UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2019-04-17

2019-15

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Ferguson v. Vanguard Marketing

Allegation II

Defamation

Forum

FINRA

Allegation III

WrongTerm

Docket No

18-03073

Products

NP

Issue Date

2019-03-25

Situs

Phoenix

State

AZ

Clmd Compensatory

Equity

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

An Arbitrator explains his decision in denying Claimant broker's request for Reformation of his Form U-5 record after reviewing the evidence presented and said broker's failure to appear at the hearing.

Notes

Arbitrator Remarks -- Explained Award.

People & Entities

Arbitrators

Merton E. Marks, Esq.

Broker-Dealers Named

Vanguard Marketing Corporation

Professionals

  • Cs: (WDF) None.
  • Rs: (VMCorp) Elizabeth H. Lindh, Keesal Young & Logan, Long Beach, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Negligence

Short Caption

Wright v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

17-02237

Products

Annuities

Issue Date

2019-03-27

Situs

Los Angeles

State

CA

Clmd Compensatory

70.0

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

An Arbitrator denies customer trust's claims relating to alleged incorrect tax advice regarding the sale of securities to realize losses to balance taxable gains from the sale of two Allstate Life Insurance Annuities.

Notes

None.

Arbitrators

Barbara M. Zak, Esq.

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: Pro se through Robert T. Wright, Reno, NV.
  • Rs: (AFSInc) Edward Walton, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Aizin v. Syndicated Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02423

Products

VariableAnnuities

Issue Date

2019-03-28

Situs

Los Angeles

State

CA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

A registered representative wins expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Robert D. Sussin, Esq.

Broker-Dealers Named

Syndicated Capital Incorporated

Professionals

  • Cs: (AAA) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (SCInc) Katherine P. Lee, KPL Law Group, Pasadena, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Elder v. Morgan Stanley

Allegation II

BreachContract

Forum

FINRA

Allegation III

Defamation

Docket No

18-00180

Products

NP

Issue Date

2019-03-28

Situs

Washington

State

DC

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

Claimant broker alleging severe emotional distress and seeking compensation along with expungement of her Form U-5 record against Respondent broker-dealer are denied. The Panel describes in detail why they denied Claimant's defamation claim.

Notes

Arbitrator Remarks.

Arbitrators

Shelley Simons Korch - Chair; Barbara Davis Solomon, Esq.; Bonnie K. Wachtel, Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (DLE) Stephen C. Leckar & Spencer O'Dwyer, Kalbian Hagerty LLP, Washington, DC.
  • Rs: (MSSBLLC) Marilyn Ginger McCauley & Michael Murphy, Ogletree Deakins et al., Washington, DC. OSC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Portugal v. Arete Wealth

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

18-02884

Products

DirectInvesmts

Issue Date

2019-03-27

Situs

Washington

State

DC

Clmd Compensatory

26.5

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

An Arbitrator grants Respondents Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule) and provides a lengthy explanation behind his dismissal of the customer's claims.

Notes

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

Arbitrators

Matthew Stephen Duchesne

Broker-Dealers Named

Arete Wealth Management LLC

Professionals

  • Cs: Pro se.
  • Rs: (AWMLLC & RAL) UnBo (Bob) Chung, General Counsel, Chicago, IL. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Gambone v. Pruco Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-03361

Products

NP

Issue Date

2019-03-26

Situs

Wilmington

State

DE

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

A broker is granted Reformation of his Form U-5 record.

Notes

Panel composition issue. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

John James McGovern, Jr., Esq.

Broker-Dealers Named

Pruco Securities LLC

Professionals

  • Cs: (AMG) None.
  • Rs: (PSLLC) Alan S. Brodherson, Law Offices of A.S. Brodherson, New York, NY. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

UBS Financial v. Walzer

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

16-00888

Products

PromissoryNote

Issue Date

2019-03-27

Situs

Boca Raton

State

FL

Clmd Compensatory

791.3

Total Amt Awarded

892.0

Compensatory Awarded

791.3

Punitive Damage Awarded

Attorney Fees Awarded

57.1

* 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

In this big dollar award, Respondent broker is held liable to Claimant broker-dealers for the amounts due and owing on seven promissory notes he executed as part of his employment with said Claimants. Respondent broker's Counterclaim was severed from this case.

Notes

Big $s. Severance.

