UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2020-03-18

UA 2020-06

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Supervision

Short Caption

Aliminati v. Goy

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

18-03983

Products

DirectInvesmts

Issue Date

2020-02-05

Situs

San Francisco

State

CA

Clmd Compensatory

150.0

Total Amt Awarded

0.0

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

An All-Public Panel explains in great detail why it has denied a customer's claim against Respondent broker-dealer and broker finding that said customer failed to satisfy his burden of proof that a fiduciary relationship existed between him and Respondents.

Notes

Rescission Requested. All-Public Panel. Arbitrator Remarks -- Explained Award.

People & Entities

Arbitrators

William W. Haskell, Esq. - Chair; Vivian L. Kral, Esq.; Ronald Chun

Broker-Dealers Named

Ni Advisors

Professionals

  • Cs: Lars Kristian Soreide, Soreide Law Group, Pompano Beach, FL.
  • Rs: (SG & NAInc) Douglas B. Martin Jr., Attorney-at-Law, Sausalito, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Tusing v. Deutsche Bank

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00153

Products

Equity

Issue Date

2020-02-06

Situs

Los Angeles

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

Claimant broker is awarded expungement of a FINRA arbitration case from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Mary M. O'Neil

Broker-Dealers Named

Deutsche Bank Securities Incorporated

Professionals

  • Cs: (MJT) Harris M. Freedman, HLBS Law, Westminster, CO.
  • Rs: (DBSInc) Gideon Mark, Paduano & Weintraub, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Bakos v. Fidelity Brokerage

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-00315

Products

NP

Issue Date

2020-02-03

Situs

San Diego

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 granted reformation of his Form U-5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Robert E. Jenks

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: (MSB) Frances Menzer, HLBS Law, Westminster, CO.
  • Rs: (FBSLLC) Leslie Blickenstaff, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Gainer v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-00915

Products

NP

Issue Date

2020-02-04

Situs

San Francisco

State

CA

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

Claimant broker loses his request for reformation of his Form U-5 record.

Notes

None.

Arbitrators

Arocles Aguilar

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

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

TypeDisp

EmployeeMember

Allegation I

BreachContract

Short Caption

Moreno v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01319

Products

NP

Issue Date

2020-02-05

Situs

Los Angeles

State

CA

Clmd Compensatory

0.0

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

A Panel granted Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13504(a)(6)(C) (res judicata) of the Code. The broker previously brought his claim against Respondent broker-dealer in FINRA Case No. 17-02598.

Notes

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

Arbitrators

Adam Michael Porter - Chair; Jack R. Goetz; John E. Ohashi, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (SM) Paul W. Thomas, Thomas Law Group, Carlsbad, CA.
  • Rs: (MLPFSInc) Brian F. Amery, Bressler Amery & Ross, Florham Park, NJ. OSC and Jacqueline R. Meyers, Bressler Amery & Ross, New York, NY. OSC and Joseph E. Floren, Morgan Lewis & Bockius, San Francisco, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wright v. Goldman Sachs

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01536

Products

NP

Issue Date

2020-02-05

Situs

Los Angeles

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

An Arbitrator awards Claimant broker expungement of a customer complaint from her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Joyce L. Hurley

Broker-Dealers Named

Goldman Sachs & Company

Professionals

  • Cs: (TLW) Frances Menzer, AdvisorLaw LLC, Westminster, CO.
  • Rs: (GS&Co) C. Evan Stewart, Cohen & Gresser, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Lininger v. RBC Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01831

Products

CorpDebt

Issue Date

2020-02-04

Situs

Los Angeles

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

Claimant broker is awarded expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Morris S. Getzels, Esq.

Broker-Dealers Named

RBC Capital Markets LLC

Professionals

  • Cs: (MWL) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (RBCCMLLC) Tiana M. Towns, Dorsey & Whitney, Minneapolis, MN. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Barbour

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-01314

Products

PromissoryNote

Issue Date

2020-02-07

Situs

Atlanta

State

GA

Clmd Compensatory

213.8

Total Amt Awarded

213.8

Compensatory Awarded

213.8

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

Respondent broker is held liable to Claimant broker-dealer for the amount due and owing on a promissory note agreement.

Notes

None.

Arbitrators

Brock Bingham Gordon, Sr.

