UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2017-04-28

UA 2017-15

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

SII Investments v. Moltz

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

15-02111

Products

PromissoryNote

Issue Date

2017-04-13

Situs

Phoenix

State

AZ

Clmd Compensatory

80.8

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."

Claim Summary

Cs alleged that Rs breached promissory notes that he executed as part of his Independent Contractor's Agreement with Cs.

Notes

This is a Stipulated Award.

People & Entities

Arbitrators

Marc Kalish, JD

Broker-Dealers Named

SII Investments Incorporated

Professionals

  • Cs: (SIIIInc) Scott A. Chernich, Foster Swift et al., Lansing, MI. OSC.
  • Rs: (BM) None.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Miller v. Wells Fargo

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

14-03166

Products

CDOs; Derivatives

Issue Date

2017-04-11

Situs

Los Angeles

State

CA

Clmd Compensatory

84.0

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."

Claim Summary

Cs alleged elder abuse, among other things. The causes of action related to an investment in BlackRock Multi-Sector Income Trust.

Notes

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

Arbitrators

Nancy G. Harris - Chair; Thomas R. Watkins; Steven A. Wawra, Esq.

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: Marc I. Zussman, Law Offices of M.I. Zussman, Los Angeles, CA.
  • Rs: (WFALLC) Judy Louie, Wells Fargo Law Department, Pasadena, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Iskander v. Citigroup Global

Allegation II

Defamation

Forum

FINRA

Allegation III

Retaliation

Docket No

15-00448

Products

NP

Issue Date

2017-04-10

Situs

Los Angeles

State

CA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

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."

Claim Summary

Bare-Bones Summary.

Notes

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

Arbitrators

Natalie Panossian-Bassler - Chair; Tim James O'Keefe; Christopher L. Mass, Esq.

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (SSI) Scott E. Rahn, Rahn Muntz O'Grady LLP, Los Angeles, CA.
  • Rs: (CGMInc) Harold M. Brody, Proskauer Rose LLP, Los Angeles, CA. OSC.

TypeDisp

MemberCustomer

Allegation I

DebitBalance

Short Caption

Lek Securities v. Wolfson

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

15-02201

Products

Equity; Margin

Issue Date

2017-04-13

Situs

San Francisco

State

CA

Clmd Compensatory

1393.9

Total Amt Awarded

211.9

Compensatory Awarded

211.9

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."

Claim Summary

Cs demanded the unpaid credit balance incurred as a result of the liquidation of Rs' portfolio margin account.

Notes

Majority Public Panel.

Arbitrators

Barbara M. Anscher, Esq. - Chair; Gary Timothy Haight, DBA; Christopher J.Hadsell

Broker-Dealers Named

Lek Securities Corporation

Professionals

  • Cs: (LSCorp) David Wrobel, Wrobel Markham et al., New York, NY. OSC.
  • Rs: Pro se since 4/14/16.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Beane v. Craig Scott

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

Suitability

Docket No

15-02075

Products

ETFs

Issue Date

2017-04-12

Situs

Orlando

State

FL

Clmd Compensatory

81.0

Total Amt Awarded

202.4

Compensatory Awarded

81.0

Punitive Damage Awarded

81.0

Attorney Fees Awarded

36.4

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Claim Summary

Cs alleged elder abuse, churning, unauthorized trading, unsuitability and misrepresentation, among other things. The causes of action related to alleged short-term day-trading investment strategies in exchange traded funds and exchange traded network products.

Notes

Punitive Damages Awarded. Rs Craig Scott Taddonio and Richard Hunt Crockett were not assessed any portion of the awarded amount. Rs Craig Scott Capital LLC, Brent Morgan Porges and Zachary T. Bader were assessed. Sanctions imposed. PHL -- Involves bankruptcy stay. Arbitrator Remarks -- Explained Award. Case law cited.

Arbitrators

Avery B. Goodman, Esq.

Broker-Dealers Named

Craig Scott Capital LLC

Professionals

  • Cs: Hilton Wiener, Law Office of H. Wiener, New York, NY.
  • Rs: (CSCLLC) Craig Taddonio, Owner, President & Chief Executive Officer, Uniondale, NY. ISC.
  • Rs: (CST, RHC & BMP) None.
  • Rs: (ZTB) No-show.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Gagliardi v. Pacific West

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Negligence

Docket No

15-02877

Products

DirectInvesmts; RealEstate

Issue Date

2017-04-12

Situs

Boca Raton

State

FL

Clmd Compensatory

0.0

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."

Claim Summary

The causes of action related to investments in tenant-in-common real estate.

