* 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 financial elder abuse with respect to securities purchased for his Individual Retirement Account settles his case against Respondent broker-dealer. Non-Party registered rep is awarded expungement of this matter from appearing on his CRD record.
Notes
This is a Stipulated Award. Majority Public Panel. Arbitrator Remarks -- Expungement granted.
People & Entities
Arbitrators
Michael D. Harrison, Esq. - Chair; Kendall C. Reed, Esq.; Russell T. Doe
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: Noah Green, Green & Stewart, Pasadena, CA.
Rs: (MLPFSInc) Tara A. LaClair, Crowe & Dunlevy, Oklahoma City, OK. 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
Claimant broker is granted expungement of three customer complaints from his CRD record involving the purchase of annuities and real estate investment trusts.
* 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 over $1 million in damages on his retaliation and owed compensation claims, along with reformation of defamatory information from his Form U5 record.
Notes
Big $s. Arbitrator Remarks -- Reformation U-5 granted. Case law cited.
Arbitrators
Diane Ciccone, Esq. - Chair; Paul Smith Besson; Marissa A. Santangelo
Broker-Dealers Named
Key Investment Services LLC
Professionals
Cs: (JWO) David Dobin & Richard Slavin, Cohen & Wolf, Bridgeport, CT.
* 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 that fraudulent activity occurred in their brokerage account by an unnamed registered rep of Respondent broker-dealer lose their case.
Notes
Clrg BD dispute. All-Public Panel.
Arbitrators
Edward R. Niederriter, Esq. - Chair; Joseph Michael Librie; Erika Deutsch Rotbart
Broker-Dealers Named
COR Clearing LLC
Professionals
Cs: Bruce D. Oakes & Richard B. Fosher, Oakes & Fosher, St. Louis, MO.
Rs: (CCLLC) Carl S. Burkhalter, Maynard Cooper & Gale, Birmingham, AL. 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 investor alleging violation of the Florida Securities and Investor Protection Act with respect to an investment in two fixed rate products investment plans with Northstar Financial Services (Bermuda) Ltd. settles his case against Respondents. Respondent broker is granted expungement of this matter from her CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Robert G. Falbisaner - Chair; S. Ronald Daniels; Mark A. Jacoby
Broker-Dealers Named
Ocean Financial Services LLC
Professionals
Cs: Lars K. Soreide, Soreide Law Group PLLC, Pompano Beach, FL.
Rs: (MFC & OFSLLC) Kathy M. Klock, Akerman LLP, West Palm Beach, 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 his investment and purchase of shares in Franklin Square Investment Corporation II was unsuitable for his IRA account settles his case against Respondent broker-dealer. Non-Party registered rep is granted expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Rescission Requested. Arbitrator Remarks -- Expungement granted.
Arbitrators
Nancy J. Cliff, Esq.
Broker-Dealers Named
Ameriprise Financial Services Incorporated
Professionals
Cs: Michael Hill, Menzer & Hill, Boca Raton, FL.
Rs: (AFSInc) Lawton R. Graves & Eleanor M. Samuels, Murphy & Anderson, Jacksonville, 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
An Arbitrator explains why she has decided to grant a broker's request for expungement of two customer complaints from his CRD record and deny his request for expungement of a third finding that the information relating to that Occurrence is accurate.
* 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 his account with Respondent broker-dealer was liquidated in order to satisfy margin requirements settles his case against Respondents. Respondent broker is granted expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Lisa M. Krimen - Chair; Ray J. Grzebielski, Esq.; Howard T. Goffen
Broker-Dealers Named
Ameriprise Financial Services Incorporated
Professionals
Cs: John M. O'Toole, O'Toole Law LLC, Chicago, IL.
Rs: (AFSInc & SJS) Sydney H. Crowder, Ameriprise Financial Incorporated, Minneapolis, MN. 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, the Arbitrator explains why he has decided to grant Respondent broker-dealers' Pre-Hearing Motions to Dismiss pursuant to FINRA Rules 12511(b) and 12212(c). Said Motions were granted against the customer as a sanction for his failure to comply with the Arbitrator's Order regarding the production of discovery.
* 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 registered rep is held liable to Claimant broker-dealers for the amounts due and owing on four promissory note agreements entered into by the parties as part of Rs employment.
Notes
None.