Arbitrators

Marie G. Peterson, CPA - Chair; Nanci Sondra Landy; Hector Valdes-Ortiz

Broker-Dealers Named

UBS Credit Corporation; UBS Financial Services Incorporated

Professionals

  • Cs: (UBSFSInc & UBSCCorp) James L. Komie, Howard & Howard, Chicago, IL. OSC.
  • Rs: (HW) Arthur C. Koski, Law Office of A.C. Koski, Boca Raton, FL.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Thomas v. Raymond James

Allegation II

Forum

FINRA

Allegation III

Docket No

18-01984

Products

Equity; VariableAnnuities; Margin

Issue Date

2019-03-27

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

Claimant broker is awarded expungement relief with respect to five customer complaints appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Martin M. Van Luven

Broker-Dealers Named

Raymond James & Associates Incorporated

Professionals

  • Cs: (BWT) Eric Litow & Owen Harnett, HLBS Law, Westminster, CO.
  • Rs: (RJ&AInc) Stanton A. Fears, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Maller v. Banc of America

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02999

Products

PrivSecTrans

Issue Date

2019-03-26

Situs

Boca Raton

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

A broker wins expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven Gerard Goerke, Esq. - Chair; Barry David Thorpe (fka Barry K. Thorpe, Esq.); Howard L. Conklin, Esq.

Broker-Dealers Named

Banc of America Investment Services Incorporated

Professionals

  • Cs: (MRM) Jonathan D. Kaney III, J.D. Kaney III, Ormond Beach, FL.
  • Rs: (BAISInc) Joel M. Everest, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Fish v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02776

Products

MuniSecs

Issue Date

2019-03-28

Situs

Indianapolis

State

IN

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

William M. Getzoff, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (MAF) Dochtor Kennedy & Harris Friedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (MLPFSInc) Sarah K. Yates, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Beck v. GWN Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

18-00961

Products

Annuities

Issue Date

2019-03-26

Situs

Baltimore

State

MD

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

An Arbitrator offers a lengthy explanation as to why she awarded Claimant broker expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Brenda J. Stovall, Esq.

Broker-Dealers Named

GWN Securities Incorporated

Professionals

  • Cs: (JEB) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (GWNSInc) Kathy M. Klock & Laura Bornheimer, Akerman LLP, West Palm Beach, FL. OSC.

TypeDisp

CustomerMember

Allegation I

Misappropriatn

Short Caption

Foster v. Hantz Financial

Allegation II

Fraud

Forum

FINRA

Allegation III

Forgery

Docket No

14-01700

Products

VariableAnnuities; LifeInsurance

Issue Date

2019-03-28

Situs

Detroit

State

MI

Clmd Compensatory

3471.8

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 customer alleging fraud and forgery, among other things, loses his claims against Respondent broker-dealer and broker. The causes of action relate to the customer's allegations that not only were his signatures forgeries but that Respondent broker and his ex-wife looted claimant's joint accounts by transferring the money to accounts held by his ex-wife and third parties out of his reach. Respondents lose their Counterclaim.

Notes

Panel composition issue. All-Public Panel.

Arbitrators

William Joseph Caprathe - Chair; Mauricio Kohn; John Wendell Allen

Broker-Dealers Named

Hantz Financial Services Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (HFSInc & TG) David J. Shea & Ashley D. Shea, Shea Aiello & Doxsie, Southfield, MI. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Netkin v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02192

Products

Equity

Issue Date

2019-03-27

Situs

Newark

State

NJ

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

An Arbitrator awards Claimant broker expungement of three customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Abraham Harry Bunis, Esq.

Broker-Dealers Named

Atlantic Group Securities Incorporated; Morgan Stanley DW Incorporated

Professionals

  • Cs: (DPN) Louis H. Miron, Attorney-at-Law, Cranford, NJ.
  • Rs: (MSDWInc) Abigail D. Elrod, Morgan Stanley Wealth Management, New York, NY. OSC.
  • Rs: (AGSInc) John Sabo, Millburn, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Schwendiman v. Alternative Asset

Allegation II

Defamation

Forum

FINRA

Allegation III

Compensatn

Docket No

17-00441

Products

NP

Issue Date

2019-03-28

Situs

New York

State

NY

Clmd Compensatory

144.6

Total Amt Awarded

144.6

Compensatory Awarded

144.6

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 prevails on his compensation and defamation claims and is awarded compensatory damages and Reformation of his Form U-5 record.

Notes

Panel composition issue. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Cheryl H. Agris, PhD - Chair; Lawrence Williams; Emily Bab Kirsch

Broker-Dealers Named

Alternative Asset Investment Management Securities LLC

Professionals

  • Cs: (TGS) None.
  • Rs: (AAIMSLLC) Victor Park, New York, NY. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Windsor Street v. Jin

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

17-01716

Products

PromissoryNote

Issue Date

2019-03-25

Situs

New York

State

NY

Clmd Compensatory

717.0

Total Amt Awarded

348.8

Compensatory Awarded

348.8

Punitive Damage Awarded

Attorney Fees Awarded

0.0

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

Case Summary

Nine brokers are held liable to Claimant broker-dealer for the amounts due and owing on their respective promissory notes. The broker-dealer's claims against the remaining name brokers were either voluntarily dismissed, settled, stayed by bankruptcy or denied.

