UPDATE : ARBchek

This Report is a product of Securities Arbitration Commentator, Inc.

New Award Briefs

Report Dated: 2020-01-13

2019-47

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Madison v. US Bancorp

Allegation II

Defamation

Forum

FINRA

Allegation III

Compensatn

Docket No

15-03120

Products

NP

Issue Date

2019-11-27

Situs

Los Angeles

State

CA

Clmd Compensatory

3350.3

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 explains in detail why it has denied a Claimant broker's case against Respondent broker-dealer and two brokers finding that said Claimant did not meet her burden of proof. Claimant broker was seeking over $7.8 million in damages from said Respondents and requested reformation of her Form U-5 record.

Notes

Arbitrator Remarks -- Explained Award.

People & Entities

Arbitrators

Robert Dean McKinley - Chair; Owen Frances; Steven A. Wawra, Esq.

Broker-Dealers Named

US Bancorp Investments Incorporated

Professionals

  • Cs: (FZM) Steve Buchwalter, Law Offices of S.A. Buchwalter PC, Encino, CA and Scot D. Bernstein, Law Offices of S.D. Bernstein, Folsom, CA.
  • Rs: (USBIInc, DMT & SP) Paul W. Sweeney Jr., Christina N. Goodrich & Kate G. Hummel, K&L Gates LLP, Los Angeles, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Miramontes v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

18-02782

Products

Equity

Issue Date

2019-11-25

Situs

Los Angeles

State

CA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 a FINRA Arbitration case from his CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

George Herman Frisch

Broker-Dealers Named

UBS Financial Services Incorporated; Morgan Stanley & Company LLC

Professionals

  • Cs: (IZM) David Harrison, Law Offices of D. Harrison, Beverly Hills, CA.
  • Rs: (MS&CLLC) Nicholas Y. Lin, San Francisco, CA. ISC.
  • Rs: (UBSFSInc) Elizabeth H. Lindh, Keesal Young & Logan, Long Beach, CA. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Frank

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

18-03813

Products

PromissoryNote

Issue Date

2019-11-29

Situs

Los Angeles

State

CA

Clmd Compensatory

70.1

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

0.0

* 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-dealer settles its claims against Respondent broker relating to the amounts due and owing on a promissory note.

Notes

This is a Stipulated Award. Arbitrator Remarks.

Arbitrators

Kendall C. Reed, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Kevin J. Woods, White & Woods, San Francisco, CA. OSC.
  • Rs: (RKF) None.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kuhlmann v. LPL Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00538

Products

MutualFunds; Equity

Issue Date

2019-11-26

Situs

San Francisco

State

CA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 granted expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Laurel Littman Gothelf, MPH

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (KDK) Stephan Louviere, Wolper Law Firm, Plantation, FL.
  • Rs: (LPLFLLC) Jon D. Kaplon, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Windawi v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00974

Products

NP

Issue Date

2019-11-26

Situs

Los Angeles

State

CA

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* 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 awards Claimant broker expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Milton N. Gross

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (LBW) Chad E. Weaver, Freeman Mathis & Gary, Seal Beach, CA.
  • Rs: (AFSInc) Howard Klausmeier, Minneapolis, MN. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Micklich

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-01467

Products

PromissoryNote

Issue Date

2019-11-29

Situs

Los Angeles

State

CA

Clmd Compensatory

685.8

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

Equity

* 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-dealers settle their claim against Respondent broker for the enforcement of a stipulation between the parties relating to a promissory note.

Notes

This is a Stipulated Award. Arbitrator Remarks.

Arbitrators

Elliott David Finkel, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney FA Notes Holdings LLC; Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (MSSBLLC & MSSBFANHLLC) Timothy N. Will, Albert & Will, Torrance, CA. OSC.
  • Rs: (CWM) None.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Despard

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

18-02508

Products

PromissoryNote

Issue Date

2019-11-26

Situs

Denver

State

CO

Clmd Compensatory

183.2

Total Amt Awarded

252.5

Compensatory Awarded

183.2

Punitive Damage Awarded

Attorney Fees Awarded

40.2

* 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-dealers for the amount due and owing on a promissory note.

Notes

Arbitrator Remarks.

