Total Amt Awarded

37.4

Compensatory Awarded

31.0

Punitive Damage Awarded

Attorney Fees Awarded

5.5

* 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 broker is held liable to Claimant broker-dealer for the amounts due and owing pursuant to a promissory note agreement.

Notes

Arbitrator Remarks.

Arbitrators

James A. Parker

Broker-Dealers Named

Wells Fargo Clearing Services LLC dba Wells Fargo Advisors

Professionals

  • Cs: (WFCSLLC) Retta A. Miller & Larissa A. Garcia, Jackson Walker LLP, Dallas, TX. OSC.
  • Rs: (VR) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Citizens Securities v. Acluche

Allegation II

BreachContract

Forum

FINRA

Allegation III

Indemnification

Docket No

19-01664

Products

PromissoryNote

Issue Date

2019-10-30

Situs

PP

State

PP

Clmd Compensatory

62.5

Total Amt Awarded

62.5

Compensatory Awarded

62.5

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

Claimant broker-dealer is awarded the amounts due and owing on a promissory note from a non-appearing Respondent broker.

Notes

None.

Arbitrators

Patrick R. Sughroue, Esq.

Broker-Dealers Named

Citizens Securities Incorporated

Professionals

  • Cs: (CSInc) Brenna A. Force & Geoffrey W. Millsom, Adler Pollock & Sheehan, Providence, RI. OSC.
  • Rs: (RA) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Matos v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01291

Products

MutualFunds

Issue Date

2019-10-28

Situs

San Juan

State

PR

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 expungement of three settled customer arbitrations stemming from the customers' investments in allegedly unsuitable Puerto Rico closed-end funds.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis David Huss

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico; UBS Financial Services Incorporated

Professionals

  • Cs: (GAM) Linette Figueroa-Torres & Viviana Gonzalez-Irizarry, Toro Colon Mullet PSC, San Juan, PR.
  • Rs: (UBSFSInc & UBSFSIncPR) Sonia M. Lopez del Valle & Roberto Quinones, McConnell Valdes LLC, San Juan, PR. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Eboli-Kodesh v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01501

Products

MutualFunds

Issue Date

2019-10-29

Situs

San Juan

State

PR

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 granted expungement of a previously settled arbitration from his CRD record stemming from a customer's investments in Puerto Rico closed-end funds.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Martin A. Feigenbaum, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico; UBS Financial Services Incorporated

Professionals

  • Cs: (RE) Linette Figueroa-Torres & Russell Del Toro III, Toro Colon Mullet PSC, San Juan, PR.
  • Rs: (UBFSInc & UBSFSIncPR) Leslie Flores & Roberto Quinones-Rivera, McConnell Valdes LLC, San Juan, PR. OSC.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Steelman v. Woodstock Financial

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

Suitability

Docket No

18-02750

Products

Equity

Issue Date

2019-10-30

Situs

Memphis

State

TN

Clmd Compensatory

669.0

Total Amt Awarded

154.0

Compensatory Awarded

110.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

44.0

* 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 holds Respondent broker-dealer liable to a customer for compensatory damages and attorney fees pursuant to T.C.A. § 48-2-122. The causes of action relate to Rs selling Cs Yahoo Inc. stock and Cs investment in stock in other unspecified companies.

Notes

All-Public Panel. Arbitrator Remarks.

Arbitrators

Thomas Joseph Atkinson, Sr., JD - Chair; Stephen Earl Clark; Richard Manuel Barcia

Broker-Dealers Named

Woodstock Financial Group Incorporated

Professionals

  • Cs: Jonathan E. Neuman, Law Offices of J.E. Neuman, Fresh Meadows, NY.
  • Rs: (WFGInc) Scott Holcomb, Holcomb & Ward, Atlanta, GA. OSC.

TypeDisp

CustomerMember

Allegation I

BreachFiducDty

Short Caption

Bratton v. Sunset Financial

Allegation II

Negligence

Forum

FINRA

Allegation III

Docket No

18-01148

Products

LifeInsurance

Issue Date

2019-10-30

Situs

Seattle

State

WA

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 customer and customer estate alleging failure to provide them with a reliable means of notice that the Lincoln National Life Insurance Company Policy terminated due to non-payment, lose their claim against Respondent broker-dealer.

Notes

Majority Public Panel.

Arbitrators

Thomas R. Dreiling, Esq. - Chair; Katherine L. Sidener; Andrew Robert Thibeault, Jr.

Broker-Dealers Named

Sunset Financial Services Incorporated

Professionals

  • Cs: Felix Luna & Tomas Gahan, Peterson Wampold et al., Seattle, WA.
  • Rs: (SFSInc) Medora A. Marisseau, Karr Tuttle Campbell LLP, Seattle, WA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Arford v. Geneos Wealth

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00739

Products

REITs; VariableAnnuities; Equity

Issue Date

2019-10-24

Situs

Seattle

State

WA

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

An Arbitrator explains why he has granted two Claimant brokers' requests for expungement of various customer complaints and FINRA arbitration cases from their respective CRD records.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Philip E. Cutler, Esq.

Broker-Dealers Named

Geneos Wealth Management Incorporated

Professionals

  • Cs: (MLA & BJL) John A. Bender, Ryan Swanson & Cleveland, Seattle, WA.
  • Rs: (GWMInc) Victoria H. Buter, Kutak Rock LLP, Omaha, NE. OSC.
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