* 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 awarded expungement of two customer complaints from his CRD record but loses his request for expungement of seven more complaints on statute of limitation grounds (Rule 13206 - Six-year Eligibility Rule for Industry Disputes) as the Panel found that those complaints were filed more than six years prior to the filing of his Statement of Claim in this matter.
* 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, an Arbitrator awards a customer compensatory damages after finding that Respondent broker-dealer violated FINRA Rule 3310(a) by failing to detect that his account had 40 times the normal daily amount on a given day.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option. Arbitrator Remarks.
Arbitrators
Robert Dean McKinley
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Michael Fakhoury, 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
In this small claims arbitration, a customer alleging that Respondents misrepresented the price of the account transfer fees to him settles his case. Respondent broker is granted his request for expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Arbitrator Remarks -- Expungement granted.
Arbitrators
Jonathan H. Krotinger, Esq.
Broker-Dealers Named
Wells Fargo Advisors LLC
Professionals
Cs: Pro se.
Rs: (WFALLC & MUS) Valerie Holder & Keith J. Barnett, Troutman Pepper Locke LLP, Atlanta, GA. 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
Registered Rep loses, with prejudice, his request for expungement of five customer complaints from appearing on his CRD record by unanimous decision of the Panel and after the objection by the authorized representative of the state securities regulator for California.
Notes
None.
Arbitrators
Constance Ellen Boukidis - Chair; Seth L. Finkel, Esq.; Rosa Linda Guadarrama
Broker-Dealers Named
Citigroup Global Markets Incorporated; UBS Financial Services Incorporated; Morgan Stanley
Professionals
Cs: (RAJ) Jennifer Cox & Jack Korte, HLBS Law, Broomfield, CO.
Rs: (CGMInc) Adam Kauff, Kauff Laton Miller LLP, New York, NY. OSC.
Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.
Rs: (MSSBLLC) Jeff P. Palmer, Greenberg Traurig LLP, East Palo Alto, CA. 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 Panel unanimously 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 California.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Michele S. Riley - Chair; Avery B. Goodman, Esq.; Lorrie E. Whitfield
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (FJ) David S. Harrison, Bakhtiari & Harrison, Studio City, CA.
Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, 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
A Panel awards a broker expungement of a complaint from appearing on his CRD record despite the objection of the customer involved after being persuaded that said customer was not a credible witness as her testimony did not match the allegations of her complaint previously filed in 2023.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Susanne J. Hollander, Esq. - Chair; Larry Evert Carlson, Esq.; Betty Chen
Broker-Dealers Named
US Bancorp Investments Incorporated
Professionals
Cs: (GAD) Patrick R. Mahoney, The Law Offices of P.R. Mahoney, Sherman Oaks, CA.
* 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 (Individually and as Joint Tenant) alleging that Respondents did not act in his best interest with respect to his securities accounts after recommending he investment in Bluerock Total Income + Real Estate Fund loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Regulation Best Interest.
Arbitrators
Philip Aaron Tymon, JD
Broker-Dealers Named
Centaurus Financial Incorporated
Professionals
Cs: Pro se.
Rs: (CFInc & RMY) Edward Zusman & Andrew P. Danza, Markun Zusman & Compton LLP, San Francisco, CA. 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 two customer complaints from appearing on his CRD record by unanimous decision of the Panel.
Notes
None.
Arbitrators
George Pinckney Shingler - Chair; Barry Goldman, Esq.; Kenneth R. Starr, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated; Charles Schwab & Company Incorporated
Professionals
Cs: (ALP) Jennifer Cox, HLBS Law, Broomfield, CO.
Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.
Rs: (CS&CInc) James J. Vihstadt, Charles Schwab Corporation, Omaha, NE. 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
In this small claims arbitration, a customer alleging that Respondent broker-dealer was negligent when it allowed unknown third parties to not only try to misappropriate funds from her bank account but also allowed them to make unauthorized transactions, resulting in the liquidation of her stock holdings, loses her case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Steven Gerard Goerke, Esq.
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Michael Fakhoury, 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
In this small claims arbitration, a customer alleging that after Respondent broker-dealer revamped its newly acquired E*Trade platform, he was denied access to his account and was charged a number of fees loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Langfred W. White, Esq.
Broker-Dealers Named
Morgan Stanley & Company LLC
Professionals
Cs: Pro se.
Rs: (MS&CLLC) Kimberly J. Gustafson, Morgan Stanley Smith Barney LLC, St. Petersburg, FL. 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
Claimant broker is granted his request for expungement of a customer complaint from appearing on his CRD record after the Panel found said complaint to be false.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Mary Elizabeth Skelnik - Chair; John P. Cullem, Esq.; Leonard M. Goldstein
* 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 Respondents failed to inform her of the tax consequences she would incur after switching her securities account from a Standard Brokerage Account to an Advisory Solutions Account loses her case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Leo G. Stern, Esq.