Notes

Rs Ronald Large, Joshua Ciliano, Craig Taddonio and Maxwell Delaney were not assessed any portion of the awarded amount. Rs Barry Jin, Michael LaVolpe, William Leonard, Joseph Valenti, Matthew Deblois, Charles Giaimo, Brent Porges, Matthew Siliato and David Sheppard were assessed. Sanctions imposed. PHL -- Involves bankruptcy stay.

Arbitrators

Sanford S. Stevens, Esq. - Chair; Ann C. Northern, Esq.; Donald Nevin Gershuny

Broker-Dealers Named

Windsor Street Capital Limited Partnership fka Meyers Associates Limited Partnership

Professionals

  • Cs: (WSCLP) David A. Schrader, PKA Law, New York, NY. OSC.
  • Rs: (JC) Jerome A. Selvers, Sonnenblick Parker & Selvers, Freehold, NJ.
  • Rs: (JV) M. David Sayid, Sayid & Associates, New York, NY.
  • Rs: (RL) Anthony C. Varbero, Joseph Mure Jr. & Associates, Brooklyn, NY.
  • Rs: (BJ, ML, WL, MD, MD, CG, BP, MS, DS & CT) None.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Lawlor v. Merrill Lynch

Allegation II

Suitability

Forum

FINRA

Allegation III

Supervision

Docket No

17-02860

Products

EqOptions

Issue Date

2019-03-25

Situs

New York

State

NY

Clmd Compensatory

4000.0

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

The Panel grants Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule).

Notes

Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks.

Arbitrators

Susan A. Romano - Chair; William H. Morley, Jr.; Jon Martino

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Paul W. Thomas, Thomas Law Group PC, Carlsbad, CA.
  • Rs: (MLPFSInc) Jacqueline R. Meyers, Bressler Amery & Ross, Florham Park, NJ. OSC.

TypeDisp

CustomerNonMember

Allegation I

Suitability

Short Caption

Schlosser v. Clayborne Group

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

18-00227

Products

DirectInvesmts

Issue Date

2019-03-28

Situs

Albany

State

NY

Clmd Compensatory

300.0

Total Amt Awarded

250.0

Compensatory Awarded

250.0

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

An Investment Adviser firm and Investment Adviser are held jointly and severally liable to Claimant relating to her investment in a private placement in CG Income Fund LLC. The Panel denied said Respondents Counterclaim.

Notes

All-Public Panel.

Arbitrators

Ira A. Auerbach - Chair; Kenneth R. Hotopp; Michael Jaffe, Esq.

Broker-Dealers Named

Clayborne Group LLC

Professionals

  • Cs: Kelly Pressler, Jacobowitz & Gubits, Walden, NY.
  • Rs: (CGLLC & DAH) David R. Wise, Mackey Butts & Wise, Poughkeepsie, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Gazder v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02399

Products

UITs; MutualFunds

Issue Date

2019-03-26

Situs

Cincinnati

State

OH

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

A broker is awarded expungement relief of a customer complaint appearing on his CRD record involving Unit Investment Trusts and Mutual Funds.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael J. Meeusen, Esq.

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (JDG) Jonathan M. Sterling, Saretsky Hart et al., Birmingham, MI.
  • Rs: (AFSInc) Howard Klausmeier, Minneapolis, MN. ISC.

TypeDisp

SmallClms

Allegation I

Negligence

Short Caption

Moultrie v. US Bancorp

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02578

Products

VariableAnnuities

Issue Date

2019-03-27

Situs

PP

State

PP

Clmd Compensatory

28.0

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

A customer loses his claim relating to his allegation that Respondent incorrectly made monthly rather than annual withdrawals of the amount designated on his variable annuity withdrawal request, which resulted in tax liabilities to Claimant.

Notes

None.

Arbitrators

James J. Stamos, Esq.

Broker-Dealers Named

US Bancorp Investments Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (USBIInc) John Rock, Rock Hutchinson PLLP, Minneapolis, MN. OSC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Dinkin v. Broker Dealer Financial

Allegation II

BreachContract

Forum

FINRA

Allegation III

Misreprestn

Docket No

18-02971

Products

NP

Issue Date

2019-03-27

Situs

PP

State

PP

Clmd Compensatory

4.0

Total Amt Awarded

0.6

Compensatory Awarded

0.6

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

Respondent broker-dealer is held solely liable to Claimant broker for amounts due pursuant to the terms of the Registered Representative Independent Contract Agreement. The broker's claims against the Individual named Respondent brokers were denied. Respondent broker-dealer's Counterclaim for compensation is denied.

