UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2018-02-15

2018-08

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Gurman v. Woodbury Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-03403

Products

VariableAnnuities; LifeInsurance; DirectInvesmts; RealEstate; REITs

Issue Date

2018-02-01

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

The Arbitrator recommended the expungement of six FINRA arbitrations and one other customer complaint, which alleged unsuitability and/or inadequate disclosure of material information regarding investments, from a broker's CRD records.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted after a hearing on the merits. Explained Award.

People & Entities

Arbitrators

Kendall C. Reed, Esq.

Broker-Dealers Named

Woodbury Financial Services Incorporated

Professionals

  • Cs: (JSG) Kevin D. Galbraith, The Law Office of K. Galbraith LLC, New York, NY.
  • Rs: (WFSInc) Bradley A. Fishman, New York, NY. ISC.

TypeDisp

CustomerMember

Allegation I

BreachContract

Short Caption

McMillon v. Wells Fargo

Allegation II

UnjustEnrichment

Forum

FINRA

Allegation III

Docket No

16-00720

Products

DirectInvesmts; RealEstate

Issue Date

2018-01-31

Situs

San Francisco

State

CA

Clmd Compensatory

240.0

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 alleges that his broker advised him to divert money from an investment to purchase improved residential real property located in Arizona.

Notes

This is a Stipulated Award. PHL -- Court Ordered Arbitration. Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Dean J. Dietrich, Esq. - Chair; Arocles Aguilar; Carlos Richard Mangum

Broker-Dealers Named

Hartford Financial Services Incorporated; The Hartford Financial Services Group; Pacific Life; Wells Fargo Services; Wells Fargo & Company; Wells Fargo Securities LLC; Wells Fargo Advisors LLC

Professionals

  • Cs: Mark A. Pruner, Law Office of M.A. Pruner, Sacramento, CA.
  • Rs: (WFALLC, WFSLLC, JMJ, JL & WF&Co) G. Thomas Fleming III, Jones Bell et al., Los Angeles, CA. OSC.
  • Rs: (HFSInc, THFSGp, WFSvs & PLife) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Melbrod v. National Planning

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01545

Products

DirectInvesmts; RealEstate

Issue Date

2018-02-01

Situs

San Diego

State

CA

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 recommends the expungement of a customer complaint, involving a 1031 exchange of their existing real estate for tenant-in-common properties, from two brokers' CRD records.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Herbert Liberman - Chair; Robert F. Saint-Aubin, Esq.; Gunnar Thowsen

Broker-Dealers Named

National Planning Corporation

Professionals

  • Cs: (GWM & SHM) Sylvia M. Scott, Holmes Taylor et al., Los Angeles, CA.
  • Rs: (NPCorp) Scott R. Forbush, Jackson National Life Insurance Company, Lansing, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Gallagher v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-02891

Products

ARS

Issue Date

2018-01-27

Situs

Los Angeles

State

CA

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 Arbitrator recommends the expungement of two customer complaints arising from the industry-wide failure of the auction rate securities market in February 2008.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits. Explained Award.

Arbitrators

David J. Anderson

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (DMG) David I. Hantman, Bressler Amery & Ross, New York, NY.
  • Rs: (UBSFSInc) Stuart T. Rebish, Executive Director, UBS Business Solutions LLC, Weehawken, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Howes v. NYLife Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

Compensatn

Docket No

16-01561

Products

NP

Issue Date

2018-01-29

Situs

Washington

State

DC

Clmd Compensatory

21799.8

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 claimant broker, angry at the disclosure of confidential information to the Panel, reneges on a settlement of this case, but the Arbitrators enforce it anyway in this Explained Award.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Age Discrimination case. Raiding case. Arbitrator Remarks -- Explained Award.

Arbitrators

Evelyn D. Pisegna-Cook - Chair; Olivia Milbank Farrar, JD; Valencia Renae Rainey

Broker-Dealers Named

NYLife Securities LLC; New York Life Insurance Company

Professionals

  • Cs: (TWH) None. Previously represented by: Athan Tsimpedes, Tsimpedes Law Firm, Washington, DC. from 7/27/16 to 9/6/17.
  • Rs: (NYLSLLC, NYLICo, PJB, SBC, CMC, DJF, NIK, JJL, DAP, SJP, SKR & JAR) Jeffrey A. Sturgeon & Brandon J. Brigham, Morgan Lewis & Bockius, Philadelphia, PA. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Donoff v. Morgan Stanley

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

16-02083

Products

CorpDebt; UITs; MutualFunds

Issue Date

2018-02-02

Situs

Boca Raton

State

FL

Clmd Compensatory

130.0

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

A customer alleges that his broker recommended unsuitable Class A mutual funds, unit investment trusts and corporate bonds.