Notes

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

Arbitrators

Barth Satuloff, CPA - Chair; James M. Scutti, Esq.; Gary Ralph Librizzi

Broker-Dealers Named

Pacific West Securities Incorporated

Professionals

  • Cs: Kenneth J. Catanzarite, Catanzarite Law Corporation, Anaheim, CA.
  • Rs: (CGC) Jordan D. Maglich, Wiand Guerra King PA, Tampa, FL.
  • Rs: (PWSInc) Philip Anthony Pizelo, Chief Executive Officer, Renton, WA. ISC.
  • Rs: (PAP, SLF, EJF, JSS & MTM) None.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

SunTrust Investment v. Terry

Allegation II

BreachContract

Forum

FINRA

Allegation III

PromissoryEstoppel

Docket No

15-03203

Products

PromissoryNote

Issue Date

2017-04-12

Situs

Tampa

State

FL

Clmd Compensatory

177.3

Total Amt Awarded

187.0

Compensatory Awarded

177.3

Punitive Damage Awarded

Attorney Fees Awarded

9.7

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Claim Summary

Cs alleged that Rs failed to repay sums due to his former employer after his termination under the terms of his offer letter dated 8/20/13.

Notes

Sanctions imposed. Arbitrator Remarks.

Arbitrators

Mimi B. Osiason - Chair; Richard S. Zaifert, Esq.; Orville Theodore McCormac

Broker-Dealers Named

SunTrust Investment Services Incorporated

Professionals

  • Cs: (STISInc) Caryn D. Shaw, Fisher & Phillips, Orlando, FL. OSC.
  • Rs: (MJT) None.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Haber v. UBS Financial

Allegation II

BreachContract

Forum

FINRA

Allegation III

Negligence

Docket No

16-03164

Products

MutualFunds; GovtSecs

Issue Date

2017-04-14

Situs

Miami

State

FL

Clmd Compensatory

137.8

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."

Claim Summary

The causes of action related to an exchange of Argentina FRB bonds for bonds issued by Republic of Argentina 8.75%, Republic of Argentina 0% and Republic of Argentina 8.28%.

Notes

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

Arbitrators

Kimberly A. Gilmour, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: Hays C. Ellisen & Adam A. Hachikian, Fox Swibel et al., Chicago, IL.
  • Rs: (UBFSInc & PDC) Anthony J. Borelli, Riker Danzig et al., Morristown, NJ. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Montelbano v. Morgan Stanley

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

16-02234

Products

Annuities

Issue Date

2017-04-14

Situs

Chicago

State

IL

Clmd Compensatory

53.0

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."

Claim Summary

Cs alleged elder abuse, among other things. The causes of action related to an investment in a Sun Life Financial Masters Choice Annuity.

Notes

None.

Arbitrators

Susanne J. Hollander, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: John J. Muldoon III, Muldoon & Muldoon, Chicago, IL.
  • Rs: (MSSBLLC, TJW & SAZ) Jeremy S. Winer, New York, NY. ISC.

TypeDisp

EmployeeCustomer

Allegation I

Expungement(CRD)

Short Caption

Goldstein v. Clark

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

16-03124

Products

NP

Issue Date

2017-04-10

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."

Claim Summary

Cs requested expungement of an erroneous customer complaint made by Rs that he voluntarily and almost immediately withdrew as meritless.

Notes

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

Arbitrators

Michael F. Jordan, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: (LBG) Lisa M. Serra, Saretsky Hart et al., Birmingham, MI.
  • Rs: Pro se.

TypeDisp

EmployeeMember

Allegation I

WrongTerm

Short Caption

Alexander v. Cantella & Company

Allegation II

Retaliation

Forum

FINRA

Allegation III

Discrimination(Disability)

Docket No

15-00724

Products

NP

Issue Date

2017-04-14

Situs

Boston

State

MA

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."

Claim Summary

Cs alleged that Rs failed to discriminated against a disabled employee by failing to accommodate and terminating her and retaliated against a whistleblower by terminating him and defaming him on his Form U5, in order to misappropriate their business.

Notes

Sanctions imposed. Disability Discrimination case. Whistleblowing case. Arbitrator Remarks -- Explained Award.

Arbitrators

Denise L. Presley, Esq. - Chair; Michael P. Anciello; Joseph Samuel Berman

Broker-Dealers Named

Cantella & Company Incorporated

Professionals

  • Cs: (CEA & JMF) None.
  • Rs: (C&CInc) Jay Lanstein. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Bennett v. Raymond James

Allegation II

Supervision

Forum

FINRA

Allegation III

Misreprestn

Docket No

14-02056

Products

Equity; VariableAnnuities

Issue Date

2017-04-12

Situs

Jackson

State

MS

Clmd Compensatory

2423.1

Total Amt Awarded

761.8

Compensatory Awarded

326.8

Punitive Damage Awarded

200.0

Attorney Fees Awarded

210.7

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Claim Summary

Cs alleged that their broker invested their retirement assets in unsuitable securities, including variable annuities and penny stocks, with the approval and at the direction of their branch manager.

