UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2022-09-20

2022-20

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Meyer v. Merrill Lynch

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachContract

Docket No

20-03717

Products

Equity

Issue Date

2022-08-19

Situs

Los Angeles

State

CA

Clmd Compensatory

400.0

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 alleging financial elder abuse with respect to securities purchased for his Individual Retirement Account settles his case against Respondent broker-dealer. Non-Party registered rep is awarded expungement of this matter from appearing on his CRD record.

Notes

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

People & Entities

Arbitrators

Michael D. Harrison, Esq. - Chair; Kendall C. Reed, Esq.; Russell T. Doe

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Noah Green, Green & Stewart, Pasadena, CA.
  • Rs: (MLPFSInc) Tara A. LaClair, Crowe & Dunlevy, Oklahoma City, OK. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Lombrano v. LPL Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00189

Products

Annuities; REITs

Issue Date

2022-08-22

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

Claimant broker is granted expungement of three customer complaints from his CRD record involving the purchase of annuities and real estate investment trusts.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Erik R. Siering

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (MJL) N. Nancy Ghabai, Ghabai Law Group LLC, Boston, MA.
  • Rs: (LPLFLLC) Kelsey L. Vasko, San Diego, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

South v. Oppenheimer & Company

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00411

Products

Equity

Issue Date

2022-08-23

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

A Panel awards a broker expungement of a complaint from appearing on his CRD record despite the objection of the customer.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven H. Gourley, Esq. - Chair; Howard Clark Posner; Andrea Luise Halperin

Broker-Dealers Named

Oppenheimer & Company Incorporated

Professionals

  • Cs: (KHS) Patrick R. Mahoney, The Law Offices of P.R. Mahoney, Beverly Hills, CA.
  • Rs: (O&CInc) William H. Badinelli, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Oliver v. Key Investment

Allegation II

Reformation(U-5)

Forum

FINRA

Allegation III

Defamation

Docket No

19-03331

Products

NP

Issue Date

2022-08-16

Situs

Hartford

State

CT

Clmd Compensatory

4973.6

Total Amt Awarded

1017.8

Compensatory Awarded

623.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

294.8

* 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 over $1 million in damages on his retaliation and owed compensation claims, along with reformation of defamatory information from his Form U5 record.

Notes

Big $s. Arbitrator Remarks -- Reformation U-5 granted. Case law cited.

Arbitrators

Diane Ciccone, Esq. - Chair; Paul Smith Besson; Marissa A. Santangelo

Broker-Dealers Named

Key Investment Services LLC

Professionals

  • Cs: (JWO) David Dobin & Richard Slavin, Cohen & Wolf, Bridgeport, CT.
  • Rs: (KISLLC) Jeffrey S. Dunlap, Ulmer & Berne, Cleveland, OH. OSC.

TypeDisp

CustomerMember

Allegation I

Fraud

Short Caption

Wehby v. COR Clearing

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Suitability

Docket No

17-02514

Products

NP

Issue Date

2022-08-23

Situs

Boca Raton

State

FL

Clmd Compensatory

571.1

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

Two customers alleging that fraudulent activity occurred in their brokerage account by an unnamed registered rep of Respondent broker-dealer lose their case.

Notes

Clrg BD dispute. All-Public Panel.

Arbitrators

Edward R. Niederriter, Esq. - Chair; Joseph Michael Librie; Erika Deutsch Rotbart

Broker-Dealers Named

COR Clearing LLC

Professionals

  • Cs: Bruce D. Oakes & Richard B. Fosher, Oakes & Fosher, St. Louis, MO.
  • Rs: (CCLLC) Carl S. Burkhalter, Maynard Cooper & Gale, Birmingham, AL. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Saad v. Calcena

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

20-01130

Products

DirectInvesmts

Issue Date

2022-08-15

Situs

Boca Raton

State

FL

Clmd Compensatory

245.0

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

An investor alleging violation of the Florida Securities and Investor Protection Act with respect to an investment in two fixed rate products investment plans with Northstar Financial Services (Bermuda) Ltd. settles his case against Respondents. Respondent broker is granted expungement of this matter from her CRD record.