Arbitrators

Charles G. Michaels, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney FA Notes Holdings LLC; Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (MSSBLLC & MSSBFANHLLC) Samuel P. Mauch, Saretsky Hart et al., Birmingham, MI. OSC.
  • Rs: (WRD) None.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Winans v. Centaurus Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

18-03853

Products

REITs

Issue Date

2019-11-25

Situs

Denver

State

CO

Clmd Compensatory

211.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 the sale of unsuitable securities with respect to his investment in various non-traded REITs, loses his claims against Respondent broker-dealer. Respondent broker is awarded expungement of this matter from his CRD record.

Notes

Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Donald Neil Tolin - Chair; Eric Moutz; Holly Stein Sollod, Esq. (fka Holly S. Stein, Esq.)

Broker-Dealers Named

Centaurus Financial Incorporated

Professionals

  • Cs: James S. Helfrich, Allen Vellone et al., Denver, CO.
  • Rs: (CFInc & MEF) Kendra S. Canape, Gordon & Rees et al., Irvine, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hopkins v. Wells Fargo

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00468

Products

DirectInvesmts

Issue Date

2019-11-29

Situs

Orlando

State

FL

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 awards Claimant broker expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Stuart K. Furman

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (MDH) Joelle A. Sims, Bressler Amery & Ross, Fort Lauderdale, FL.
  • Rs: (WFCSLLC) Patricia E. Cowart, Wells Fargo Legal Department, Fort Lauderdale, FL. ISC.

TypeDisp

SmallClms

Allegation I

Churning

Short Caption

Colgan v. Interactive Brokers

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

19-00776

Products

Equity; Margin

Issue Date

2019-11-27

Situs

Tampa

State

FL

Clmd Compensatory

36.6

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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, two customers alleging fraud, among other things, lose their requests for relief against Respondent broker-dealer. The customers' claims related to their allegations that their accounts were aggressively, excessively and speculatively traded by an unregistered investment advisor causing them to lose a substantial portion of their retirement savings.

Notes

This case was administered under the Special Proceeding option for simplified cases.

Arbitrators

Jacquelyn Marie Shannon, Esq.

Broker-Dealers Named

Interactive Brokers LLC

Professionals

  • Cs: Scott Eichhorn & Katherine Black & Arda Barlas & Sarah Lilly, Student Interns, University of Miami School of Law, Investor Rights Clinic, Coral Gables, FL.
  • Rs: (IBLLC) Mark G. Materna, Washington, DC. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Miller v. Taylor Capital

Allegation II

Fraud

Forum

FINRA

Allegation III

Supervision

Docket No

19-00026

Products

PrivSecTrans

Issue Date

2019-11-29

Situs

Chicago

State

IL

Clmd Compensatory

100.0

Total Amt Awarded

71.0

Compensatory Awarded

71.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 is awarded damages against Respondent broker-dealer relating to her claim that she was placed in a high-risk, unregistered security (1 Global Capital LLC) causing her to lose virtually all of her money due to 1 Global Capital' alleged massive securities fraud scheme.

Notes

Sanctions imposed.

Arbitrators

Marcia Bonita Gevers

Broker-Dealers Named

Taylor Capital Management Incorporated

Professionals

  • Cs: Michael D. Kennedy, The White Law Group LLC, Chicago, IL.
  • Rs: (TCMInc) Preston Spears, Woodstock, GA. ISC. Previously represented by: Peter J. Hardin, Sirote & Permutt, Birmingham, AL. OSC until 8/21/19.

TypeDisp

MemberEmployee

Allegation I

BreachContract

Short Caption

Raymond James v. Klaiman

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01223

Products

NP

Issue Date

2019-11-26

Situs

Boston

State

MA

Clmd Compensatory

253.2

Total Amt Awarded

223.6

Compensatory Awarded

223.6

Punitive Damage Awarded

Attorney Fees Awarded

0.0

* 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 to Claimant broker-dealer for damages as a result of a breach of contract.

Notes

Rule 13801 default judgment.

Arbitrators

Arthur J. Giacomarra, Esq.

Broker-Dealers Named

Raymond James & Associates Incorporated

Professionals

  • Cs: (RJ&AInc) Kimberly A. Koves, Wiand Guerra King PA, Tampa, FL. OSC.
  • Rs: (KSK) None.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Sperber v. Citadel Securities

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

18-03249

Products

Equity

Issue Date

2019-11-25

Situs

Baltimore

State

MD

Clmd Compensatory

940.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

* 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 group of customers seeking nearly $1 million in damages lose their claims and are held liable to two named Respondent broker-dealers for a total of $10,000 as a monetary sanction for failure to produce requested discovery. Said customers were also liable to Respondents for costs.