Notes

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

Arbitrators

Mark C. Perry, Esq. - Chair; Robert Lawrence Ostrov; Stacey Rosenthal

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Scott L. Silver, Silver Law Group, Coral Springs, FL.
  • Rs: (MSSBLLC) Christopher M. Sacco, Vice President, Morgan Stanley Wealth Management Legal & Compliance, St. Petersburg, FL. ISC.

TypeDisp

CustomerEmployee

Allegation I

Suitability

Short Caption

De Oliveira v. Garcia

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

16-03181

Products

CorpDebt

Issue Date

2018-01-29

Situs

Miami

State

FL

Clmd Compensatory

970.5

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

The causes of action relate to Cs investment in a convertible debenture.

Notes

All-Public Panel. Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Ivy Robin Ginsberg - Chair; Joseph Benalt; Peter A. Roche

Broker-Dealers Named

None.

Professionals

  • Cs: Jonathan E. Neuman, Law Offices of J.E. Neuman, Fresh Meadows, NY.
  • Rs: (CPG) Russell L. Forkey, R.L. Forkey PA, Boca Raton, FL.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wyatt v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-03521

Products

Annuities

Issue Date

2018-02-01

Situs

Orlando

State

FL

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 recommended the expungement of two customer complaints, one alleging that the broker gave the customer poor tax advice concerning her husband's IRA and its beneficiary distribution upon his death, and the other concerning the purchase of an annuity.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Marc T. Danon, Esq. - Chair; John Briggs; Ken Ziesenheim, Esq.

Broker-Dealers Named

Wunderlich Securities Incorporated; Wells Fargo Advisors LLC

Professionals

  • Cs: (RCW) Joshua A. Katz, Sallah Astarita & Cox, Boca Raton, FL.
  • Rs: (WFALLC) Patricia E. Cowart, Wells Fargo Law Department, Fort Lauderdale, FL. ISC.
  • Rs: (WSInc) Tracy Wiswall, Senior Vice President, Senior Compliance Officer, Memphis, TN. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wiens v. Larson Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01286

Products

VariableAnnuities; LifeInsurance

Issue Date

2018-01-29

Situs

Tampa

State

FL

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

The Arbitrator recommends the expungement of a customer complaint that the broker recommended an unsuitable variable universal life insurance policy from the broker's CRD records.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Brian G. Mooney, Esq.

Broker-Dealers Named

Larson Financial Securities LLC

Professionals

  • Cs: (CGW) Eric Litow & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (LFSLLC) Kristen Kinney, DOC, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Heinel v. The Investment Center

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01866

Products

MutualFunds

Issue Date

2018-01-29

Situs

Jacksonville

State

FL

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 recommends the expungement of a customer complaint alleging misrepresentation from a broker's CRD records.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Richard R. Logsdon, Esq. - Chair; Gerald Thomas Harper; Joseph Albert Sharpe

Broker-Dealers Named

The Investment Center Incorporated

Professionals

  • Cs: (JSH) Joel Wertman, Winget Spadafora & Schwartzberg, Philadelphia, PA.
  • Rs: (TICInc) Douglas A. Wright, Bedminister, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Mar v. Woodbury Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01027

Products

DirectInvesmts; RealEstate; Insurance

Issue Date

2018-02-05

Situs

Chicago

State

IL

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

The Arbitrator recommends the expungement of three customer complaints alleging overestimation of insurance coverage, failure to disclose commission rate, unsuitability, and failure to conduct adequate due diligence. The causes of action related to life insurance policies, Six Forks LLC and Riverwood Place TIC.

Notes

This is an Amended Award. Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Kenneth N. Adamson, Esq.

Broker-Dealers Named

Wooodbury Financial Services Incorporated

Professionals

  • Cs: (GGM) Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (WFSInc) Bradley A. Fishman, Jersey City, NJ. ISC.

TypeDisp

CustomerEmployee

Allegation I

UnauthTdg

Short Caption

Donnegan v. Emmanouilidis

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

16-01590

Products

*

Issue Date

2018-01-30

Situs

Boston

State

MA

Clmd Compensatory

500.0

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 customer claimant admits that he suffered no damages at an expungement hearing following the settlement of this case.

Notes

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

Arbitrators

Gerard S. Marsan, Esq. - Chair; William A. Barrett; John H. Henn, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: Sean C. Flaherty, Keches Law Group, Taunton, MA.
  • Rs: (YE & ME) Jeremy S. Winer, Morgan Stanley, New York, NY.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Linder v. Ameriprise Financial

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

17-00340

Products

VariableAnnuities; LifeInsurance

Issue Date

2018-02-01

Situs

Minneapolis

State

MN

Clmd Compensatory

0.0

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

The Claimant Trust alleges that its former trustee to surrender its variable life insurance policy, although the trust had several means by which to continue to pay for the Policy. In a Stipulated Award, the Panel denies expungement relief to the broker.

