* 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 simplified arbitration, a customer alleging that Respondent broker-dealer violated the California Consumer Legal Remedies Act among other law violations loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
People & Entities
Arbitrators
Sandra L. Malek, Esq.
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Meagan B. Koontz, Turner Dhillon LLP, Los Angeles, 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
A customer alleging that an execution error occurred with with respect to his Nokia and Infinera stock is awarded damages from Respondent broker-dealer. The two named Respondent brokers are dismissed from the matter with prejudice.
Notes
Rs Oscar Andres Hernandez and William Jay Hornbeck were not assessed any portion of the awarded amount. Rs Citigroup Global Markets Inc. was assessed. Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Jonathan H. Krotinger, Esq.
Broker-Dealers Named
Citigroup Global Markets Incorporated
Professionals
Cs: Pro se.
Rs: (CGMInc, OAH & WJH) Ben Suter, Keesal Young & Logan, San Francisco, 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
In this small claims arbitration, a customer alleging that Respondent broker-dealer failed to protect his investments when it allowed a third-party to gain unauthorized access to his account loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Barry D. Kaye
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) William M. Turner, Turner Dhillon LLP, Los Angeles, 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
A Panel grants, 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 Claimant's request for reformation of his Form U5 record exceeds the eligibility period as said request needed to be submitted prior to February 2022.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks.
Arbitrators
Nanci Sondra Landy - Chair; Melanie Anne Dernis, Esq.; Anthony Bruno Sanguinetti
Broker-Dealers Named
JP Morgan Securities LLC
Professionals
Cs: (LDC) Fabricia Resende, Resende Law Offices, Boynton Beach, FL.
Rs: (JPMSLLC) Morgan K. Johnson, UB Greensfelder LLP, 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
A Panel explains why it has unanimously decided to deny Claimant's case finding that he is not entitled to damages as the contract between the parties does not explicitly permit Respondent broker-dealer to claw back compensation paid to a registered representative and/or agent to a period that wholly or partially falls within the 30 day notice of termination period and said Claimant has already received more than ample financial compensation from Respondent. Said Respondent loses its Counterclaim for recoupment of monies it allegedly over paid Claimant.
Notes
Arbitrator Remarks -- Explained Award.
Arbitrators
Arthur Lewis Pressman - Chair; William A. Barrett; Christopher Filoon Robertson, Esq.
Broker-Dealers Named
Thrivent Investment Management Incorporated
Professionals
Cs: (JNH) None, through Rebecca Hendrickson. Previously represented by counsel.
Rs: (TIMInc) Jeffrey A. Ziesman, Norton Rose Fulbright US LLP, St. Louis, MO. 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
In this small claims arbitration, a customer alleging that he was charged an ADR Fee reflecting the price of 500,000 shares of NCNA stock when he should have been only charged for the price of 2,500 shares after a 1-for-200 reverse stock split occurred loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Charles A. Palmer, JD
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Miles D. Hart, Saretsky Hart et al., Birmingham, MI. 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
A customer alleging that Respondents failed to properly ensure the timely transfer of assets held in a Uniform Transfers to Minors Act (UTMA) and 529 college savings plan loses his case on eligibility grounds (pursuant to FINRA Rule 12206 - Six-year Eligibility Rule). The Panel unanimously denied, with prejudice, Respondent broker's request for expungement of this matter from her CRD record pursuant to FINRA Rule 12805(a)(1)(D).
Notes
Pre-Hearing Adjudication -- Full Dismissal. All-Public Panel. Arbitrator Remarks.
Arbitrators
Kenneth J. Horowitz - Chair; Edward W. Morris, Jr., Esq.; Phillip Michael Brown
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: Pro se through Brook Altman, Valley Cottage, NY.
Rs: (WFCSLLC) Andrew W. Sidman & Christina J. Herrera, Bressler Amery & Ross, New York, NY. OSC.
Rs: (VP) Debra J. Guzov & Anne Salisbury & Arthur Palmieri, Guzov LLC, New York, NY.
* 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 group of customers alleging that they were not provided with competent service and attention with respect to their securities account with Respondent broker-dealer lose their case. Non-Party registered representative is granted expungement of this matter from his CRD record despite the objection of the customers.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option. Arbitrator Remarks -- Expungement granted.
Arbitrators
Daniel Robbins, Esq.
Broker-Dealers Named
Ameriprise Financial Services LLC
Professionals
Cs: Pro se.
Rs: (AFSLLC) Sydney Crowder Franco, Minneapolis, MN. 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 awarded expungement of a customer complaint from appearing on his CRD record after the Panel found said complaint to be factually impossible, clearly erroneous, and false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Gerald M. Levine - Chair; Thomas J. Dolina; Arocles Aguilar
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: (JN) Peter Lindholm, 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
A non-appearing registered representative is held liable to his former employer for over $1.2 million in damages relating to the amounts due and owing on three promissory note agreements.
Notes
Big $s.
Arbitrators
Arthur Neil Tolciss, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (WFCSLLC) Keith J. Barnett, Troutman Pepper Locke LLP, Atlanta, GA. 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
A broker is awarded expungement of two customer complaints from appearing on her CRD record but loses her request for expungement of a third with prejudice by unanimous decision of the Panel.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Peter D. Steinbroner - Chair; Martin L. Feinberg, Esq.; Joseph J. Dougherty, JD
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (SMA) David I. Hantman, Bressler Amery & Ross, New York, NY.
Rs: (UBSFSInc) Melissa J. Gworek, Nashville, TN. 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 non-appearing registered representative is held liable to Claimant broker-dealer for over $1.1 million in damages representing the amounts due and owing on a promissory note agreement.
Notes
Big $s. Arbitrator Remarks.
Arbitrators
James W. (Jim) Geiger
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (UBSFSInc) Laurie A. Perez & Anna R. Ranger, Howard & Howard, 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
A broker is awarded reformation of defamatory and misleading information from her Form U5 record but loses her case for monetary relief including her request for lost compensation.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Stephany Adriene Watson, Esq. - Chair; Riya Kuo; Bruce Winfield Bean
Broker-Dealers Named
Key Investment Services LLC
Professionals
Cs: (MD) None.
Rs: (KISLLC) Shannon L. McDougald, McDougald Law Group, Mercer Island, WA. 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
A Panel awards a registered representative expungement of a customer complaint from appearing on her CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
John Warner Lowe, Jr. - Chair; Gloria O. North, Esq.; Vincent S. Mezinko
Broker-Dealers Named
LPL Financial LLC
Professionals
Cs: (TKM) None.
Rs: (LPLFLLC) Kathleen Adams, San Diego, CA. ISC.
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