* 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 a registered representative's request for reformation of his Form U5 record and expungement of two customer complaints from his CRD record after the objection of the authorized representatives of the state securities regulator for the State of California.
Notes
None.
Arbitrators
Patrick R. Sughroue, Esq. - Chair; Andrew M. Mintzer, CPA; Thomas Matthew Madden
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (KJS) Abe Lampart, Law Offices of A. Lampart, Mill Valley, CA.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
In this small claims arbitration, an investor alleging that Respondent broker-dealer failed to disclose a policy change with respect to his investment in SPDR S&P 500 ETF Trust loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. The Cs did not request a hearing.
Arbitrators
Bruce J. Highman
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Kevin S. Blume, 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
Two customers alleging unsuitable investments in REITs (real estate investment trusts) lose their case against Respondent broker-dealer after the Panel granted its Pre-Hearing Motion to Dismiss on statute of limitation grounds (Six-year Eligibility Rule). After denying said customers claims against him, the Panel awards Respondent broker expungement of this matter from his CRD record despite opposition from Claimants.
* 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 reformation of his Form U5 record after the Arbitrator found he did not prove said relief was appropriate and is assessed monetary sanctions (in the form of attorney fees) for his failure to produce and fully comply with discovery requests in this matter pursuant to FINRA Rules 13212 and 13511.
Notes
Sanctions imposed. Arbitrator Remarks.
Arbitrators
Leon Fox, JD
Broker-Dealers Named
Brasil Plural Securities LLC
Professionals
Cs: (RHF) Peter Lindholm, HLBS Law, Broomfield, CO.
Rs: (BPSLLC) Daniel S. Newman, Nelson Mullins et al., Miami, FL. 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 grants a broker's request for expungement of a customer complaint from his CRD record after finding the complaint to be factually impossible and false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Joseph V. Simeri, JD - Chair; Richard E. Lauziere, CPA; Mary Elizabeth Skelnik
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (FMK) Alexander Padla, HLBS Law, Broomfield, CO.
Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
A majority public Panel grants Respondent broker-dealers' Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule) after finding that the events giving rise to the claim happened between 2012 and 2014 and is therefore outside the applicable statute of limitations.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks.
Arbitrators
Jane C. Carney, CPA - Chair; Marc H. Baer; Gary T. Padussis
Broker-Dealers Named
TD Ameritrade Incorporated; Charles Schwab & Company Incorporated
Professionals
Cs: Pro se.
Rs: (TDAInc & CS&CInc) James J. Vihstadt, Omaha, NE. 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
After denying his Motion for Directed Verdict, a Panel holds Respondent broker liable to Claimant for the amount due and owing on a promissory note agreement. Said broker loses his Counterclaim seeking loss compensation.
Notes
None.
Arbitrators
Martin R. Cramer - Chair; Jeffrey Alan Helewitz, Esq.; Shawn Fuller, CPA
* 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 her investment in Olaplex Holdings Inc. employee stock options was not only misrepresented to her but also unsuitable settles her case against Respondents. Respondent broker is granted her request for expungement of this matter from her CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Fern M. Laethem - Chair; Owen Frances; David Neil Salmon
Broker-Dealers Named
Goldman Sachs & Company LLC
Professionals
Cs: Kevin Hogle, Hogle Law PC, Boise, ID.
Rs: (GS&CLLC & LNW) Jennifer Tomsen & Carlos Real & Jacob D. Bundick, Greenberg Traurig LLP, Houston, TX. OSC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
A customer alleging unauthorized trading and seeking rescission of his investment settles his case against Respondents. Respondent broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Gary B. Deutsch - Chair; David Minc; Rita Bryce
Broker-Dealers Named
Oppenheimer & Company Incorporated
Professionals
Cs: David P. Meyer & Courtney M. Werning, Meyer Wilson Co. LPA, Columbus, OH.
Rs: (O&CInc) Daniel A. Corbett, New York, NY. ISC.
Rs: (ARJ) Michael J. Charlillo, UB Greensfelder LLP, Cleveland, OH.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
Despite denying Respondent broker-dealer's Motion for Directed Verdict based on the statute of limitations, a Panel still denies a broker's request for reformation of alleged defamatory information from appearing on his Form U5 record.
Notes
None.
Arbitrators
Michael Wayne Johnston - Chair; Will Pryor; Jacqueline Walcott
* 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 loses his request for expungement of a customer complaint from appearing on his CRD record after the objection of said customer.
Notes
None.
Arbitrators
Carol M. Egan, Esq. - Chair; William M. Lamoreaux, Esq.; Theresa Joan Rosenberg
Broker-Dealers Named
Ameriprise Financial Services LLC
Professionals
Cs: (BMJ) Hannah E. Smith, HLBS Law, Broomfield, CO.
Rs: (AFSLLC) Howard M. Klausmeier, Troy, MI. ISC.
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