Notes

Big $s. This is an Amended Award. Punitive Damages Awarded. Rs Raymond James Financial Services Inc. and Morgan Keegan & Company Inc. were not assessed in portion of the awarded amount. Rs Morgan Keegan & Company LLC, Logan Burch Phillips and Raymond James & Associates Inc. were assessed. Majority Public Panel. Arbitrator Remarks -- Arbitrator dissents with explanation. Case law cited.

Arbitrators

Mollie Wagner Neal, Esq. - Chair; Barbara L. Edin, Esq.; William T. Bowen (Dissents)

Broker-Dealers Named

Raymond James Financial Services Inc. as Successor and Beneficial Owner of Morgan Keegan & Company LLC; Morgan Keegan & Company Incorporated; Raymond James & Associates Incorporated.

Professionals

  • Cs: Frank Kim Breese, Breese Law Office, Ridgeland, MS. and Judson M. Lee, J.M. Lee PLLC, Madison, MS.
  • Rs: (RJFSInc, MK&CLLC, MK&CInc, LBP & RJ&AInc) Terry R. Weiss & Jennifer Tomsen, Greenberg Traurig LLP, Atlanta, GA. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Citigroup Global v. Avitabile

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

15-02192

Products

PromissoryNote

Issue Date

2017-04-12

Situs

New York

State

NY

Clmd Compensatory

268.9

Total Amt Awarded

268.9

Compensatory Awarded

268.9

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."

Claim Summary

Bare-Bones Summary.

Notes

Arbitrator Remarks -- Arbitrator dissents with explanation

Arbitrators

Irwin Kahn, Esq. - Chair; Keith Roberts (Dissents); David J. Pine, Esq.

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (CGMInc) Christopher M. Rodriguez & Catania T. Facher & Shannon Hagan, Alonso Andalkar & Facher, New York, NY. OSC.
  • Rs: (TMA) David P. Stich, Attorney-at-Law, New York, NY.

TypeDisp

EmployeeMember

Allegation I

Discrimination(Gender)

Short Caption

Champine v. Cantor Fitzgerald

Allegation II

Compensatn

Forum

FINRA

Allegation III

BreachContract

Docket No

16-00807

Products

NP

Issue Date

2017-04-11

Situs

New York

State

NY

Clmd Compensatory

1562.3

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."

Claim Summary

Cs alleged discrimination based on gender and sexual orientation and unlawful deduction of wages, among other things.

Notes

Gender Discrimination case.

Arbitrators

Leona Beane, Esq. - Chair; Alice J.P. Lee-Getman; John D. Nagy

Broker-Dealers Named

Cantor Fitzgerald & Company

Professionals

  • Cs: (LAC) Debra L. Raskin, Vladeck Raskin & Clark, New York, NY.
  • Rs: (CF&Co) Emily Milligan, New York, NY. ISC.

TypeDisp

CustomerEmployee

Allegation I

Misreprestn

Short Caption

Hahn v. Preis

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

16-02686

Products

DirectInvesmts; HedgeFund

Issue Date

2017-04-13

Situs

New York

State

NY

Clmd Compensatory

741.0

Total Amt Awarded

530.7

Compensatory Awarded

530.7

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."

Claim Summary

Bare-Bones Summary.

Notes

Big $s. All-Public Panel.

Arbitrators

David I. Goldblatt, Esq. - Chair; Ellyn S. Roth; Thomas E. Mehrtens, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: David Edgar Bamberger, Akabas & Sproule, New York, NY.
  • Rs: (INP) None.

TypeDisp

SmallClms

Allegation I

Churning

Short Caption

Vanderlinde v. Brookstone Securities

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

Suitability

Docket No

15-02268

Products

*

Issue Date

2017-04-12

Situs

PP

State

PP

Clmd Compensatory

25.8

Total Amt Awarded

36.3

Compensatory Awarded

31.3

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."

Claim Summary

Cs also alleged misrepresentation and lost opportunity, among other things.

Notes

Damage Anomaly. Rs Scott Randall Martinson and Paul Reid Richardson were not assessed any portion of the awarded amount. Rs Brookstone Securities Inc., Philip Orezio Fatta, Kyong H. Kim, David William Locy, Elvin J. Lopez, Ehab Ahmed Shalaby, Edgar Allen Thomas and Antony Lee Turbeville were assessed. PHL -- Involves bankruptcy stay. Arbitrator Remarks.

