Dispute Information Damages*
TypeDisp
CustomerMember
Allegation I
Suitability
Short Caption
Lakh v. Berthel Fisher
Allegation II
Negligence
Forum
FINRA
Allegation III
Supervision
Docket No
23-03056
Products
REITs
Issue Date
2025-05-29
Situs Phoenix
State AZ
Clmd Compensatory
170.0
Total Amt Awarded
111.3
Compensatory Awarded
111.3
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 losing on its various Motions to Dismiss (Pre-Hearing and Motion for Directed Verdict) pursuant to FINRA Rule 12206 (Six-year Eligibility Rule), Respondent broker-dealer is held liable to Claimant for compensatory damages as well as $10,000 as a monetary sanction for discovery abuses.
Notes
Rescission Requested. Sanctions imposed. All-Public Panel.
People & Entities
Arbitrators
Donald Dreyfus - Chair; Timothy J. Kroll, MS; Jerome Allan Landau
Broker-Dealers Named
Berthel Fisher & Company Financial Services Incorporated
Professionals
Cs: Jonathan Schwartz, Haselkorn & Thibaut, Juno Beach, FL. Rs: (BF&CFSInc) James Baehr, The Law Office of J. Baehr LLC, Metairie, LA. OSC.
TypeDisp
SmallClms
Allegation I
FailToObey
Short Caption
Shakirov v. Charles Schwab
Allegation II
Operations
Forum
FINRA
Allegation III
Negligence
Docket No
24-01609
Products
Options
Issue Date
2025-05-30
Situs Los Angeles
State CA
Clmd Compensatory
35.0
Total Amt Awarded
7.5
Compensatory Awarded
7.5
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, Respondent broker-dealer is held liable to a customer for compensatory damages relating to an execution error with respect to his purchase of SMMT options.
Notes
None.
Arbitrators
Peter D. Steinbroner
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: Pro se. Rs: (CS&CInc) James J. Vihstadt, Omaha, NE. ISC.
TypeDisp
MemberCustomer
Allegation I
DebitBalance
Short Caption
Cobra Trading v. Dodge
Allegation II
BreachContract
Forum
FINRA
Allegation III
UnjustEnrichment
Docket No
24-02171
Products
Equity; Margin
Issue Date
2025-05-30
Situs New Orleans
State LA
Clmd Compensatory
110.0
Total Amt Awarded
103.9
Compensatory Awarded
103.9
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 non-appearing customer is held liable for the balance due and owing in his non-discretionary online account as a result of margin trading.
Notes
Majority Public Panel.
Arbitrators
Jeffrey H. Kilgore, Esq. - Chair; Michael E. Enow; Eric M. Schorr
Broker-Dealers Named
Cobra Trading Incorporated
Professionals
Cs: (CTInc) Chifeng (Frank) Jiang, Carrollton, TX. ISC. Rs: Pro se.
TypeDisp
EmployeeMember
Allegation I
Expungement(CRD)
Short Caption
Dulac v. OSAIC Wealth
Allegation II
Forum
FINRA
Allegation III
Docket No
24-02414
Products
Equity; LifeInsurance
Issue Date
2025-05-27
Situs Boston
State MA
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 Panel awards a broker expungement of two customer complaints from appearing on his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Charles G. Michaels, Esq. - Chair; Veronica Ann Williams; Peter Shapiro
Broker-Dealers Named
OSAIC Wealth Incorporated
Professionals
Cs: (NRD) N. Nancy Ghabai, Ghabai Law Group LLC, Boston, MA. Rs: (OSAICWInc) Jennifer R. Cox, Scottsdale, AZ. ISC.
TypeDisp
EmployeeMember
Allegation I
Expungement(CRD)
Short Caption
Gavin v. Bankers Life
Allegation II
Forum
FINRA
Allegation III
Docket No
24-02160
Products
Annuities
Issue Date
2025-05-28
Situs Detroit
State MI
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 Panel grants a broker's request for expungement of a customer complaint from appearing on his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Edith M. Novack, Esq. - Chair; Kenneth R. Starr, Esq.; Michael John Florio
Broker-Dealers Named
Bankers Life Securities Incorporated
Professionals
Cs: (GSG) Austin Davis, HLBS Law, Broomfield, CO. Rs: (BLSInc) Adam D. Cotter, S.K. Huffer & Associates, Indianapolis, IN. OSC.
TypeDisp
EmployeeMember
Allegation I
Expungement(CRD)
Short Caption
Lowry v. Spartan Capital
Allegation II
Forum
FINRA
Allegation III
Docket No
23-02864
Products
DirectInvesmts
Issue Date
2025-05-27
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
A broker is granted his request for expungement of a customer complaint from appearing on his CRD record.
Notes
Panel composition issue. Arbitrator Remarks -- Expungement granted.
Arbitrators
John Warner Lowe, Jr.
Broker-Dealers Named
Spartan Capital Securities LLC
Professionals
Cs: (JDL) Michael H. Ference & Thomas P. McEvoy, Sichenzia Ross et al., New York, NY. Rs: (SCSLLC) Kim M. Monchik & Amalia Chin, Chief Compliance Officers, New York, NY. ISC.
TypeDisp
EmployeeMember
Allegation I
Reformation(U-5)
Short Caption
Averwater v. Fifth Third
Allegation II
Defamation
Forum
FINRA
Allegation III
Docket No
24-01715
Products
NP
Issue Date
2025-05-29
Situs Cincinnati
State OH
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
Registered Rep loses his request for reformation of defamatory information from his Form U5 record.
Notes
Please Note* This matter proceeded pursuant to Rule 13800 of the Code.
Arbitrators
Thomas H. Barnard, Jr., Esq.
Broker-Dealers Named
Fifth Third Securities Incorporated
Professionals
Cs: (RKA) Austin Davis & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO. Rs: (FTSInc) Andrew M. Sherwood, Jackson Lewis PC, New York, NY. OSC.
TypeDisp
EmployeeMember
Allegation I
Expungement(CRD)
Short Caption
Hyre v. Raymond James
Allegation II
Forum
FINRA
Allegation III
Docket No
24-02357
Products
NP
Issue Date
2025-05-29
Situs Columbus
State OH
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 Panel awards a broker expungement of a customer complaint from his CRD record after finding the complaint to be false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
John Warner Lowe, Jr. - Chair; Gloria O. North, Esq.; Frances Johnson-Wright, Esq.
Broker-Dealers Named
Raymond James Financial Services Incorporated
Professionals
Cs: (JGH) Scott Holcomb, Holcomb + Ward LLP, Atlanta, GA. Rs: (RJFSInc) Laura Ruiz Rivera, St. Petersburg, FL. ISC.
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