Arbitrators
Richard E. Lauziere, CPA
Broker-Dealers Named
Morgan Stanley Smith Barney LLC; Morgan Stanley Smith Barney Financing LLC
Professionals
Cs: (MSSBLLC & MSSBFLLC) Alan S. Brodherson, Law Office of A.S. Brodherson, 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 broker alleging wrongful termination and seeking reformation of alleged defamatory information from his Form U5 record loses his case after the Panel granted Respondent broker-dealer's Motion for Directed Verdict.
Notes
Directed Verdict -- Full Dismissal.
Arbitrators
William Norton - Chair; Richard W. Dissen, Esq.; Dallas Whitney Coffman
Broker-Dealers Named
ProEquities Incorporated
Professionals
Cs: (MKA) Robert G. Heim Jr., Tarter Krinsky & Drogin, 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 customer alleging that she was placed in unsuitable and complex structured investment products and that unauthorized trading occurred in her account settles her claims against Respondents. Respondent brokers are granted their requests for expungement of this matter from their CRD records.
Notes
This is a Stipulated Award. Majority Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Tracy L. Allen, Esq. - Chair; William Benjamin Gavzy; Jonathan Bruce Kvasnik
Broker-Dealers Named
Mutual Trust Company of America Securities
Professionals
Cs: Terrence J. Fleming, Fredrikson & Byron, Minneapolis, MN.
Rs: (MTCASecs, JEB & PJT) Robert Persante & Zachary T. Zuroweste & Anastasia N. Landon, PersanteZuroweste LLP, Clearwater, 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
In this selling away case, a Claimant customer alleging that Respondent broker-dealer is liable for a debt he incurred as a result of him loaning money to one of their now deceased employee loses his case.
Notes
Selling Away case.
Arbitrators
Barry Goldman, Esq.
Broker-Dealers Named
Royal Alliance Associates Incorporated
Professionals
Cs: Pro se.
Rs: (RAAInc) Jennifer R. Cox, Advisor Group, Jersey City, NJ. 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 customer seeking over $27.4 million in damages loses his case against Respondent broker-dealer after the Panel found that there is no support for the customer's case under any possible theory of recovery.
Notes
Directed Verdict -- Full Dismissal. All-Public Panel. Arbitrator Remarks.
Arbitrators
Barry Goldman, Esq. - Chair; Phyllis Karasov, Esq.; Allan Witz
* 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 broker is held liable for the amounts due and owing pursuant to two promissory note agreements he signed as part of his employment with Claimant broker-dealer.
Notes
None.
Arbitrators
Tracy L. Allen, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (WFCSLLC) Theodore R. Bynum III, 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
In this small claims arbitration, a customer alleging that errors/charges took place in its account with respect to the purchase of options contracts on Occidental Petroleum stock loses its case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Clrg BD dispute.
Arbitrators
Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.)
Broker-Dealers Named
TD Ameritrade Incorporated
Professionals
Cs: Pro se through Barry A. Layton, Bears Western Enterprises, Truckee, CA.
Rs: (TDAInc) Gregory M. Scanlon, Charles Schwab & Company Incorporated, Lone Tree, CO. 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
Despite denying Respondents Motions to Dismiss (Pre-Hearing pursuant to Rule 12206 and Directed Verdict), an All-Public Panel denies Claimant's case relating to the alleged unsuitable purchase of equity investments for his account.
Notes
Rescission Requested. All-Public Panel.
Arbitrators
Robert J. Scafuri, Esq. - Chair; John James McGovern, Jr., Esq.; Walter L. Meagher, Jr., Esq.
Broker-Dealers Named
Commonwealth Financial Network
Professionals
Cs: Robert J. Pearl, The Pearl Law Firm, Naples, FL.
Rs: (CFNtwk & AJD) Anthony Paduano & Katherine B. Harrison, Paduano & Weintraub, 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 broker settles all his claims against Respondent broker-dealer except his request for reformation of his Form U5 record which was granted by a majority of the Panel. Although no explanation is given, based on the language used in the award section, one Arbitrator dissents with respect to the granting of Claimant's request for reformation of his Form U5 record.
Notes
Arbitrator Remarks -- Reformation U-5 granted. Arbitrator dissents without explanation.