Arbitrators

Hon. Michael S. Jordan

Broker-Dealers Named

Brookstone Securities Incorporated

Professionals

  • Cs: Hilton Wiener, Law Office of H. Wiener, New York, NY.
  • Rs: (BSInc) David William Locy, Lakeland, FL. ISC.
  • Rs: (POF, DWL & ALT) Marc L. Abramson, Financial Services Independent Counsel, Tampa, FL.
  • Rs: (SRM) Timothy Feil, Finkelstein & Feil, Bohemia, NY.
  • Rs: (EAT) Joshua A. Katz, Sallah Astarita & Cox, Boca Raton, FL.
  • Rs: (KHK) None.
  • Rs: (EJL, PRR & EAS) No-show.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Leatherman v. Bruch

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

16-01036

Products

MutualFunds

Issue Date

2017-04-10

Situs

PP

State

PP

Clmd Compensatory

9.1

Total Amt Awarded

10.1

Compensatory Awarded

10.1

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."

Claim Summary

The causes of action related to an investment in Pioneer High Income Trust.

Notes

None.

Arbitrators

William J. Bender, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: Pro se.
  • Rs: (MDB & EDJ&CLP) Paul Yarns, St. Louis, MO. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Waddell & Reed v. Hollister

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

16-02698

Products

PromissoryNote

Issue Date

2017-04-11

Situs

PP

State

PP

Clmd Compensatory

46.4

Total Amt Awarded

46.4

Compensatory Awarded

46.4

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."

Claim Summary

Cs alleged that Rs breached a Professional Career Agreement that required him to repay any unearned commissions following his termination.

Notes

None.

Arbitrators

Michael J. Meeusen, Esq.

Broker-Dealers Named

Waddell & Reed Incorporated

Professionals

  • Cs: (W&RInc) Lindsay Wuller, Bryan Cave LLP, St. Louis, MO. OSC.
  • Rs: (AWH) None.

TypeDisp

EmployeeEmployee

Allegation I

Expungement(CRD)

Short Caption

Sharma v. Regina

Allegation II

Defamation

Forum

FINRA

Allegation III

Indemnification

Docket No

16-02777

Products

NP

Issue Date

2017-04-12

Situs

PP

State

PP

Clmd Compensatory

20.2

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."

Claim Summary

Bare-Bones Summary.

Notes

None.

Arbitrators

Jill I. Gross, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: (UKS) None.
  • Rs: (MAR & PNT) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Midence v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

15-02289

Products

MutualFunds

Issue Date

2017-04-11

Situs

Houston

State

TX

Clmd Compensatory

100.0

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."

Claim Summary

Cs alleged that his broker recommended that he invest the majority of his portfolio in Puerto Rico Bonds and other non-investment grade speculative commercial bonds that he falsely represented were safe investments.

Notes

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

Arbitrators

Maryanne M. Esser, Esq. - Chair; Amy Lynn Mitchell; Shannon Lyn Mays

Broker-Dealers Named

RBC Capital Markets LLC; Morgan Stanley

Professionals

  • Cs: D. Daxton White, White Law Group, Chicago, IL.
  • Rs: (MSSBLLC) Alex J. Rosenthal, Greenberg Traurig PA, West Palm Beach, FL. OSC.
  • Rs: (RBCCMLLC) John P. Kincade, Winstead PC, Dallas, TX. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Huitt v. Wilbanks Securities

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

16-00226

Products

VariableAnnuities

Issue Date

2017-04-13

Situs

Salt Lake City

State

UT

Clmd Compensatory

620.7

Total Amt Awarded

1073.4

Compensatory Awarded

536.7

Punitive Damage Awarded

536.7

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."

Claim Summary

The causes of action related to an investment in an ING Landmark Variable Annuity.

Notes

Big $s. Punitive Damages Awarded. All-Public Panel. Arbitrator Remarks.

Arbitrators

Richard Djokic, Esq. - Chair; George J. Karlsven, Jr.; Knute Arthur Rife

Broker-Dealers Named

Wilbanks Securities Incorporated

Professionals

  • Cs: Marc Fitapelli & Jonathan Kurta, Fitapelli Kurta LLP, New York, NY.
  • Rs: (WSInc) Aaron B. Wilbanks, President & CEO, Oklahoma City, OK. ISC. since 3/8/17.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Bonney v. Weese

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

16-00933

Products

DirectInvesmts; MutualFunds

Issue Date

2017-04-11

Situs

Salt Lake City

State

UT

Clmd Compensatory

93.2

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."

Claim Summary

The causes of action relate to the transfer of Cs' IRA account and trust account to Rs, the IRA Account investments in various funds and the subsequent Trust Account investments in two master limited partnerships, Investment Managers Center Coast MLP and Steelpath MLP.

Notes

This is a Stipulated Award. All-Public Panel.

Arbitrators

William Michael Samsel - Chair; Herbert Liberman; Kevin Edward Anthony

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: Randall R. Heiner, Heiner Law Offices, Salt Lake City, UT.
  • Rs: (BLW & WFALLC) Michael Naccarato, St. Louis, MO. ISC.
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