* 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 Claimant broker's request for expungement of a customer complaint from his CRD record despite the objection of the authorized representative of the state securities regulator for Maryland.
Notes
Arbitrator Remarks -- Expungement granted.
People & Entities
Arbitrators
Donald Dreyfus - Chair; Sidney J. Wartel, JD; Howard Alan Grinsberg
Broker-Dealers Named
Centaurus Financial Incorporated
Professionals
Cs: (MCM) Jennifer Cox, AdvisorLaw LLC, Broomfield, CO.
* 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 FINRA lifted the stay of this proceeding due to a pending request for expungement involving Case Number 23-01252, an Arbitrator awards a registered representative expungement of two customer complaints from his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Mark Allen Bilawsky
Broker-Dealers Named
Citigroup Global Markets Incorporated
Professionals
Cs: (JCB) James P. Galvin, Galvin Legal PLLC, Decatur, GA.
Rs: (CGMInc) Adam Kauff, Kauff Laton Miller 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
In this small claims arbitration, two customers alleging that Respondent broker-dealer was negligent when it failed to verify or investigate the wire transfer of $20,000 from said customers' account by an unauthorized person lose their case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Barry David Thorpe, Esq. (fka Barry K. Thorpe, Esq.)
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: Coren H. Stern & Alexa Rudnick, Zinober Diana & Monteverde, Fort Lauderdale, FL.
Rs: (CS&CInc) Libby Wheeler & Sara Soto, Bressler Amery & Ross, Fort Lauderdale, FL. 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 that Respondent broker-dealer incorrectly sold her shares of Roblox without her consent and in doing so was inconsistent with her level of risk tolerance is awarded compensatory damages.
Notes
None.
Arbitrators
Mark L. Miller, Esq.
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: Pro se, through Jeff Sadur, Chicago, IL.
Rs: (CS&CInc) Vincent P. (Trace) Schmeltz III, Barnes & Thornburg, 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
In this small claims arbitration, a customer alleging that a forced improper liquidation of the short leg of his defined-risk diagonal put spread on SPDR Euro Stoxx 50 ETF occurred loses his case against Respondent broker-dealer.
Notes
This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Jay Alan Kranis
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Simeon M. Schopf, Washington, DC. 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
Broker wins expungement of a customer complaint from appearing on his CRD record involving said customer's placement in Respondent broker-dealer's Yield Enhancement Options Strategy (YES).
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Keely D. Parr, Esq. - Chair; Morton S. Bunis, Esq.; Theresa Joan Rosenberg
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (JRR) David I. Hantman, Bressler Amery & Ross, New York, NY.
* 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 majority public Panel explains why it has decided to grant Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule) finding that the account in question was closed in February 2004, more than twenty years ago, well outside the applicable statute of limitations.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks -- Explained Award.
Arbitrators
Peter E. Gillespie - Chair; Anna M. Fanelli, Esq.; Andrew Ireland
Broker-Dealers Named
Essex National Securities LLC
Professionals
Cs: Pro se.
Rs: (ENSLLC) Greg Curley, Osaic Inc., Garden City, 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
After settling all his claims and requests for damages against Respondent broker-dealer, a registered representative is granted his request for reformation of his Form U5 record.
Notes
This is a Stipulated Award. Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Robert J. Scafuri, Esq. - Chair; Timothy Lawrence Van Eman, Esq.; Thomas Arthur Orchard
Broker-Dealers Named
Northwestern Mutual Investment Services LLC
Professionals
Cs: (TW) Christopher H. Tovar, Law Offices of C.H. Tovar PLLC, Howell, MI.
Rs: (NMISLLLC) Stefan R. Dandelles, Kaufman Dolowich 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
A broker loses, with prejudice, his request for expungement of a customer complaint from appearing on his CRD record as the Panel's decision to award expungement was not unanimous. One Arbitrator found that one or more grounds for expungement in Rule 13805 was not established, disagreeing with his follow Panelists.
Notes
Arbitrator Remarks -- Arbitrator dissents with explanation.
Arbitrators
Mary E. Woytek, Esq. - Chair; Michael L. Lyons, Esq.; Peter N. Thompson (Dissents)
Rs: (RJFSInc) Laura Ruiz Rivera, St. Petersburg, FL. ISC.
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