* 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 resolving all his claims and requests for monetary relief against Respondent broker-dealer, a broker is granted his request for reformation of defamatory information from appearing on his Form U5 record.
* 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 in detail why he decided to award the Claimant compensatory damages, finding that not only should the Spotify transaction not have taken place, but he is entitled to damages relating to losses he incurred with respect to the sale of the META stock as well as recovery of any advisory fees he paid in September of 2025.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Arbitrator Remarks -- Explained Award.
Arbitrators
Richard Kent Mahrle
Broker-Dealers Named
Morgan Stanley Smith Barney LLC
Professionals
Cs: Pro se.
Rs: (MSSBLLC) Gina Shlaferman, St. Petersburg, FL. 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
A Panel unanimously grants, with prejudice, Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206(b) (Six-year Eligibility Rule) after finding the initial events giving rise to the claim first occurred in September 2006, well outside the applicable statute of limitations and is therefore ineligible for arbitration.
Notes
Pre-Hearing Adjudication -- Full Dismissal. All-Public Panel. Arbitrator Remarks.
Arbitrators
Robert D. Sussin, Esq. - Chair; Daniel Lawrence Pearlman; Kenneth R. Jackson
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: Pro se.
Rs: (MSSBLLC) Chad Weaver, Freeman Mathis & Gary, Seal Beach, CA. 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
An Arbitrator explains why she has decided to grant, without prejudice, Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes) after finding that the Form U5 that Claimant seeks to expunge was filed in September 2017, more than seven years prior to the filing of the Statement of Claim and is ineligible for arbitration.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks -- Explained Award.
Arbitrators
Minnie Loo, Esq.
Broker-Dealers Named
Allstate Financial Services LLC
Professionals
Cs: (JEB) Y. Michael Yin, HLBS Law, Broomfield, CO.
Rs: (AFSLLC) Jennifer E. Novoselsky, Valentine Austriaco & Bueschel, Chicago, IL. 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
Registered Rep is granted his request for expungement of five customer complaints from appearing on his CRD record after the Panel found that said request met all three criteria under FINRA Rule 2080(A), (B) and (C).
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
James M. Stern, Esq. - Chair; Madelon M. Rosenfeld, Esq.; Gary B. Deutsch
Broker-Dealers Named
Cetera Wealth Services LLC; Independent Financial Group LLC
Professionals
Cs: (CRW) William R. Bean, HLBS Law, Broomfield, CO.
* 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, two Respondent broker-dealers are held liable to Claimant for damages relating to his purchase of ProShares UltraPro Short QQQ.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Clrg BD dispute.
Arbitrators
David Paul Clark, Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC; National Financial Services LLC
Professionals
Cs: Lee D. Denton, Spilman Thomas & Battle, Winston Salem, NC.
Rs: (FBSLLC & NFSLLC) Kara E. Fay, 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
Broker is granted his request for expungement of a customer complaint from appearing on his CRD record by unanimous decision of the Panel. The customer's complaint involved the purchase of GWG Bonds.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Mary E. Woytek, Esq. - Chair; Denise L. Quarles, Esq.; John Russell Barlow, II, Esq.
Broker-Dealers Named
Aegis Capital Corporation
Professionals
Cs: (MB) Thomas McEvoy & Michael H. Ference, Sichenzia Ross et al., New York, NY.
Rs: (ACCorp) Robert S. Feinman, Chief Compliance Officer, & Thomas Herity, New York, NY. 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
Respondent Registered Rep loses his Counterclaim for wrongful termination and is held liable to Claimant broker-dealers for over $5.6 million in total damages relating to the amounts due and owing on two promissory note agreements.
Notes
Big $s. Arbitrator Remarks.
Arbitrators
Andrew M. Schmertz - Chair; Lorraine Marie Brennan; Hovnan Melkonian
* 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, a customer alleging that Respondent broker-dealer breached its fiduciary duty when it imposed trading restrictions on his account and failed to follow his instructions regarding account transfers loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
* 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, a customer alleging that despite alerting him that fraud was detected in his accounts based on suspicious activity, Respondent broker-dealers' security systems failed to block or freeze his accounts, allowing the scammer to wipe out all of his funds in those accounts loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Clrg BD dispute.
Arbitrators
Michael A. Meyer, Esq.
Broker-Dealers Named
Robinhood Financial LLC; Robinhood Securities LLC
Professionals
Cs: Pro se.
Rs: (RFLLC & RSLLC) Michael Fakhoury, Washington, DC. 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
In this small claims arbitration, an Arbitrator denies a customer's case involving a system error that occurred on Respondent broker-dealer's trading platform, after determining that said customer failed to prove by a preponderance of the evidence that Respondent was responsible for the trading losses or that he is entitled to damages relating to such.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Arbitrator Remarks.
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