Arbitrators
Pamela H. Roderick - Chair; Denise Campbell Sagua, Esq.; Lisa Lograno (Dissents)
Broker-Dealers Named
Deutsche Bank Securities Incorporated
Professionals
Cs: (JMM) John A. Coleman Jr., J.A. Coleman Jr. PC, New York, NY.
Rs: (DBSInc) Kenneth J. Turnbull & Nicole M. Zito, Morgan Lewis & Bockius, 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 Claimant broker-dealer alleging that Respondent (as a former independent contractor with Respondent) inappropriately overloaded it with customer commission chargebacks and litigation costs relating to insurance products sold to his former customers loses its case.
Notes
None.
Arbitrators
Barry Goldman, Esq. - Chair; Mark Alexander Sipper; Peter Glasser
Broker-Dealers Named
FSC Securities Corporation
Professionals
Cs: (FSCSCorp) Gregory M. Curley, Advisor Group Incorporated, Jersey City, NJ. ISC.
Rs: (RB) Michael J. Betts, M.J. Betts LLC, Pittsburgh, PA.
* 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 compensatory damages on its breach of contract claim and attorney fees pursuant to the Relationship Agreement between the parties.
Notes
Please Note* This matter proceeded pursuant to Rule 13800 of the Code. Arbitrator Remarks.
Arbitrators
George Forest Bingham, Esq.
Broker-Dealers Named
Cambridge Investment Research Incorporated
Professionals
Cs: (CIRInc) Kristina J. Branstetter, Fairfield, IA. 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
Two customers alleging that they were placed in unsuitable securities settle their case against two broker-dealers and three registered representatives. One named registered rep is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Majority Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Mimi B. Osiason - Chair; John G. Shamp; Christopher Cecil Lamb
Broker-Dealers Named
Centaurus Financial Incorporated; JP Turner & Company LLC
Professionals
Cs: Amy L.B. Hill & J. Clayton Mitchell III, Gallivan White & Boyd, Columbia, SC.
Rs: (CFInc, CLPC & RAM) James C. Cosby & C. Quinn Adams, O'Hagan Meyer PLLC, Richmond, VA. OSC.
Rs: (JPT&CLLC) Steven E. Mellen, Winget Spadafora & Schwartzberg, New York, NY. OSC.
Rs: (ASH) James C. Cosby & C. Quinn Adams, O'Hagan Meyer PLLC, Richmond, VA (as to the period during which he was employed by Rs Centaurus Financial Incorporated) and Jonathan Cole, Baker Donelson et al., Nashville, TN (as to all claims and time periods at issue in this case).
* 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 grants Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12504(a)(6)(A) (Release of Claims) with prejudice as the customer has already accepted a one-time payment from Respondent broker-dealer releasing it from any further obligation.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks.
Arbitrators
Maurice M. Feller, Esq.
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Richard J. Davis, Maynard Cooper & Gale, 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 Majority Public Panel bars Respondent customer from presenting evidence in this matter as a sanction for his failure to comply with discovery requests and holds him liable to Claimant broker-dealer for damages relating to a debit balance incurred in his options account.
Notes
Big $s. Sanctions imposed. Majority Public Panel. Arbitrator Remarks.
Arbitrators
Thomas A. Martin, Esq. - Chair; Stephen Neil Foster; Gary L. Foose, Jr.
Broker-Dealers Named
Tastyworks Incorporated
Professionals
Cs: (TInc) Thomas G. Haskins Jr., Barnes & Thornburg, 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 Claimant alleging that all of her stock portfolio was liquidated without her permission settles her case against Respondent broker-dealer and broker. Respondent broker is granted expungement of this matter from her CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
G. Dennis Sheehan - Chair; James Wallace Boeckman; James Douglas Gaughan, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: Lars K. Soreide, Soreide Law Group PLLC, Pompano Beach, FL.
Rs: (WFCSLLC & CAB) Michael Naccarato, 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
In this small claims arbitration, a customer alleging that one of Respondent broker-dealer's employee's recommendation that he investment in AMPIO Pharmaceutical Inc. stock was unsuitable is awarded damages.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
Arbitrators
Michael F. Jordan, Esq.
Broker-Dealers Named
NTB Financial Corporation
Professionals
Cs: Sean M. Sweeney, Halling & Cayo, Milwaukee, WI.
Rs: (NTBFCorp) Frank W. Visciano, Senn Visciano Canges PC, Denver, CO. OSC.
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