Notes

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

Arbitrators

Robert G. Falbisaner - Chair; S. Ronald Daniels; Mark A. Jacoby

Broker-Dealers Named

Ocean Financial Services LLC

Professionals

  • Cs: Lars K. Soreide, Soreide Law Group PLLC, Pompano Beach, FL.
  • Rs: (MFC & OFSLLC) Kathy M. Klock, Akerman LLP, West Palm Beach, FL. OSC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Paulen IRA v. Ameriprise Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

21-00591

Products

DirectInvesmts

Issue Date

2022-08-26

Situs

Boca Raton

State

FL

Clmd Compensatory

13.0

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 alleging that his investment and purchase of shares in Franklin Square Investment Corporation II was unsuitable for his IRA account settles his case against Respondent broker-dealer. Non-Party registered rep is granted expungement of this matter from his CRD record.

Notes

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

Arbitrators

Nancy J. Cliff, Esq.

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: Michael Hill, Menzer & Hill, Boca Raton, FL.
  • Rs: (AFSInc) Lawton R. Graves & Eleanor M. Samuels, Murphy & Anderson, Jacksonville, FL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Nikulski v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-03116

Products

NP

Issue Date

2022-08-19

Situs

Des Moines

State

IA

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

An Arbitrator explains why she has decided to grant a broker's request for expungement of two customer complaints from his CRD record and deny his request for expungement of a third finding that the information relating to that Occurrence is accurate.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Tracy L. Allen, Esq.

Broker-Dealers Named

Ameriprise Financial Services LLC

Professionals

  • Cs: (BJN) Michael Bessette, HLBS Law, Westminster, CO.
  • Rs: (AFSLLC) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Gutt v. Ameriprise Financial

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

21-00002

Products

Margin; Options

Issue Date

2022-08-18

Situs

Chicago

State

IL

Clmd Compensatory

600.0

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

An investor alleging that his account with Respondent broker-dealer was liquidated in order to satisfy margin requirements settles his case against Respondents. Respondent broker is granted expungement of this matter from his CRD record.

Notes

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

Arbitrators

Lisa M. Krimen - Chair; Ray J. Grzebielski, Esq.; Howard T. Goffen

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: John M. O'Toole, O'Toole Law LLC, Chicago, IL.
  • Rs: (AFSInc & SJS) Sydney H. Crowder, Ameriprise Financial Incorporated, Minneapolis, MN. ISC.

TypeDisp

SmallClms

Allegation I

Operations

Short Caption

Pickett v. TD Ameritrade

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

21-02073

Products

NP

Issue Date

2022-08-18

Situs

Louisville

State

KY

Clmd Compensatory

30.0

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

In this small claims arbitration, the Arbitrator explains why he has decided to grant Respondent broker-dealers' Pre-Hearing Motions to Dismiss pursuant to FINRA Rules 12511(b) and 12212(c). Said Motions were granted against the customer as a sanction for his failure to comply with the Arbitrator's Order regarding the production of discovery.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Clrg BD dispute. Arbitrator Remarks -- Explained Award.

Arbitrators

Gregory Hunter Mathews

Broker-Dealers Named

TD Ameritrade Incorporated; Citadel Securities LLC

Professionals

  • Cs: Pro se.
  • Rs: (TDAInc) Kevin H. Lewis, Charles Schwab & Company, San Francisco, CA. ISC.
  • Rs: (CSLLC) Mark L. Parmelee, Greenberg Traurig LLP, White Plains, NY. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Baer

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

21-02658

Products

PromissoryNote

Issue Date

2022-08-26

Situs

Baltimore

State

MD

Clmd Compensatory

277.3

Total Amt Awarded

277.3

Compensatory Awarded

277.3

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 registered rep is held liable to Claimant broker-dealers for the amounts due and owing on four promissory note agreements entered into by the parties as part of Rs employment.

Notes

None.

