UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2019-08-13

2019-30

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Seybert

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

12-02261

Products

PromissoryNote

Issue Date

2019-07-09

Situs

Phoenix

State

AZ

Clmd Compensatory

52.3

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

Although the parties entered into a tentative Settlement Agreement, an Arbitrator dismisses Claimant broker-dealer's and Respondent broker's claims and Counterclaims with prejudice for failure to prosecute and/or respond to the Arbitrator's numerous inquiries regarding the status of this case.

Notes

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

People & Entities

Arbitrators

Richard D. Fincher, Esq.

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: (WFALLC) John G. McDonald, McGuire Woods LLP, Charlotte, NC. OSC.
  • Rs: (ALS) None.

TypeDisp

SmallClms

Allegation I

UnauthTdg

Short Caption

Nwaisser v. TD Ameritrade

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

18-03034

Products

Equity; Options; Futures; Margin

Issue Date

2019-07-11

Situs

Los Angeles

State

CA

Clmd Compensatory

10.5

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

Two customers alleging unauthorized trading and elder abuse regarding their investments in Time Warner call options, futures and common stocks, lose their claims against Respondent broker-dealer.

Notes

None.

Arbitrators

Thomas E. Shuck, Esq.

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Gerard Martorano, G. Martorano Attorney-at-Law, Pacific Palisades, CA.
  • Rs: (TDAInc) Ilana Herscovitz Reid, Columbia, MD. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Bare v. Securities America

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00211

Products

DirectInvesmts

Issue Date

2019-07-10

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

Claimant broker is awarded expungement of a FINRA Arbitration, Case Number 11-01288 from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted. According to BrokerCheck, the underlying arbitration claim, was settled for $555,865.39 on a claim of $1.318 million as par of the 2011-2012 Medical Capital global settlement.

Arbitrators

Louis H. Miron, Esq. - Chair; Ellen F. Kandell; John Michael Derderian, Jr.

Broker-Dealers Named

Securities America Incorporated

Professionals

  • Cs: (RDB) Elaine Rice, Wiand Guerra King PA, Tampa, FL.
  • Rs: (SAInc) Tyler Schubauer, LaVista, NE. ISC.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Edmondson v. Alexander Capital

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Markups

Docket No

17-03364

Products

*

Issue Date

2019-07-10

Situs

Orlando

State

FL

Clmd Compensatory

46.0

Total Amt Awarded

46.0

Compensatory Awarded

46.0

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

This Award offers the unusual combination of a single Arbitrator, appointed under the default judgment procedures of Rule 12801, granting the customer's request for a default judgment, while also awarding attorney fees against the customer as a monetary sanction relating to discovery.

Notes

Sanctions imposed. Rs Alexander Capital LP, Rocco Gerard Guidicipietro, Michelle Ann Misiti, Andrew Patrick Murino, Jeanpaul Charles Skovronck, John Owen Slipek, David Anthony Spratt and Timothy Stack were not assessed any portion of the awarded amount. Rs Rocco Roveccio was assessed. Panel composition issue. Rule 12801 default judgment.

Arbitrators

Kenrick Albert Pratt

Broker-Dealers Named

Alexander Capital Limited Partnership

Professionals

  • Cs: Steven G. Legum, Attorney-at-Law, Mineola, NY.
  • Rs: (ACLP, RGG, MAM, APM, JCS, JOS, DAS & TS) Martin P. Unger & Ian J. Frimet, Wexler Burkhart et al., Garden City, NY. OSC.
  • Rs: (RR) No-show.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Imperia v. Wells Fargo

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

18-00215

Products

MuniSecs

Issue Date

2019-07-10

Situs

Miami

State

FL

Clmd Compensatory

0.0

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

Two customers settle their claims against Respondent broker-dealer involving an alleged speculative and unsuitable strategy concentrating in Puerto Rico bonds causing them to suffer substantial economic damages. Non-Party broker is awarded expungement.

Notes

This is a Stipulated Award. Clrg BD dispute. All-Public Panel. Arbitrator Remarks -- Expungement granted. According to BrokerCheck, this matter settled for $250,000.

Arbitrators

Sidney J. Wartel, JD - Chair; Marsha Matson, PhD; Stanley Zamor

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: Jeffrey Erez, Erez Law PLLC, Miami, FL.
  • Rs: (WFCSLLC) Patricia E. Cowart, Wells Fargo Law Department, Fort Lauderdale, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Mendez-Morales v. Allstate Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Compensatn

Docket No

18-01308

Products

NP

Issue Date

2019-07-11

Situs

Orlando

State

FL

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 that he was improperly terminated and seeking compensation and Reformation of his Form U-5 record, loses his claims against Respondent broker-dealer. One Arbitrator dissents with respect to the award.