Broker-Dealers Named

Wells Fargo Clearing Services LLC dba Wells Fargo Advisors LLC

Professionals

  • Cs: (WFCSLLC) Victor L. Hayslip, Burr & Forman, Birmingham, AL. OSC.
  • Rs: (ECB) None.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Buck v. Parkland Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01978

Products

Annuities

Issue Date

2020-02-04

Situs

Honolulu

State

HI

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 grants a broker's request for expungement of two customer complaints and one FINRA arbitration case from his CRD records despite the objection of one named Respondent broker-dealer.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

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

Broker-Dealers Named

Parkland Securities LLC; H. Beck Incorporated

Professionals

  • Cs: (JDB) Erica Harris, Of Counsel, HLBS Law, Westminster, CO.
  • Rs: (PSLLC) Randolph F. Pistor II, Ann Arbor, MI. ISC.
  • Rs: (HBInc) David J. Lehr, D'Amura & Zaidman, Austin, TX. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Bevis v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03602

Products

NP

Issue Date

2020-02-03

Situs

Boston

State

MA

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 her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Gerard S. Marsan, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

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

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

O'Reilly v. Securities Service

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02077

Products

NP

Issue Date

2020-02-07

Situs

St. Louis

State

MO

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

Claimant broker loses his request for expungement of two customer complaints from his CRD record.

Notes

None.

Arbitrators

Michael S. Matek, Esq.

Broker-Dealers Named

Securities Service Network LLC

Professionals

  • Cs: (MEO) Dochtor Kennedy & Jessica Calloway, AdvisorLaw LLC, Westminster, CO.
  • Rs: (SSNLLC) Ronald T. Klimas, Executive Vice President and Director of Compliance, Knoxville, TN. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rogers v. Ameritas Investment

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00880

Products

DirectInvesmts; RealEstate

Issue Date

2020-02-04

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

A broker is granted expungement of four customer complaints from his CRD records.

Notes

Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Expungement granted.

Arbitrators

Dwane Edward Vickstrom

Broker-Dealers Named

Ameritas Investment Corporation; Equity Services Incorporated

Professionals

  • Cs: (CER) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (AICorp) Andrea D. Snowden, Lincoln, NE. ISC.
  • Rs: (ESInc) Derek C. Anderson & Jennifer Oshea, Winget Spadafora & Schwartzberg, Boulder, CO. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Holeman v. NYLife Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

WrongTerm

Docket No

18-03869

Products

NP

Issue Date

2020-02-04

Situs

Newark

State

NJ

Clmd Compensatory

100.0

Total Amt Awarded

0.0

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 broker alleging wrongful termination and seeking reformation of his Form U-5 record loses his claims against Respondent broker-dealer.

Notes

None.

Arbitrators

Jay Alan Kranis - Chair; Regina Waynes Joseph; Timothy F. Grable, Jr.

Broker-Dealers Named

NYLife Securities LLC

Professionals

  • Cs: (ANH) None.
  • Rs: (NYLSLLC) Richard F. Lubarsky, Lubarsky Law Firm, White Plains, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Ackerman v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

18-01292

Products

MuniSecs

Issue Date

2020-02-06

Situs

New York

State

NY

Clmd Compensatory

200.0

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 trust settles its claims against Respondent broker-dealer involving an investment in a Puerto Rico Municipal Bond Fund. Non-Party broker is awarded expungement of this matter from his CRD record.

Notes

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

Arbitrators

Susan A. Romano - Chair; Ernesto V. Luzzatto, Esq.; Peter A. Seibel

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Anthony J. Badway, Klayman & Toskes, Boca Raton, FL.
  • Rs: (MSSBLLC) Jeremy S. Winer, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Miller v. Morgan Stanley

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-03924

Products

NP

Issue Date

2020-02-07

Situs

New York

State

NY

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

An Arbitration Panel denies Claimant broker's request for reformation of his Form U-5 record.

Notes

None.

