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

New Award Briefs

Report Dated: 2025-02-03

2025-03

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Reno v. Centaurus Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Negligence

Docket No

23-00723

Products

CorpDebt; REITs

Issue Date

2025-01-23

Situs

Phoenix

State

AZ

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 seeking rescission of his unsuitable investments in REITs and GWG Holdings Inc. L bonds settles his case against Respondent broker-dealer and registered representative. Said registered representative is granted his request for expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Rescission Requested. Regulation Best Interest. All-Public Panel. Arbitrator Remarks -- Expungement granted.

People & Entities

Arbitrators

Erik R. Siering - Chair; Eugene Tennyson, III; David Alun Moody

Broker-Dealers Named

Centaurus Financial Incorporated

Professionals

  • Cs: Steven D. Toskes, KLAYMANTOSKES PA, Boca Raton, FL.
  • Rs: (CFInc) Michael J. Carey, Anaheim, CA. ISC.
  • Rs: (GJR) Daniel D'Costa, D'Costa Law PC, Hicksville, NY.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Zuccaro v. Charles Schwab

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

23-03553

Products

NP

Issue Date

2025-01-24

Situs

Phoenix

State

AZ

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 broker loses his request for reformation of alleged defamatory information from appearing on his Form U5 record.

Notes

None.

Arbitrators

Barbara M. Zak, Esq.

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: (MFZ) Harris Freedman, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (CS&CInc) James S. Bradbury & Michael R. Greco, Fisher & Phillips LLP, Denver, CO. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Oviedo v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

24-01473

Products

NP

Issue Date

2025-01-23

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

Registered Rep is granted her request for reformation of defamatory information from appearing on her Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Seth L. Finkel, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (CPO) Harris Freedman, HLBS Law, Broomfield, CO.
  • Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Schoonover v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

24-01435

Products

NP

Issue Date

2025-01-22

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

An Arbitrator grants Claimant broker's request for reformation of defamatory information from his Form U5 record.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code. Cs did not request a hearing. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Charles Marcus Harris, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (BTS) Robert D. Loventhal, Attorney-at-Law, Lake Forest, IL.
  • Rs: (WFCSLLC) Nuviah Shirazi, Wells Fargo Legal Department, St. Louis, MO. ISC.

TypeDisp

SmallClms

Allegation I

MarginLiqdn

Short Caption

Lee v. Charles Schwab

Allegation II

Forum

FINRA

Allegation III

Docket No

24-01200

Products

IndexFutures; Equity; Margin

Issue Date

2025-01-24

Situs

Manchester

State

NH

Clmd Compensatory

9.0

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, a customer alleging that he was unaware that a margin loan would be triggered after he purchased 270 shares of a broad stock market index resulting in Respondent broker-dealer charging him tremendously high margin interest rates loses his case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option.

Arbitrators

Arthur Lewis Pressman

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

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

TypeDisp

CustomerMember

Allegation I

Manipulation

Short Caption

Naccarati v. JP Morgan

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

24-01775

Products

Equity

Issue Date

2025-01-21

Situs

Philadelphia

State

PA

Clmd Compensatory

36.9

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

The Panel explains why it has decided to grant Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12200 (Arbitration Under an Arbitration Agreement or the Code) as the customer never had an account with Respondent broker-dealer, never entered into any agreement with Respondent broker-dealer mandating arbitration, and cannot compel arbitration as he failed to establish he was a customer of Respondent.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Regulation Best Interest. All-Public Panel. Arbitrator Remarks -- Explained Award.

Arbitrators

Thomas E. Kopil - Chair; William Wilson Lowe; Fred Greenberg

Broker-Dealers Named

JP Morgan Securities LLC; JP Morgan Chase Bank National Association

Professionals

  • Cs: Pro se.
  • Rs: (JPMSLLC) Gene L. Small & Briana Huffer, E.L. Small PC, New York, NY. OSC.
  • Rs: (JPMCBnkNA) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Suarez v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-03021

Products

MuniSecs; MutualFunds

Issue Date

2025-01-24

Situs

San Juan

State

PR

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 and provides factual background as to why he has decided to grant Claimant broker's request for expungement of five customer complaints from his CRD record involving the purchase of Puerto Rican securities.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Martin A. Feigenbaum, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (DS) Leslie Y. Flores-Rodriguez & Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR.
  • Rs: (UBSFSInc) Rey F. Medina-Velez, Sanchez/LRV LLC, San Juan, PR. OSC.

TypeDisp

CustomerMember

Allegation I

Misappropriatn

Short Caption

Benson v. Ameriprise Financial

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Suitability

Docket No

23-03178

Products

NP

Issue Date

2025-01-24

Situs

Columbia

State

SC

Clmd Compensatory

0.0

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

After Claimant and Respondent entered into a Confidential Settlement Agreement, the sole remaining issue before the All-Public Panel was Respondent broker-dealer's T-Pty Claim for indemnification. Although a majority of the Panel found that Respondent broker-dealer did not meet its burden of proof with respect to its allegation of indemnification, said broker-dealer was awarded $41,000 in compensatory damages based on the admitted testimony of T-Pty Respondent that he signed and then negotiated a check for that amount that was drawn against the customer's account. The dissenting Arbitrator would have awarded Respondent broker-dealer $100,000 on its indemnification claim.

Notes

This is a Stipulated Award. Rescission Requested. Regulation Best Interest. All-Public Panel. Arbitrator Remarks -- Explained Award. Arbitrator Dissents with explanation.

Arbitrators

Roger C. Benson, Esq. - Chair (Dissents); Robert H. Putnam, Jr., Esq.; Denise Morris Hammond

Broker-Dealers Named

Ameriprise Financial Services LLC

Professionals

  • Cs: Jeremy C. Hodges, Rikard & Protopapas LLC, Columbia, SC.
  • Rs: (AFSLLC) Joel Wertman, Winget Spadafora Schwartzberg LLP, Philadelphia, PA. OSC.
  • T-Pty Cs: (AFSLLC) Joel Wertman, Winget Spadafora Schwartzberg LLP, Philadelphia, PA. OSC.
  • T-Pty Rs: (JDE) None.
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