Notes

This is a Stipulated Award. Majority Public Panel.

Arbitrators

Steven M. Bialick - Chair; Frederick Ramos, Esq.; Matthew E. Piermantier

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: Casey D. Marshall, Bassford Remele PA, Minneapolis, MN.
  • Rs: (AFSInc & JG) Kim M. Ruckdaschel-Haley, Ballard Spahr LLP, Minneapolis, MN. OSC.
  • Rs: Joyce Svoboda, Attorney-at-Law, Lake City, MN.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Koessl v. Harbour Investments

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-01661

Products

VariableAnnuities

Issue Date

2018-01-31

Situs

Minneapolis

State

MN

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 an Arbitrator's recommendation to expunge a customer complaint that the broker misrepresented a Hartford Variable Annuity Contracts that he sold to the customer.

Notes

Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Frederick Ramos, Esq.

Broker-Dealers Named

Harbour Investments Incorporated

Professionals

  • Cs: (SJK) Eric Litow, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (HIInc) David Genelly, Vanasco Genelly & Miller, Chicago, IL. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Caldwell v. Wells Fargo

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

16-03011

Products

Annuities

Issue Date

2018-02-01

Situs

Charlotte

State

NC

Clmd Compensatory

688.8

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 alleges that her broker misrepresented that a New York Life Guaranteed Period Income Annuity II would provide her with guaranteed income for life.

Notes

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

Arbitrators

Brock Bingham Gordon, Sr. - Chair; Mary E. Woytek, Esq.; Frank Samuel Perri, II

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: Pro se. Previously represented by: Andrew Whiteman, Whiteman Law, Raleigh, NC. until 12/4/17.
  • Rs: (WFALLC, MJS & RLK) Demian J. Betz, Wells Fargo Law Department, Charlotte, NC. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

UBS Financial v. Collins

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

13-03587

Products

PromissoryNote

Issue Date

2018-02-01

Situs

New York

State

NY

Clmd Compensatory

573.5

Total Amt Awarded

611.0

Compensatory Awarded

573.5

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 is liable to his former employer for the unpaid balance of a promissory note, plus interest.

Notes

Big $s.

Arbitrators

Mitchell S. Friedman, Esq. - Chair; Mitchell Regenbogen; Nancy Plesser Wendell

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (UBSFSInc) John Peirano & Margaret Watson, McElory Deutsch et al., New York, NY. OSC.
  • Rs: (JCC) None.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Becker v. Merrill Lynch

Allegation II

Churning

Forum

FINRA

Allegation III

Misreprestn

Docket No

15-01481

Products

Equity; Margin

Issue Date

2018-01-31

Situs

New York

State

NY

Clmd Compensatory

300.0

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 alleges that her broker purchased 16 equity investments that were too speculative or aggressive and engaged in churning.

Notes

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

Arbitrators

Robert E. Anderson, Esq. - Chair; Sidney N. Weiss, Esq.; Ruthann Granito, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Frank R. Schirripa, Hach Rose et al., New York, NY.
  • Rs: (MLPFSInc & SAD) Polina M. Dostalik, Bressler Amery & Ross, Morristown, NJ. OSC.

TypeDisp

EmployeeMember

Allegation I

Indemnification

Short Caption

Demos v. Cantor Fitzgerald

Allegation II

DeclaratoryJudgment

Forum

FINRA

Allegation III

Docket No

16-03578

Products

NP

Issue Date

2018-02-02

Situs

New York

State

NY

Clmd Compensatory

Equity

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 asserts a "claim for advancement of attorneys' fees and expenses in connection with a covered claim for which he is entitled to such advancement" for which he might receive indemnification.

Notes

None.

Arbitrators

Stephen A. Weiner, Esq. - Chair; Gerald H. Grayson; Stanley F. Meyerson, Esq.

Broker-Dealers Named

Cantor Fitzgerald & Company

Professionals

  • Cs: (DSD) Jonathan Sack, Sack & Sack, New York, NY.
  • Rs: (CF&Co) David A. Paul, New York, NY. ISC.

TypeDisp

MemberCustomer

Allegation I

Expungement(CRD)

Short Caption

BB&T Investment v. Foxworth

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

17-00520

Products

Annuities

Issue Date

2018-01-29

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

The Panel recommends the expungement of a customer complaint alleging the sale and misrepresentation of an unsuitable annuity from a broker's CRD records.

Notes

Majority Public Panel. Arbitrator Remarks -- Expungement granted after a hearing on the merits.

Arbitrators

Richard A. Cini - Chair; Mary Ellen Burns, Esq.; Allan N. Taffet, Esq.