Notes

Rs Robert Donald Sherwood, Thomas Edward Sherzan and Lisa Marie Smith were not assessed any portion of the awarded amount. Rs Broker Dealer Financial Services Corporation was assessed.

Arbitrators

Michael J. Meeusen, Esq.

Broker-Dealers Named

Broker Dealer Financial Services Corporation

Professionals

  • Cs: (ALD) None.
  • Rs: (BDFSCorp) Michael Sherzan, West Des Moines, IA. ISC.
  • Rs: (RDS, TES & LMS) None.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Navedo v. UBS Financial

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

17-01818

Products

MuniSecs

Issue Date

2019-03-27

Situs

San Juan

State

PR

Clmd Compensatory

615.0

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 settle their claims with Respondent broker-dealers and broker relating to their investments in closed-end Puerto Rico bond funds. Respondent broker is awarded expungement relief.

Notes

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

Arbitrators

Larry E. Ray, Esq.; - Chair; Dana Tait Sandlin; Rex D.K. Seymour

Broker-Dealers Named

UBS Asset Managers of Puerto Rico; UBS Trust Company of Puerto Rico; UBS Financial Services Incorporated of Puerto Rico; UBS Financial Services Incorporated

Professionals

  • Cs: Anibal A. Lugo-Miranda, Lugo-Miranda Law Offices, San Juan, PR.
  • Rs: (UBSFSInc, UBSFSIncPR, UBSTCoPR & UAMPR) George C. Freeman III & Jamie L. Berger & Robert J. Dressel, Barraso Usdin et al., New Orleans, LA. OSC. and Robert C. Quinones & Dalina Sumner, McConnell Valdes LLC, San Juan, PR.
  • Rs: (JMU) Sonia I. Torres-Pabon, Melendez Torres Law, San Juan, PR.
  • Rs: (AR) None.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Boneta v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

18-03613

Products

MuniSecs

Issue Date

2019-03-27

Situs

San Juan

State

PR

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 expungement relief relating to two FINRA Arbitration Cases involving Puerto Rico Municipal Bonds from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis David Huss

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico; UBS Financial Services Incorporated

Professionals

  • Cs: (ALB) Linette Figueroa Torres, Toro Colon Mullet PSC, San Juan, PR.
  • Rs: (UBSFSInc & UBSFSIncPR) Sonia M. Lopez del Valle, McConnell Valdes LLC, San Juan, PR. OSC.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Devenish v. Morgan Stanley

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

17-03474

Products

CorpDebt

Issue Date

2019-03-29

Situs

Columbia

State

SC

Clmd Compensatory

365.7

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 Majority-Public Panel provides a lengthy explanation as to their reasoning behind denying the two customers claims relating to their bond portfolio. Respondent brokers are awarded expungement relief of this matter from their CRD records.

Notes

Majority Public Panel. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Robert H. Putnam, Jr., Esq. - Chair; John F. Adcock; Kathryn Elizabeth Schwartz

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Aaron Zeisler, Zeisler PLLC, New York, NY.
  • Rs: (MSSBLLC, SFM & SEG) Abigail Elrod, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Owen v. HD Vest

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02754

Products

NP

Issue Date

2019-03-28

Situs

Nashville

State

TN

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

Claimant broker is awarded expungement relief with respect to a customer complaint appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael J. Ahlstrom, Esq.

Broker-Dealers Named

HD Vest Investment Services

Professionals

  • Cs: (MDO) Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (HDVISvcs) Eric J. Chartan, Irving, TX. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Engberg v. Wells Fargo

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

17-02604

Products

VariableAnnuities

Issue Date

2019-03-25

Situs

Houston

State

TX

Clmd Compensatory

77.4

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 customer alleging securities fraud, among other things, loses her claim against Respondent broker-dealer and broker relating to the assessment of management fees, portfolio management and purchase of variable annuities in Claimant's account. Respondent broker loses his request for expungement.

Notes

All-Public Panel. Rescission Requested.

Arbitrators

Frank M. Romano - Chair; Thomas A. Martin, Esq.; Eric R. Benton, Esq.

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: Pro se.
  • Rs: (WFALLC & RDD) Theodore R. Bynum III, Wells Fargo Law Department, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Klemens v. BC Ziegler

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02870

Products

CDOs; Derivatives

Issue Date

2019-03-28

Situs

Milwaukee

State

WI

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

Claimant broker is awarded expungement relief with respect to two previously settled customer arbitrations from her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Gregory G. Gocek

Broker-Dealers Named

BC Ziegler & Company

Professionals

  • Cs: (DMK) Harris Freedman & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (BCZ&Co) Jonathan Hackbarth, Quarles & Brady LLP, Milwaukee, WI. OSC.
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