Broker-Dealers Named
Edward Jones
Professionals
Cs: Pro se.
Rs: (EDJ&CLP & SK) Jonathan W. Hackbarth, Quarles & Brady, Milwaukee, WI. 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
Registered Rep is granted his request for reformation of defamatory information from appearing on his Form U5 record but loses his request for nominal damages.
* 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 holds Respondent registered representative liable for the amounts due and owing relating to a promissory note he signed as part of his employment with Claimant broker-dealer.
Notes
Sanctions imposed. Arbitrator Remarks.
Arbitrators
Langfred W. White, Esq.
Broker-Dealers Named
LPL Financial LLC
Professionals
Cs: (LPLFLLC) Gary M. Saretsky & Samuel P. Mauch & Brooke A. Hochstein, Saretsky Hart et al., Birmingham, MI. 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
An Arbitrator grants Respondent registered representative's request for expungement of a customer complaint relating to Occurrence Number 2481648 from her CRD record despite the objection of said customer.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. The customer did not request a hearing. This award issues a decision on expungement of customer dispute information. See the separate, prior Award for the decision on the merits of Claimant's underlying claims. Arbitrator Remarks -- Expungement granted.
* 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 expungement of two customer complaints from appearing on her CRD record after the Panel found said complaints to be false.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Donald M. Thompson, Esq. - Chair; Richard H. Potter, PhD; John Russell Barlow, II, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC; Stifel Nicolaus & Company Incorporated
* 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 Respondent broker-dealer wrongfully withheld funds by placing restrictions on his securities account is awarded compensatory damages, along with interest.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Damage Anomaly.
Arbitrators
Ted M. Rosen, Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Sara B. Davis, FMR LLC Legal Department, Boston, MA. 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
A Panel awards Claimant broker expungement of a customer complaint from his CRD record after finding he met his burden of proof in which said relief can be granted.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Robert J. Kheel, Esq. - Chair; Lawrence R. Maxwell, Jr., Esq.; Fern M. Laethem
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (DJJM) Ira G. Rosenstein & Joanne M.F. Wilcomes, Morgan Lewis & Bockius LLP, New York, NY.
Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, 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
An All-Public Panel dismisses without prejudice, sua sponte, Claimant's case after being notified that he was forbidden from participating in this matter due to his incarceration in a federal state prison but was given the option to re-file his case (if applicable) within the allotted time period under FINRA Rule 12206 (Six-year Eligibility Rule).
Notes
Pre-Hearing Adjudication -- Full Dismissal. All-Public Panel. Arbitrator Remarks.
Arbitrators
Ian S. Greig - Chair; Robert H. Putnam, Jr., Esq.; Michael Timothy O'Neill
Broker-Dealers Named
E*TRADE Securities LLC
Professionals
Cs: Pro se.
Rs: (ETRADESLLC) Brandy Fernandez, Morgan Stanley Smith Barney LLC, St. Petersburg, FL. 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
In this small claims arbitration, a customer alleging that he suffered stress and a loss in investment opportunity after Respondent broker-dealer allegedly blocked his retirement rollover over check from his SpecialtyCare 401(k) account that was directed to another broker-dealer losses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Darryl C. Wilson, Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Richard M. Harper II, FMR LLC Legal Department, Boston, MA. 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
An investor alleging that Respondent broker-dealer did not act in his best interest when it placed him in a high-risk investment strategy that was inappropriate and unsuitable and failed to explain and disclose how margin worked with respect to the purchase of municipal securities is awarded damages including attorney fees pursuant to the Texas Securities Act. Non-Party broker loses, with prejudice, his request for expungement of this matter from his CRD record after he failed prove that expungement was warranted and after the objection of the customer.
Notes
Regulation Best Interest. All-Public Panel. Arbitrator Remarks.
Arbitrators
Lynne M. Gomez, Esq. - Chair; Robert Sullivan Tyler; Sheryl Norman
Broker-Dealers Named
NewEdge Securities LLC
Professionals
Cs: W. Scott Greco, Greco & Greco, McLean, VA.
Rs: (NESLLC) Chris Davis & Suhani J. Patel, Gray Reed PA, Dallas, TX. 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 Panel unanimously grants a broker's request for expungement of three customer complaints from appearing on his CRD record after finding said request met all three criteria under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Kenneth R. Starr, Esq. - Chair; Paul Lansing, Esq.; Mark C. Watler, JD
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (MPM) Jennifer Cox, AdvisorLaw LLC, Broomfield, CO.
Rs: (MSSBLLC) Elizabeth E. Moum, Greenberg Traurig PA, West Palm Beach, FL. OSC.
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