Broker-Dealers Named

BB&T Investment Services Incorporated

Professionals

  • Cs: (BB&TISInc & DKW) Katherine McGrail, Murphy & McGonigle, New York, NY. OSC.
  • Rs: Gene M. Connell Jr., Kelaher Connell & Connor, Surfside Beach, SC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Primary Capital v. Fuller

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

17-00802

Products

PromissoryNote

Issue Date

2018-01-31

Situs

New York

State

NY

Clmd Compensatory

16.0

Total Amt Awarded

22.6

Compensatory Awarded

15.1

Punitive Damage Awarded

Attorney Fees Awarded

4.1

* 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 claims that one of its former brokers failed to repay two promissory notes.

Notes

Arbitrator Remarks.

Arbitrators

Karimu F. Hill-Harvey, Esq.

Broker-Dealers Named

Primary Capital LLC

Professionals

  • Cs: (PCLLC) Ross David Carmel, Carmel Milazzo & DiChiara, New York, NY. OSC.
  • Rs: (JPF) None.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Wolf v. Dawson James

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

17-01756

Products

Equity; Warrants

Issue Date

2018-02-01

Situs

PP

State

PP

Clmd Compensatory

25.0

Total Amt Awarded

3.0

Compensatory Awarded

3.0

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 asserts claims of unsuitability and misrepresentation, among other things, relating to his purchase of Tonix Pharma common stock and stock warrants.

Notes

Rs Martin Brian Abraham was not assessed any portion of the awarded amount. Rs Dawson James Securities Inc. and Danilo Dereck Fuentes were assessed.

Arbitrators

Milton N. Gross

Broker-Dealers Named

Dawson James Securities Incorporated

Professionals

  • Cs: Bradley D. Schnur, Law Office of B.D. Schnur PC, Jericho, NY.
  • Rs: (DJSInc & DDF) Gregg J. Breitbart, Kaufman Dolowich Voluck LLP, Boca Raton, FL. OSC.
  • Rs: (MBA) None.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Watton

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-02328

Products

PromissoryNote

Issue Date

2018-01-29

Situs

PP

State

PP

Clmd Compensatory

344.2

Total Amt Awarded

347.2

Compensatory Awarded

344.2

Punitive Damage Awarded

Attorney Fees Awarded

2.0

* 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 recovers the unpaid balance, interest and its attorney fees and costs from one of its former brokers on a promissory note dated 7/31/15.

Notes

Arbitrator Remarks.

Arbitrators

William M. Getzoff, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC fka Wells Fargo Advisors LLC

Professionals

  • Cs: (WFCSLLC) Mitchell J. Albert, Albert & Will, Torrance, CA. OSC.
  • Rs: (CLW) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

H Beck v. Wilde

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

17-02551

Products

PromissoryNote

Issue Date

2018-02-02

Situs

PP

State

PP

Clmd Compensatory

59.4

Total Amt Awarded

59.4

Compensatory Awarded

59.4

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 recovers the unpaid balance, with interest, of a promissory note dated 4/1/16 from one of its former brokers.

Notes

Rule 13801 default judgment.

Arbitrators

Gloria O. North, Esq.

Broker-Dealers Named

H Beck Incorporated

Professionals

  • Cs: (HBInc) Richard D'Amura, Freeman Freeman & Smiley, Los Angeles, CA. OSC.
  • Rs: (MCW) No-show.

TypeDisp

SmallClms

Allegation I

MarginLiqdn

Short Caption

Evans v. Motif Investing

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

17-02893

Products

Equity; Margin

Issue Date

2018-02-02

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 alleges the unauthorized sale of common stock from his account to cover a margin call.

Notes

Arbitrator Remarks -- Explained Award.

Arbitrators

Jonathan H. Krotinger, Esq.

Broker-Dealers Named

Motif Investing Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (MIinc) Robert Salvador, Chief Compliance Officer, San Mateo, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Maermar Holdings v. Popular Securities

Allegation II

Misreprestn

Forum

FINRA

Allegation III

FailToObey

Docket No

14-02731

Products

MutualFunds

Issue Date

2018-01-29

Situs

San Juan

State

PR

Clmd Compensatory

574.4

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

An institutional investor alleges that its broker over-concentrated its account in Puerto Rican closed-end mutual funds.

Notes

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

Arbitrators

James W. Geiger, Esq. - Chair; Brian P. Jakes, Sr.; George Pinckney Shingler

Broker-Dealers Named

Popular Securities LLC

Professionals

  • Cs: Harold D. Vicente-Colon, Vicente & Cuebas, San Juan, PR.
  • Rs: (PSLLC & JR) Alan Wolper, Ulmer Berne LLP, Chicago, IL. OSC.
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