Arbitrators

Richard E. Lauziere, CPA

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Morgan Stanley Smith Barney Financing LLC

Professionals

  • Cs: (MSSBLLC & MSSBFLLC) Alan S. Brodherson, Law Office of A.S. Brodherson, New York, NY. OSC.
  • Rs: (JCB) None.

TypeDisp

EmployeeMember

Allegation I

WrongTerm

Short Caption

Arbo v. ProEquities Incorporated

Allegation II

Reformation(U-5)

Forum

FINRA

Allegation III

Defamation

Docket No

20-02471

Products

NP

Issue Date

2022-08-24

Situs

Augusta

State

ME

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 broker alleging wrongful termination and seeking reformation of alleged defamatory information from his Form U5 record loses his case after the Panel granted Respondent broker-dealer's Motion for Directed Verdict.

Notes

Directed Verdict -- Full Dismissal.

Arbitrators

William Norton - Chair; Richard W. Dissen, Esq.; Dallas Whitney Coffman

Broker-Dealers Named

ProEquities Incorporated

Professionals

  • Cs: (MKA) Robert G. Heim Jr., Tarter Krinsky & Drogin, New York, NY.
  • Rs: (PEInc) Kathryn Roe Eldridge, Maynard Cooper & Gale, Birmingham, AL. OSC.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Erickson v. Mutual Trust

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

21-01248

Products

Derivatives

Issue Date

2022-08-18

Situs

Minneapolis

State

MN

Clmd Compensatory

500.0

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 alleging that she was placed in unsuitable and complex structured investment products and that unauthorized trading occurred in her account settles her claims against Respondents. Respondent brokers are granted their requests for expungement of this matter from their CRD records.

Notes

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

Arbitrators

Tracy L. Allen, Esq. - Chair; William Benjamin Gavzy; Jonathan Bruce Kvasnik

Broker-Dealers Named

Mutual Trust Company of America Securities

Professionals

  • Cs: Terrence J. Fleming, Fredrikson & Byron, Minneapolis, MN.
  • Rs: (MTCASecs, JEB & PJT) Robert Persante & Zachary T. Zuroweste & Anastasia N. Landon, PersanteZuroweste LLP, Clearwater, FL. OSC.

TypeDisp

SmallClms

Allegation I

BreachFiducDty

Short Caption

Nash v. Royal Alliance

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

21-02467

Products

PrivSecTrans

Issue Date

2022-08-19

Situs

Minneapolis

State

MN

Clmd Compensatory

6.0

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

In this selling away case, a Claimant customer alleging that Respondent broker-dealer is liable for a debt he incurred as a result of him loaning money to one of their now deceased employee loses his case.

Notes

Selling Away case.

Arbitrators

Barry Goldman, Esq.

Broker-Dealers Named

Royal Alliance Associates Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (RAAInc) Jennifer R. Cox, Advisor Group, Jersey City, NJ. ISC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Dixon v. Charles Schwab

Allegation II

Fraud

Forum

FINRA

Allegation III

Operations

Docket No

21-02551

Products

Equity

Issue Date

2022-08-15

Situs

Minneapolis

State

MN

Clmd Compensatory

27414.9

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 seeking over $27.4 million in damages loses his case against Respondent broker-dealer after the Panel found that there is no support for the customer's case under any possible theory of recovery.

Notes

Directed Verdict -- Full Dismissal. All-Public Panel. Arbitrator Remarks.

Arbitrators

Barry Goldman, Esq. - Chair; Phyllis Karasov, Esq.; Allan Witz

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (CS&CInc) Joelle A. Simms, Westlake, TX. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Vizanko

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

21-02913

Products

PromissoryNote

Issue Date

2022-08-22

Situs

Minneapolis

State

MN

Clmd Compensatory

294.3

Total Amt Awarded

305.1

Compensatory Awarded

294.3

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 for the amounts due and owing pursuant to two promissory note agreements he signed as part of his employment with Claimant broker-dealer.

Notes

None.

