* 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 registered representative is wins expungement of a customer complaint from appearing on his CRD record involving the purchase of auction rate securities.
Notes
Arbitrator Remarks -- Expungement granted.
People & Entities
Arbitrators
Thomas D. Reese, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (CDS) Avinoam Rosenfeld, The Rosenfeld Law Office, Lawrence, NY.
Rs: (UBSFSInc) Omar Perez, UBS Business Solutions US LLC, 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
An Arbitrator awards Claimant broker expungement of three customer complaints from appearing on his CRD record.
Notes
Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Expungement granted. Explained Award.
Arbitrators
Mark R. Lee
Broker-Dealers Named
Securities America Incorporated
Professionals
Cs: (PAN) Tosh Grebenik, Judex Law LLC, Broomfield, CO.
Rs: (SAInc) 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 he has decided to deny a broker's request for expungement of a customer complaint from his CRD record after finding said broker did not meet his burden of proof.
* 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 his monetary claims against Respondent broker-dealer and is granted his request for reformation of defamatory information from appearing on his Form U5 record.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Richard Djokic, Esq. - Chair; Ronald G. Guida; Henry Zabarsky
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: (SAL) Clinton W. Marrs, Marrs Griebel Law Limited, Albuquerque, NM.
Rs: (CS&CInc) Connor M. Trafton, Keesal Young & Logan, Long 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
A broker is awarded her request for expungement of a customer complaint from appearing on her CRD involving a customer's purchase of a variable annuity.
* 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, a father and son, seeking over $5 million in total damages relating to Respondent broker-dealer's Yield Enhancement Strategy lose their case. Non-Party broker is granted his request for expungement of this matter from his CRD 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
In a dispute arising over the transfer of assets held in all of a decedent's accounts payable on death, two power-of-attorneys are granted their requests to be named 50/50 beneficiaries with respect to said assets and are also awarded costs incurred in this matter.
Notes
All-Public Panel.
Arbitrators
Rochelle Friedman Walk - Chair; Elizabeth A. Townes; Natalie L. Paskiewicz, Esq.
Broker-Dealers Named
SunTrust Investment Services Incorporated
Professionals
Cs: Zackary T. Zuroweste & Robert Persante, Persante Zuroweste PA, Clearwater, FL.
Rs: (STISInc) Josef Y. Rosen, Gray Robinson LLP, Tampa, FL. OSC.
Rs: (AK) Robert K. Jamieson, Wiand Guerra King PA, Tampa, FL.
* 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 Arbitration Panel explains why it has denied a broker's request for reformation of her Form U5 record finding that no evidence was presented that reflected Respondent broker-dealer has any obligation to expunge any information previously reported on the Form U5.
Notes
Arbitrator Remarks -- Explained Award.
Arbitrators
Kenneth R. Starr, Esq. - Chair; Brian Michael Kane; Niels Patrick Murphy
* 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-dealers restricted certain trading on securities thus presenting false advertising with respect to the marketing of unlimited trades loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
* 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 negligently transferred his requested distribution to a bank account he did not have access to loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
* 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 execute his trade, thus causing an execution error, is awarded compensatory damages and costs. Respondent broker loses his request for expungement of this matter from his CRD record.
Notes
Majority Public Panel.
Arbitrators
Gerard S. Marsan, Esq. - Chair; William A. Barrett; Arthur Lewis Pressman
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: David W. Sparrow, Law Offices of D.W. Sparrow, Hewlett, NY.
Rs: (MSSBLLC & KAB) Andrew Gelfand, 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
A Pro se Claimant alleging that Respondent broker-dealer did not follow his instructions to hold and deliver 300 shares of stock in Zimmer Biomet Holdings Inc. to him prevails on his claim and is awarded either delivery of said shares or compensatory damages.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
* 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 of five customer complaints from appearing on his CRD record, but also loses his request for expungement of three more customer complaints.
* 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 Claimants alleging elder abuse and unsuitable investments in variable annuity contracts settle their claims against Respondent broker-dealer and broker. Respondent broker is granted her request for expungement of this matter from her CRD record.
Notes
This is a Stipulated Award. Rescission Requested. Majority Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Brian John Gallagher - Chair; Michael Jaffe, Esq.; Richard A. Cini
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: John E. Lawlor, Attorney-at-Law, Mineola, NY.
Rs: (MSSBLLC & RGR) Joseph A. Sack & Jeremy S. Winer, 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
A customer alleging that Respondent broker-dealer placed him in unsuitable investments for his IRA and 401K accounts loses his case. Respondent broker is granted expungement of this matter from his CRD 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
Claimant broker-dealer prevails on its breach of contract and indemnification claims and is awarded damages including attorney fees pursuant to the employment agreement, against a non-appearing registered representative.
Notes
Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks.
Arbitrators
Mary Julia O'Connell
Broker-Dealers Named
Trident Partners Limited
Professionals
Cs: (TPLtd) Eric J. Sussman, Attorney-at-Law, Rockville Centre, NY. 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 is granted rescission in her investment in Eden Rock Montenegro LLC and is awarded compensatory damages relating to her investment in GPB Capital Holdings, an alleged Ponzi scheme. The other two Claimants settled their case against Respondents.
Notes
Rescission Granted. All-Public Panel.
Arbitrators
Kevin Brodar - Chair; James Dale Ellis, CPA, JD; Carol Jean Bader
Broker-Dealers Named
McDonald Partners LLC
Professionals
Cs: Chad M. Kohler & David P. Meyer, Meyer Wilson Company LPA, Columbus, OH.
Rs: (MPLLC & TMM) Michael A. Gross, Ulmer & Berne LLP, Boca Raton, FL. OSC and Michael J. Charlillo, Ulmer & Berne LLP, Cleveland, OH. 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 trading errors with respect to call options and margin contracts on GME loses his case and is ordered to pay Respondent broker-dealer damages on its breach of contract claim.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
Arbitrators
John James McGovern, Jr., Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Joel M. Everest, Bressler Amery & Ross, Birmingham, AL. 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 provides factual background and details as to why he has decided to grant a broker's request for expungement of a customer complaint from his CRD 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
Claimant broker is granted his request for expungement of a customer complaint from appearing on his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Philip J. Glick, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (ADB) William McC. Montgomery & Ashley E. Impellitteri, Keesal Young & Logan, Long Beach, CA.
Rs: (UBSFSInc) Omar Perez, UBS Business Solutions US LLC, Nashville, TN. ISC.
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