Arbitrators

Josian Antoine, Esq. - Chair; Susan C. Lushing, Esq.; Patricia A. Hussey

Broker-Dealers Named

Morgan Stanley; Stephens Incorporated

Professionals

  • Cs: (HGM) Gregg J. Breitbart & Gara M. Seagraves, Kaufman Dolowich & Voluck, Fort Lauderdale, FL.
  • Rs: (MSSBLLC) Joseph A. Sack, New York, NY. ISC.
  • Rs: (SInc) Jana Kim Fowler, Little Rock, AR. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Moran v. Aegis Capital

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-00200

Products

NP

Issue Date

2020-02-06

Situs

New York

State

NY

Clmd Compensatory

1236.3

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 registered representative loses his compensation and breach of contract claims against Respondent broker-dealer and brokers.

Notes

None.

Arbitrators

Francis Carling, Esq. - Chair; Elise I. Strauss; Michael Davies

Broker-Dealers Named

Aegis Capital Corporation

Professionals

  • Cs: (CJM) Edward Cerasia II, Cerasia & Del Rey-Cone LLP, New York, NY.
  • Rs: (ACCorp & RJE) Iciss Tillis & John Porta, Jackson Lewis PC, New York, NY. OSC.
  • Rs: (RG & PWM) Chris Lazarini, Bass Berry & Sims, Memphis, TN.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Sica v. Shearson Lehman

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00563

Products

Equity; Margin; REITs

Issue Date

2020-02-06

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

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Joan M. Traub, Esq.

Broker-Dealers Named

Prudential Securities LLC; Shearson Lehman Brothers LLC

Professionals

  • Cs: (AS) Irwin Weltz, Weltz Law, Mineola, NY.
  • Rs: (PSInc) Alan S. Brodherson, Law Offices of A.S. Brodherson, New York, NY. OSC.
  • Rs: (SLBInc) Joseph A. Del Duca, New York, NY. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

AXA Advisors v. Urrutia

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-01797

Products

PromissoryNote

Issue Date

2020-02-03

Situs

New York

State

NY

Clmd Compensatory

55.7

Total Amt Awarded

61.7

Compensatory Awarded

56.7

Punitive Damage Awarded

Attorney Fees Awarded

5.0

* 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

Respondent broker is held liable to Claimant broker-dealers for the amounts owed pursuant to a promissory note and other outstanding fees.

Notes

Damage Anomaly. Arbitrator Remarks.

Arbitrators

Jack Friedman, Esq.

Broker-Dealers Named

AXA Advisors LLC; AXA Network LLC

Professionals

  • Cs: (AXAALLC & AXANLLC) Kenneth O'Connor, Lubiner Schmidt & Palumbo, Cranford, NJ. OSC.
  • Rs: (REU) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Colonna v. Brookville Capital

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

19-00641

Products

Equity; Margin; DirectInvesmts

Issue Date

2020-02-03

Situs

Pittsburgh

State

PA

Clmd Compensatory

179.9

Total Amt Awarded

150.0

Compensatory Awarded

150.0

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 alleging elder abuse and fraud, among other things, is awarded damages against Respondent broker-dealer and broker. The customer's claim involved his allegation that during a 3 year period Rs recommended over 300 buys and sells, primarily of OPKO Health Inc., Melco Resorts and Entertainment Limited and SolarCity utilizing margin, resulting in significant commissions to Respondent brokers.

Notes

Rs Legend Securities Inc., Daniel M. King, Ali Habib Mayar and Francis Louis Smookler Jr. were not assessed any portion of the awarded amount. Rs Brookville Capital Partners and Yousuf Saljooki were assessed. Rescission Requested. All-Public Panel.

Arbitrators

Robert J. Scafuri, Esq. - Chair; John W. Eichleay, Jr., Esq.; Mary Kathleen Coleman

Broker-Dealers Named

Brookville Capital Partners; Legend Securities Incorporated

Professionals

  • Cs: Jonathan E. Neuman, Law Offices of J.E. Neuman, Fresh Meadows, NY. Previously represented by: Mitchell Markowitz, Stock Market Recovery Consultants Incorporated, Brooklyn, NY until 12/25/19.
  • Rs: (DMK) Ross J. Karetz, Ruskin Moscou Faltischek PC, Uniondale, NY.
  • Rs: (FLS) Brett D. Zinner, Rosenberg Fortuna & Laitman, Garden City, NY.
  • Rs: (AHM) Robert M. Bursky, RMB Legal, Melville, NY.
  • Rs: (BCPrtnrs, LSInc & YS) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Goldberg v. The Investment Center

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02124

Products

MutualFunds

Issue Date

2020-02-07

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

A broker is awarded expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Thomas Benjamin Salzer, Esq. - Chair; Timothy Towles Stevens; Glenn J. Hansen, CFP

Broker-Dealers Named

The Investment Center Incorporated

Professionals

  • Cs: (MSG) Joel Wertman, Winget Spadafora & Schwartzberg, Philadelphia, PA.
  • Rs: (TICInc) Douglas A. Wright, Chief Compliance Officer, Bedminster, NJ. ISC.