Notes

Arbitrator Remarks -- Arbitrator dissents without explanation.

Arbitrators

Robert G. Bannon - Chair; Dwayne Eddie Hickman, Sr.; Larry G. Kjosa, PhD (Dissents)

Broker-Dealers Named

Allstate Financial Services LLC

Professionals

  • Cs: (WM) Philip J. Snyderburn, Snyderburn Rishoi & Swann, Maitland, FL.
  • Rs: (AFSLLC) Peter J. Tepley, Rumberger Kirk & Caldwell, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Springer v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

18-01851

Products

NP

Issue Date

2019-07-08

Situs

Tampa

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

Claimant broker is awarded expungement of 11 customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard J. Fuller, CPA - Chair; James Mathieu; Sharon Lee Chernin

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (JLS) Craig D. Stein & Nisha Wright, Stein & Stein, Palm Beach, FL.
  • Rs: (UBSFSInc) Lloyd B. Chinn, Proskauer Rose LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Alayo-Riera v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

18-03468

Products

NP

Issue Date

2019-07-12

Situs

Boca Raton

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

A registered representative is granted expungement of three customer complaints appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Monica I. Salis, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (LJA) Joshua A. Katz, Sallah Astarita & Cox, Boca Raton, FL.
  • Rs: (MSSBLLC) Christopher M. Sacco, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Garnett v. LPL Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00089

Products

Annuities

Issue Date

2019-07-08

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

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Thomas J. Patka, Esq.

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (WBG) Harris M. Freedman, HLBS Law, Westminster, CO.
  • Rs: (LPLFLLC) Brian P. Harlan, San Diego, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Garnett v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00090

Products

Annuities; Equity

Issue Date

2019-07-09

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 of three customer complaints appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Martin M. Van Luven

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (WBG) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (MLPFSInc) Joel M. Everest, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

SmallClms

Allegation I

UnauthTdg

Short Caption

Caillett v. Edward Jones

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Docket No

18-01828

Products

MutualFunds; Equity

Issue Date

2019-07-08

Situs

New Orleans

State

LA

Clmd Compensatory

32.0

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

Three customers alleging unauthorized trading with respect to their investment in Franklin Templeton and the American Funds-New Perspective Fund, to name a few, lose their claims against Respondent broker-dealer and two brokers. Respondent broker is awarded expungement of this matter from his CRD record over the objection of Claimants.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Mark A. Myers, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: Pro se.
  • Rs: (EJ&CLP, DPN & HFR) Darren Goodman, Tempe, AZ. ISC.

TypeDisp

EmployeeMember

Allegation I

BreachContract

Short Caption

McCrory v. RBC Capital

Allegation II

UnjustEnrichment

Forum

FINRA

Allegation III

TortiousInterference

Docket No

18-00816

Products

NP

Issue Date

2019-07-09

Situs

Baltimore

State

MD

Clmd Compensatory

0.0

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 Panel explains in detail why it granted Respondents Motion for Directed Verdict after finding that Claimant broker failed to present sufficient evidence on a key point.

Notes

Directed Verdict -- Full Dismissal. Arbitrator Remarks -- Explained Award.

Arbitrators

Steven Irving Platt - Chair; Andrew Eliot Finkel; Jonathan David Rogers

Broker-Dealers Named

RBC Capital Markets LLC

Professionals

  • Cs: (JFM) John H. West III, West & West, Baltimore, MD.
  • Rs: (RBCCMLLC & TKM) Carole G. Miller & Justin E. Condit, Bressler Amery & Ross, Florham Park, NJ. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Clarke v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02860

Products

VariableAnnuities

Issue Date

2019-07-09

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 awards Claimant broker expungement of three customer complaints appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard E. Lauziere, CPA

Broker-Dealers Named

Morgan Stanley DW Incorporated

Professionals

  • Cs: (FEC) Robert W. Pearce, R.W. Pearce PA, Boca Raton, FL.
  • Rs: (MSDWInc) Joseph A. Sack, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Juge v. Corecap Investments

Allegation II

Forum

FINRA

Allegation III

Docket No

18-03638

Products

Annuities

Issue Date

2019-07-11

Situs

Charlotte

State

NC

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 of two customer complaints from her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Dwane Edward Vickstrom

Broker-Dealers Named

Corecap Investments Incorporated; Financial West Group

Professionals

  • Cs: (MAJ) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (CIInc) Judith A. Villarreal, Southfield, MI. ISC.
  • Rs: (FWGp) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Armer

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

16-02348

Products

PromissoryNote

Issue Date

2019-07-11

Situs

Albuquerque

State

NM

Clmd Compensatory

99.3

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

Equity

* 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 and Respondent broker enter into a Settlement Agreement resolving the amounts due and owing on a Promissory Note.

