* 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 in detail why he has awarded Claimant broker Reformation of his Form U-5 record citing that said broker suffered a severe economic impact, as well as damages.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Mona Koppel Mitnick, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (DTR) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
Rs: (WFCSLLC) Jeffrey D. Rodgers Jr., Wells Fargo Legal Department, St. Louis, MO. 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
Originally, the Panel granted Respondent's Pre-Hearing Motion to Dismiss the customers claim pursuant to FINRA Rule 12206 (Six-year Eligibility Rule). However, since the Arbitrator Chair dissented with respect to the ruling on the Motion, the decision to grant said Motion was not unanimous. As such, the Panel rescinded their prior ruling and directed FINRA to reopen the case and reset the evidentiary hearing.
Notes
This is a Modified Award. Arbitrator Remarks -- Arbitrator dissents without explanation. Explained Award.
Arbitrators
Herbert Branitsky, Esq. (Dissents) - Chair; Laurence V. Senn; Glenn Jerrold Waldman
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: Michael S. Taaffe, Shumaker Loop & Kendrick, Sarasota, 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
The Panel explains why they dismissed customer's claims as a sanction for his failure to comply with their Order relating to the granting of Respondents Motion to Strike Statement of Claim pursuant to FINRA Rules 12503(a) and 12208(a).
* 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 fund alleging suitability and breach of contract, among other things, voluntarily withdraws its claim against Respondent broker-dealer. Non-Party broker is awarded expungement of this matter from his CRD record. The customer's claim involved the purchase of various mutual funds.
Notes
Majority Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Ray J. Grzebielski, Esq. - Chair; Adrian E. Mazar; Robert Biondi
Broker-Dealers Named
Edward Jones
Professionals
Cs: Jeffrey R. Finley, Schneider Wallace et al., Scottsdale, AZ.
Rs: (EDJ&CLP) Alexander M. Madrid, McGuire Woods LLP, Pittsburgh, PA. 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 loses his request for expungement of a customer complaint from his CRD record after the Arbitrator grants Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13504 (release of claims).
Notes
Pre-Hearing Adjudication -- Full dismissal. Arbitrator Remarks -- Explained Award.
* 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 All-Public Panel finds Respondent broker-dealer liable for $1,558,000 in compensatory damages as reimbursement of attorney fees for Cs defense of the SEC litigation. The customer's cause of action relates to his involvement in litigation with the SEC over the failure to deliver securities traded in Cs account with Respondent.
Notes
Big $s. All-Public Panel. Arbitrator Remarks -- Explained Award.
Arbitrators
Joseph J. Dougherty, JD- Chair; James A. Hayes; John Nelson Greer
Broker-Dealers Named
optionsXpress Incorporated
Professionals
Cs: Gregory T. Lawrence & Daniel J. McCartin & Michael J. Silvestri, Conti Fenn & Lawrence, Baltimore, MD.
Rs: (oXInc) Stephen J. Senderowitz & William E. Walsh & Jacqueline A. Giannini, Dentons US 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
Two customers voluntarily withdraw their claims against Respondent broker-dealer and two brokers relating to their investment in Ameritas Whole Life Insurance Policy and a Nationwide Annuity. One Respondent broker is awarded 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
Two customers alleging elder abuse, among other things lose their claims against a group of Respondent broker-dealers and brokers. The customers claims stem from their allegation that brokers Cline, Hopper and others fraudulently solicited millions of dollars from them for oil and gas investments made through Source Capital and Blue Ridge Group.
Notes
Pre-Hearing Adjudication -- Party Dismissal. Clrg BD dispute. All-Public Panel.
Arbitrators
Michael D. Fitzgerald, Esq. - Chair; Michael S. Matek, Esq.; Mark S. Foster, Esq.
Broker-Dealers Named
Intl Custody & Clearing Solution Incorporated; Sterne Agee & Leach Incorporated; Source Capital Group Incorporated; Blue Ridge Group Incorporated; SIPC
Professionals
Cs: Pro se.
Rs: (DEA & JK) Debra A. Jenks, Jenks & Harvey, West Palm Beach, 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
A broker seeking Reformation of her Form U-5 record and over $2 million in damages relating to unpaid compensation, loses her claim after the Panel granted Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes).
Notes
Pre-Hearing Adjudication -- Full dismissal.
Arbitrators
Sam Antar, Esq. - Chair; James M. Rhodes; Joan Marie Chiusano
* 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 granted Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes). The broker's claim related to his request for Reformation of his Form U-5 record.
Notes
Pre-Hearing Adjudication -- Full Dismissal.
Arbitrators
Albert Rizzo - Chair; Royce Russell, Esq.; Christian Leslie Billet
Broker-Dealers Named
HSBC Securities (USA) Incorporated
Professionals
Cs: (RKF) None.
Rs: (HSBCSUSAInc) Allan S. Bloom & Austin McLeod, Proskauer Rose LLP, New York, 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
Respondent broker is held liable to Claimant broker-dealer for the amounts due and owing pursuant to a Promissory Note and for his failure to repay fees and advances.
Notes
None.
Arbitrators
Karimu F. Hill-Harvey, Esq.
Broker-Dealers Named
Spartan Capital Securities LLC
Professionals
Cs: (SCSLLC) Matthew Fiorovanti, Giordano Halleran & Ciesla, Red Bank, NJ. 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 case, Respondent broker-dealer is held liable to customer for damages relating to his investment in Overseas Shipholding Group. Customer voluntarily dismissed his claims against the other named Respondent broker-dealer.
Notes
Rs Fidelity Investments Money Management Inc. was not assessed any portion of the awarded amount. Rs Fidelity Brokerage Services LLC was assessed.
* 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 with Respondent broker-dealer relating to investments in Puerto Rico closed-end funds. Non-party broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Jaime J. Aponte-Parsi - Chair; Edward S. Koppman; Arthur Erwin Peabody, Jr.
* 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 wins expungement of a FINRA arbitration case from her CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Katherine Hendricks, Esq. - Chair; William J. Bender, Esq.; Jeanne C. Stilwell
Broker-Dealers Named
Pacific West Securities Incorporated
Professionals
Cs: (EJF) Amir Tadjedin & Jennifer Gutenberg, Markun Zusman et al., Portland, OR.
Rs: (PWSInc) No-show.
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