Arbitrators

Tracy L. Allen, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Theodore R. Bynum III, St. Louis, MO. ISC.
  • Rs: (PWV) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Deitering v. Edward Jones

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00004

Products

NP

Issue Date

2022-08-26

Situs

Omaha

State

NE

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 granted his request for expungement of a complaint from her CRD record despite the objection of the customer involved.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Philip J. Glick, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: (PKD) Harris Freedman & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (EDJ&CLP) Jonathan W. Hackbarth, Quarles & Brady, Milwaukee, WI. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Powers v. Janney Montgomery Scott

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02762

Products

NP

Issue Date

2022-08-26

Situs

Jersey City

State

NJ

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

An Arbitrator grants Claimant broker's request for expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Martin R. Cramer

Broker-Dealers Named

Janney Montgomery Scott LLC

Professionals

  • Cs: (SGP) Daniel Donovan, Donovan & Rainie, Baltimore, MD.
  • Rs: (JMSLLC) Jill B. Clarke, Philadelphia, PA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Blanco v. Investors Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02773

Products

NP

Issue Date

2022-08-26

Situs

Albuquerque

State

NM

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

An Arbitrator grants a broker's request for expungement of two customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael Lancaster Garcia

Broker-Dealers Named

Investors Capital Corporation; NYLife Securities LLC

Professionals

  • Cs: (RAB) Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (ICCorp) David Feldstein, Cetera Financial Group, New York, NY. ISC.
  • Rs: (NYLSLLC) Christopher J. Murdoch, Emry Murdoch LLC, Chicago, IL. OSC.

TypeDisp

SmallClms

Allegation I

Misreprestn

Short Caption

Bears Western v. TD Ameritrade

Allegation II

Operations

Forum

FINRA

Allegation III

BreachContract

Docket No

22-00791

Products

EqOptions

Issue Date

2022-08-24

Situs

Reno

State

NV

Clmd Compensatory

14.0

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

In this small claims arbitration, a customer alleging that errors/charges took place in its account with respect to the purchase of options contracts on Occidental Petroleum stock loses its case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Clrg BD dispute.

Arbitrators

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

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Pro se through Barry A. Layton, Bears Western Enterprises, Truckee, CA.
  • Rs: (TDAInc) Gregory M. Scanlon, Charles Schwab & Company Incorporated, Lone Tree, CO. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Little v. Commonwealth Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

17-01238

Products

Equity

Issue Date

2022-08-15

Situs

Syracuse

State

NY

Clmd Compensatory

460.0

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

Despite denying Respondents Motions to Dismiss (Pre-Hearing pursuant to Rule 12206 and Directed Verdict), an All-Public Panel denies Claimant's case relating to the alleged unsuitable purchase of equity investments for his account.

Notes

Rescission Requested. All-Public Panel.

Arbitrators

Robert J. Scafuri, Esq. - Chair; John James McGovern, Jr., Esq.; Walter L. Meagher, Jr., Esq.

Broker-Dealers Named

Commonwealth Financial Network

Professionals

  • Cs: Robert J. Pearl, The Pearl Law Firm, Naples, FL.
  • Rs: (CFNtwk & AJD) Anthony Paduano & Katherine B. Harrison, Paduano & Weintraub, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

May v. Deutsche Bank Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

TortiousInterference

Docket No

19-00388

Products

NP

Issue Date

2022-08-26

Situs

New York

State

NY

Clmd Compensatory

350.0

Total Amt Awarded

Equity

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 settles all his claims against Respondent broker-dealer except his request for reformation of his Form U5 record which was granted by a majority of the Panel. Although no explanation is given, based on the language used in the award section, one Arbitrator dissents with respect to the granting of Claimant's request for reformation of his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted. Arbitrator dissents without explanation.

Arbitrators

Pamela H. Roderick - Chair; Denise Campbell Sagua, Esq.; Lisa Lograno (Dissents)

Broker-Dealers Named

Deutsche Bank Securities Incorporated

Professionals

  • Cs: (JMM) John A. Coleman Jr., J.A. Coleman Jr. PC, New York, NY.
  • Rs: (DBSInc) Kenneth J. Turnbull & Nicole M. Zito, Morgan Lewis & Bockius, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rotunno v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00054

Products

NP

Issue Date

2022-08-17

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

Claimant broker loses his request for expungement of a customer complaint from appearing on his CRD record.