TypeDisp

SmallClms

Allegation I

Fraud

Short Caption

Abessolo v. Robinhood Securities

Allegation II

Negligence

Forum

FINRA

Allegation III

Docket No

19-02482

Products

NP

Issue Date

2020-02-07

Situs

PP

State

PP

Clmd Compensatory

5.0

Total Amt Awarded

0.0

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 alleging inappropriate, unethical, and disrespectful among other things with respect to his online trading account, loses his claim against Respondent broker-dealer.

Notes

None.

Arbitrators

Robert E. Anderson, Esq.

Broker-Dealers Named

Robinhood Securities LLC; Robinhood Financial LLC

Professionals

  • Cs: Pro se.
  • Rs: (RSLLC & RFLLC) Jonathan J. Brennan, Maynard Cooper & Gale, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Wu v. Ferghana Securities

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-02706

Products

NP

Issue Date

2020-02-06

Situs

PP

State

PP

Clmd Compensatory

37.0

Total Amt Awarded

37.0

Compensatory Awarded

37.0

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

Claimant broker is awarded compensatory damages and interest on his breach of contract claim.

Notes

None.

Arbitrators

Elizabeth Gilbert, Esq.

Broker-Dealers Named

Ferghana Securities Incorporated

Professionals

  • Cs: (CW) None.
  • Rs: (FSInc) William J. Kridel, New York, NY. ISC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Wilson v. Morgan Stanley

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

19-02733

Products

NP

Issue Date

2020-02-07

Situs

PP

State

PP

Clmd Compensatory

33.0

Total Amt Awarded

2.5

Compensatory Awarded

2.5

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 alleging that a registered representative made an unauthorized decision to liquidate the investments in said customer's brokerage account contrary to his instructions is awarded damages from Respondent broker-dealer.

Notes

None.

Arbitrators

Christine L. Stetson, Esq.

Broker-Dealers Named

Morgan Stanley; Morgan Stanley & Company LLC

Professionals

  • Cs: Pro se.
  • Rs: (MSSBLLC & MS&CLLC) Christine A. Kendrick & Eric Chen, Morgan Stanley Wealth Management, San Francisco, CA. ISC.

TypeDisp

MemberEmployee

Allegation I

BreachContract

Short Caption

Oppenheimer & Company v. Wilcheck

Allegation II

UnjustEnrichment

Forum

FINRA

Allegation III

Docket No

19-02886

Products

NP

Issue Date

2020-02-03

Situs

PP

State

PP

Clmd Compensatory

8.7

Total Amt Awarded

8.7

Compensatory Awarded

8.7

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 non-appearing registered representative is held liable to Claimant broker-dealer for the amounts due and owing on two stabilization agreements.

Notes

None.

Arbitrators

Jeffry Mark Bauer, Esq.

Broker-Dealers Named

Oppenheimer & Company Incorporated

Professionals

  • Cs: (O&CInc) John T. McGuire, New York, NY. ISC.
  • Rs: (MWW) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Deliz Morales

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-03211

Products

PromissoryNote

Issue Date

2020-02-05

Situs

PP

State

PP

Clmd Compensatory

446.2

Total Amt Awarded

452.6

Compensatory Awarded

446.2

Punitive Damage Awarded

Attorney Fees Awarded

4.6

* 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 on a promissory note.

Notes

Arbitrator Remarks.

Arbitrators

Richard S. Zaifert, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (MSSBLLC) Jonathan D. Berg, Jaffee & Asher, New York, NY. OSC.
  • Rs: (IMD) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Newbridge Securities v. Linsalata

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-03305

Products

PromissoryNote

Issue Date

2020-02-06

Situs

PP

State

PP

Clmd Compensatory

14.5

Total Amt Awarded

14.5

Compensatory Awarded

14.5

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 non-appearing broker is held liable to Claimant broker-dealer for the amount due and owing on a promissory note agreement.