Notes

This is a Stipulated Award. Arbitrator Remarks.

Arbitrators

John H. Fearnow

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: (WFALLC) Charles A. Hammaker, Ballard & Littlefield, Houston, TX. OSC.
  • Rs: (JDA) None.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

DeGennaro v. Ameriprise Financial

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-01654

Products

NP

Issue Date

2019-07-08

Situs

New York

State

NY

Clmd Compensatory

30.8

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 breach of contract and wage theft loses her claim against Respondent broker-dealer and Respondent broker.

Notes

None.

Arbitrators

John D. Nagy - Chair; Ellyn S. Roth; Mariane A. Liebowitz

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (MGD) Kristen N. Sinnott, Dell & Dean, Garden City, NY.
  • Rs: (AFSInc) Sydney H. Crowder, Minneapolis, MN. ISC.
  • Rs: (BCV) Steven E. Losquadro, S.C. Losquadro PC, Rocky Point, NY.

TypeDisp

MemberCustomer

Allegation I

Expungement(CRD)

Short Caption

Neuberger Berman v. Mintz

Allegation II

Forum

FINRA

Allegation III

Docket No

18-04246

Products

NP

Issue Date

2019-07-08

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

Claimant broker-dealer's and broker's request for expungement of a customer complaint appearing on said broker's CRD record is granted by the Panel.

Notes

Arbitrator Remarks -- Expungement granted. According to BrokerCheck, the underlying customer dispute sought damages of $56,373.43 and was settled for $15,363.

Arbitrators

David S. Billet, Esq. - Chair; Wayne I. Harris; Linda Yarden, Esq.

Broker-Dealers Named

Neuberger Berman BD LLC

Professionals

  • Cs: (NBBDLLC & SJS) Victor A. Machcinski Jr., Murphy & McGonigle, New York, NY. OSC.
  • Rs: Kearey Wan, Stearns Weaver et al., Miami, FL.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rubin v. Equity Services

Allegation II

Forum

FINRA

Allegation III

Docket No

18-04283

Products

MutualFunds

Issue Date

2019-07-11

Situs

New York

State

NY

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 of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Madelon M. Rosenfeld, Esq.

Broker-Dealers Named

Equity Services Incorporated

Professionals

  • Cs: (MGR) Christopher Cummings, AdvisorLaw LLC, Westminster, CO.
  • Rs: (ESInc) Jennifer O'Shea, Winget Spadafora Schwartzberg LLP, Boulder, CO. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

King v. Purshe Kaplan

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00399

Products

Equity

Issue Date

2019-07-11

Situs

Albany

State

NY

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 of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted. According to BrokerCheck, the customer complaint sought $27,888 and was settled by the firm for $9,000.

Arbitrators

David R. Foley, Esq.

Broker-Dealers Named

Purshe Kaplan Sterling Investments

Professionals

  • Cs: (LEK) Mark T. Walsh, Gleason Dunn et al., Albany, NY.
  • Rs: (PKSInvmts) David M. Purcell, Albany, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Walker v. Edward Jones

Allegation II

Forum

FINRA

Allegation III

Docket No

18-04242

Products

NP

Issue Date

2019-07-08

Situs

Portland

State

OR

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 explains why he awarded a broker expungement of a customer complaint appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Philip Aaron Tymon, JD

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: (TAW) Matthew Wolper Wolper Law Firm PA, Plantation, FL.
  • Rs: (EDJ&CLP) Paul A. Yarns, Associate General Counsel, St. Louis, MO. ISC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Deane v. Regev

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Docket No

19-00219

Products

Annuities

Issue Date

2019-07-10

Situs

PP

State

PP

Clmd Compensatory

50.0

Total Amt Awarded

5.0

Compensatory Awarded

5.0

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 wins her claim against Respondent broker relating to the recommendation and Claimant's purchase of an income rider to a Transamerica annuity. Respondent's request for expungement of this matter from his CRD record is denied.