Notes

None.

Arbitrators

Ellyn S. Roth - Chair; Evdokia Sofos, Esq.; Seth T. Taube, Esq.

Broker-Dealers Named

National Securities Corporation

Professionals

  • Cs: (RNR) Christopher D. Warren & Jorge Marquez, Warren Law Group, New York, NY.
  • Rs: (NSCorp) Emily A. Hayes, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ambroson v. Gould Ambroson

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00298

Products

PrivSecTrans

Issue Date

2022-08-24

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

Registered Rep wins expungement of two customer complaints from appearing on his CRD record involving an alleged Ponzi scheme.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Linda J. Baer, Esq.

Broker-Dealers Named

Gould Ambroson & Associates Limited

Professionals

  • Cs: (JAA) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (GA&ALtd) Jay Allan Ambroson, Westbury, NY. ISC.

TypeDisp

CustomerEmployee

Allegation I

Negligence

Short Caption

Frankel v. Cohen

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Supervision

Docket No

22-01440

Products

PrivSecTrans

Issue Date

2022-08-25

Situs

New York

State

NY

Clmd Compensatory

454.1

Total Amt Awarded

383.2

Compensatory Awarded

383.2

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

In this default award, a non-appearing broker is held liable for reimbursement of the amounts due pursuant to two loans made by Claimant customer.

Notes

Rule 12801 Default Judgment.

Arbitrators

Joyce Diane Campbell Priveterre

Broker-Dealers Named

None.

Professionals

  • Cs: Scott L. Silver, Silver Law Group, Cold Springs, FL.
  • Rs: (SC) No-show.

TypeDisp

MemberEmployee

Allegation I

Indemnification

Short Caption

FSC Securities v. Bedillion

Allegation II

Forum

FINRA

Allegation III

Docket No

21-03066

Products

Insurance

Issue Date

2022-08-18

Situs

Pittsburgh

State

PA

Clmd Compensatory

164.3

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

A Claimant broker-dealer alleging that Respondent (as a former independent contractor with Respondent) inappropriately overloaded it with customer commission chargebacks and litigation costs relating to insurance products sold to his former customers loses its case.

Notes

None.

Arbitrators

Barry Goldman, Esq. - Chair; Mark Alexander Sipper; Peter Glasser

Broker-Dealers Named

FSC Securities Corporation

Professionals

  • Cs: (FSCSCorp) Gregory M. Curley, Advisor Group Incorporated, Jersey City, NJ. ISC.
  • Rs: (RB) Michael J. Betts, M.J. Betts LLC, Pittsburgh, PA.

TypeDisp

MemberEmployee

Allegation I

BreachContract

Short Caption

Cambridge Investment v. Hubert

Allegation II

UnjustEnrichment

Forum

FINRA

Allegation III

Docket No

22-00761

Products

NP

Issue Date

2022-08-24

Situs

Philadelphia

State

PA

Clmd Compensatory

10.9

Total Amt Awarded

12.9

Compensatory Awarded

10.9

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

Respondent broker is held liable to Claimant broker-dealer for compensatory damages on its breach of contract claim and attorney fees pursuant to the Relationship Agreement between the parties.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code. Arbitrator Remarks.

Arbitrators

George Forest Bingham, Esq.

Broker-Dealers Named

Cambridge Investment Research Incorporated

Professionals

  • Cs: (CIRInc) Kristina J. Branstetter, Fairfield, IA. ISC.
  • Rs: (LJH) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Woollen v. Centaurus Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

21-02401

Products

*

Issue Date

2022-08-16

Situs

Columbia

State

SC

Clmd Compensatory

100.0

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

Two customers alleging that they were placed in unsuitable securities settle their case against two broker-dealers and three registered representatives. One named registered rep is awarded expungement of this matter from his CRD record.

