* 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.
* 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.
* 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.
* 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.
* 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.
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