Notes

None.

Arbitrators

Joseph R. Soraghan, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: Pro se.
  • Rs: (NR) None.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Cederfranco

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-00262

Products

PromissoryNote

Issue Date

2019-07-11

Situs

PP

State

PP

Clmd Compensatory

386.4

Total Amt Awarded

388.4

Compensatory Awarded

386.4

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-dealers for the amount due and owing on a promissory note.

Notes

Arbitrator Remarks.

Arbitrators

Sanford S. Stevens, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney FA Notes Holdings LLC; Morgan Stanley

Professionals

  • Cs: (MSSBLLC & MSSBFANHLLC) Robert L. Herskovits, Herskovits PLLC, New York, NY. OSC.
  • Rs: (RC) None.

TypeDisp

SmallClms

Allegation I

UnauthTdg

Short Caption

Lilien v. Kolta

Allegation II

Suitability

Forum

FINRA

Allegation III

BreachContract

Docket No

19-00525

Products

*

Issue Date

2019-07-08

Situs

PP

State

PP

Clmd Compensatory

25.0

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 case, a customer alleging unauthorized trading among other things, loses her claim against Respondent broker.

Notes

None.

Arbitrators

Cheryl H. Agris, PhD

Broker-Dealers Named

None.

Professionals

  • Cs: Pro se.
  • Rs: (MSK) Paul A. Lieberman, Scarinici Hollenbeck LLP, Red Bank, NJ.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Rodman

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-00894

Products

PromissoryNotes

Issue Date

2019-07-12

Situs

PP

State

PP

Clmd Compensatory

340.6

Total Amt Awarded

357.1

Compensatory Awarded

340.6

Punitive Damage Awarded

Attorney Fees Awarded

6.4

* 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 to Claimant broker-dealer for the amounts due and owing on 7 promissory notes.

Notes

Arbitrator Remarks.

Arbitrators

Barth Satuloff, CPA

Broker-Dealers Named

Morgan Stanley Smith Barney FA Notes Holdings LLC; Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (MSSBLLC & MSSBFANHLLC) Lauren R. Whetstone, Greenberg Traurig LLP, West Palm Beach, FL. OSC.
  • Rs: (SR) No-show.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Mudafort v. UBS Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

17-02676

Products

MuniSecs; MutualFunds

Issue Date

2019-07-12

Situs

San Juan

State

PR

Clmd Compensatory

12057.9

Total Amt Awarded

4881.2

Compensatory Awarded

4813.2

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 group of customers are awarded nearly $5 million in damages from Respondent broker-dealers relating to their investments in Puerto Rico bonds. Arbitrator Chair dissents with respect to amount of money awarded to the customers.

Notes

Big $s. All-Public Panel. Arbitrator Remarks -- Arbitrator dissents with explanation.

Arbitrators

Douglas Earl McLaren, Esq. - Chair (Dissents); Lynne Townsend Albert, Esq.; Robert G. Falbisaner

Broker-Dealers Named

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

Professionals

  • Cs: W. Scott Greco, Greco & Greco, McLean, VA. and Luis E. Minana, Espada Minana & Pedrosa Law Offices, San Juan, PR. and Eric Quetglas Jordan, Quetglas Law, San Juan, PR.
  • Rs: (UBSFSInc & UBSFSIncPR) Edwin Zipf & Bradley Rounsaville & Louis F. Mendez, Bressler Amery & Ross, Birmingham, AL. OSC. and Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Rensch v. H. Beck

Allegation II

BreachContract

Forum

FINRA

Allegation III

Negligence

Docket No

18-02485

Products

Annuities

Issue Date

2019-07-11

Situs

Salt Lake City

State

UT

Clmd Compensatory

75.3

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 that he incurred surrender charges with respect to his purchase of a Jackson National Life Annuity loses his claim against Respondent broker-dealer and broker. Respondent broker loses his Counterclaim for defamation against customer.

Notes

All-Public Panel.

Arbitrators

Barbara M. Anscher, Esq. - Chair; Donald Neil Tolin; Richard Marc Weinroth, Esq.

Broker-Dealers Named

H Beck Incorporated

Professionals

  • Cs: David Neuman & Aaron Israels, Israels & Neuman, Seattle, WA.
  • Rs: (HBInc) Richard A. D'Amura, D'Amura & Zaidman, West Hollywood, CA. OSC.
  • Rs: (TJH) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Broomfield, CO.
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