Notes

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

Arbitrators

Mimi B. Osiason - Chair; John G. Shamp; Christopher Cecil Lamb

Broker-Dealers Named

Centaurus Financial Incorporated; JP Turner & Company LLC

Professionals

  • Cs: Amy L.B. Hill & J. Clayton Mitchell III, Gallivan White & Boyd, Columbia, SC.
  • Rs: (CFInc, CLPC & RAM) James C. Cosby & C. Quinn Adams, O'Hagan Meyer PLLC, Richmond, VA. OSC.
  • Rs: (JPT&CLLC) Steven E. Mellen, Winget Spadafora & Schwartzberg, New York, NY. OSC.
  • Rs: (ASH) James C. Cosby & C. Quinn Adams, O'Hagan Meyer PLLC, Richmond, VA (as to the period during which he was employed by Rs Centaurus Financial Incorporated) and Jonathan Cole, Baker Donelson et al., Nashville, TN (as to all claims and time periods at issue in this case).

TypeDisp

SmallClms

Allegation I

FailToObey

Short Caption

Mason v. Robinhood Financial

Allegation II

Operations

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

22-00552

Products

Options; ETFs; Futures

Issue Date

2022-08-17

Situs

Columbia

State

SC

Clmd Compensatory

36.1

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

In this small claims arbitration, an Arbitrator grants Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12504(a)(6)(A) (Release of Claims) with prejudice as the customer has already accepted a one-time payment from Respondent broker-dealer releasing it from any further obligation.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks.

Arbitrators

Maurice M. Feller, Esq.

Broker-Dealers Named

Robinhood Financial LLC

Professionals

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

TypeDisp

MemberCustomer

Allegation I

DebitBalance

Short Caption

Tastyworks Incorporated v. Thrower

Allegation II

BreachContract

Forum

FINRA

Allegation III

MarginLiqdn

Docket No

21-00712

Products

Options; Margin

Issue Date

2022-08-22

Situs

Houston

State

TX

Clmd Compensatory

1999.7

Total Amt Awarded

2048.2

Compensatory Awarded

1999.7

Punitive Damage Awarded

Attorney Fees Awarded

48.5

* 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 bars Respondent customer from presenting evidence in this matter as a sanction for his failure to comply with discovery requests and holds him liable to Claimant broker-dealer for damages relating to a debit balance incurred in his options account.

Notes

Big $s. Sanctions imposed. Majority Public Panel. Arbitrator Remarks.

Arbitrators

Thomas A. Martin, Esq. - Chair; Stephen Neil Foster; Gary L. Foose, Jr.

Broker-Dealers Named

Tastyworks Incorporated

Professionals

  • Cs: (TInc) Thomas G. Haskins Jr., Barnes & Thornburg, Dallas, TX. OSC.
  • Rs: Pro se.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Wilson v. Wells Fargo

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

21-01768

Products

Equity

Issue Date

2022-08-25

Situs

Houston

State

TX

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

A Claimant alleging that all of her stock portfolio was liquidated without her permission settles her case against Respondent broker-dealer and broker. Respondent broker is granted expungement of this matter from her CRD record.

Notes

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

Arbitrators

G. Dennis Sheehan - Chair; James Wallace Boeckman; James Douglas Gaughan, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: Lars K. Soreide, Soreide Law Group PLLC, Pompano Beach, FL.
  • Rs: (WFCSLLC & CAB) Michael Naccarato, Wells Fargo Legal Department, St. Louis, MO. ISC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Rowell v. NTB Financial

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

22-00700

Products

Equity

Issue Date

2022-08-24

Situs

Milwaukee

State

WI

Clmd Compensatory

47.1

Total Amt Awarded

26.4

Compensatory Awarded

26.4

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 small claims arbitration, a customer alleging that one of Respondent broker-dealer's employee's recommendation that he investment in AMPIO Pharmaceutical Inc. stock was unsuitable is awarded damages.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code.

Arbitrators

Michael F. Jordan, Esq.

Broker-Dealers Named

NTB Financial Corporation

Professionals

  • Cs: Sean M. Sweeney, Halling & Cayo, Milwaukee, WI.
  • Rs: (NTBFCorp) Frank W. Visciano, Senn Visciano Canges PC, Denver, CO. OSC.
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