Notes

This is an Amended Award.

Arbitrators

James M. Scutti, Esq.

Broker-Dealers Named

Newbridge Securities Corporation

Professionals

  • Cs: (NSCorp) Robert Abrams, General Counsel, Boca Raton, FL. ISC.
  • Rs: (DJL) No-show.

TypeDisp

EmployeeMember

Allegation I

BreachContract

Short Caption

Bauer v. Blackwell

Allegation II

TortiousInterference

Forum

FINRA

Allegation III

Raiding

Docket No

18-01022

Products

NP

Issue Date

2020-02-06

Situs

Memphis

State

TN

Clmd Compensatory

0.0

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

A Panel denies Claimant broker's claims against Respondent broker finding that said broker failed to establish entitlement to relief. The Panel also denied Respondent broker's Counterclaim as he did not proffer any evidence during his presentation as to said Counterclaim.

Notes

Directed Verdict -- Party Dismissal. Arbitrator Remarks.

Arbitrators

Stephen H. Biller, Esq. - Chair; Earle J. Schwarz, Esq.; William Robert Vance, Jr.

Broker-Dealers Named

Calton & Associates Incorporated

Professionals

  • Cs: (TKB) Andy T. Arant Jr., Arant Law Firm, Oxford, MS.
  • Rs: (C&AInc & MCI) Debra A. Jenks, Jenks & Harvey, West Palm Beach, FL. OSC.
  • Rs: (DCB) Brad Walsh, The Walsh Law Firm, Oxford, MS.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Allen v. Wiley Brothers

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02168

Products

NP

Issue Date

2020-01-30

Situs

Nashville

State

TN

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 granted expungement of a customer complaint that evolved into a civil court case from his CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Harvey R. Linder, Esq.

Broker-Dealers Named

Wiley Bros-Aintree Capital LLC

Professionals

  • Cs: (PAC) Bryan Ward, Holcomb & Ward, Atlanta, GA.
  • Rs: (WB-ACLLC) David W. Wiley III, President, Nashville, TN. ISC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Bosh v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Negligence

Docket No

17-00757

Products

UITs

Issue Date

2020-02-06

Situs

Dallas

State

TX

Clmd Compensatory

9700.0

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

In this Consolidated Award, a customer alleges that Respondent broker-dealer and two brokers allowed her son (a named Respondent) to withdraw funds on their joint account as part of a conspiracy to seize said customer's joint tenant ownership interest. The Panel ultimately denied the customer's claims and awarded her son control over their joint accounts.

Notes

This is a Consolidated Award. Rescission Requested (Counterclaim). Majority Public Panel.

Arbitrators

G. Maynard Green, JD - Chair; C. Sumpter Logan; Robert R. Nursey

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; True Capital Management LLC

Professionals

  • Cs: Joe B. Abbey, The Law Office of A.B. Abbey, Dallas, TX as of 10/6/17.
  • Cs: Philip M. Aidikoff & Ryan K. Bakhtiari, Aidikoff Uhl & Bakhtiari, Beverly Hills, CA and Justin B. Elegant, Berger Singerman LLP, Miami, FL.
  • Rs: (MSSBLLC, JDW, BJD, OVA, EAK & DAY) Joseph C. Coates III & Bradford D. Kaufman & Gina Schlaferman, Greenberg Traurig P.A., West Palm Beach, FL. OSC.
  • Rs: (TCMLLC) Brian Kennedy, Law Office of B. Kennedy, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ford v. Pacific West

Allegation II

Forum

FINRA

Allegation III

Docket No

18-03155

Products

NP

Issue Date

2020-02-03

Situs

Seattle

State

WA

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 a FINRA arbitration case from her CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Charles Scott McClellan - Chair; Ian Stephen Birk; Frederick B. Mueller

Broker-Dealers Named

Pacific West Securities Incorporated

Professionals

  • Cs: (EJF) Tanya Urbach & Amir Tadjedin, Markun Zusman et al., Portland, OR.
  • Rs: (PWSInc) No-show.
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