Notes

Sanctions imposed. Pre-Hearing Adjudication -- Party Dismissal. All-Public Panel. Arbitrator Remarks.

Arbitrators

Joseph J. Dougherty, JD - Chair; Ellen F. Kandell; Gerald S. Smith

Broker-Dealers Named

Citadel Securities LLC; E*Trade Securities LLC; G1 Execution Services LLC; TD Ameritrade Incorporated; DTCC Depository Trust Company; Exxe Group Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (CSLLC) Joshua D. Liston, Beys Liston & Mobargha, New York, NY. OSC.
  • Rs: (E*TSLLC) Meredith Hoffman, Roseville, CA. ISC.
  • Rs: (G1ESLLC) John C. Pickford, Bala Cynwyd, PA. ISC.
  • Rs: (TDAInc) James J. Vihstadt, Omaha, NE. ISC.
  • Rs: (DTCCDTCo & EGInc) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hobart v. Kalos Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01176

Products

DirectInvesmts

Issue Date

2019-11-27

Situs

Charlotte

State

NC

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 registered representative is granted expungement of a FINRA arbitration case from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Susan L. Luck

Broker-Dealers Named

Kalos Capital Incorporated

Professionals

  • Cs: (CSH) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (KCInc) John Williams, Senior Vice President, Chief Compliance Officer, Alpharetta, GA. ISC.

TypeDisp

EmployeeMember

Allegation I

Discrimination(Race)

Short Caption

Ramani v. Barclays Capital

Allegation II

WrongTerm

Forum

FINRA

Allegation III

Retaliation

Docket No

18-02042

Products

NP

Issue Date

2019-11-26

Situs

New York

State

NY

Clmd Compensatory

12000.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 brokers alleging racial discrimination and seeking $12 million in compensatory damages and $18 million in punitive damages, lose their claims against Respondent broker-dealer. Respondent broker was dismissed from the case, as Claimant brokers did not meet their burden of proof against said broker.

Notes

Directed Verdict -- Party Dismissal. Racial Discrimination case. Panel composition issue.

Arbitrators

Michael Peter Graff - Chair; Bryan Lane Berson; Alan L. Stein

Broker-Dealers Named

Barclays Capital Incorporated

Professionals

  • Cs: (VR & VJ) Brian Heller, Schwartz Perry & Heller, New York, NY.
  • Rs: (BCInc & RH) Alexander J. Kellermann, Sidley Austin LLP, Boston, MA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Damasco v. Citigroup Global

Allegation II

Forum

FINRA

Allegation III

Docket No

18-04357

Products

CorpDebt; VariableAnnuities

Issue Date

2019-11-22

Situs

New York

State

NY

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 awarded expungement of four customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Howard D. Jacob, Esq.

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (JFD) Harris Freedman & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (CGMInc) Adam M. Kauff, Kauff Laton Miller LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Ruby v. TD Ameritrade

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00227

Products

Equity

Issue Date

2019-11-26

Situs

New York

State

NY

Clmd Compensatory

630.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 unauthorized trading in the sale of Tilray Inc. stock loses his claim against Respondent broker-dealer.

Notes

Majority Public Panel.

Arbitrators

Anna M. Fanelli, Esq. - Chair; Veera V. Konka, Esq.; Angela Lourdes Ortiz

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (TDAInc) Amanda Helm Wright, Omaha, NE. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Leone v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00901

Products

NP

Issue Date

2019-11-27

Situs

New York

State

NY

Clmd Compensatory

0.1

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard W. Cutler, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (MTL) Patrick R. Mahoney, Law Offices of P.R. Mahoney PC, Beverly Hills, CA.
  • Rs: (MLPFSInc) Kathryn D. Perreault, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Liebman

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-01407

Products

PromissoryNote

Issue Date

2019-11-25

Situs

PP

State

PP

Clmd Compensatory

474.9

Total Amt Awarded

509.3

Compensatory Awarded

474.9

Punitive Damage Awarded

Attorney Fees Awarded

14.5

* 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

Non-appearing Respondent broker is held liable to Claimant broker-dealer for the amounts due and owing on two promissory notes.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

Arthur M. Handler, Esq.

Broker-Dealers Named

Wells Fargo Advisors Financial Network LLC

Professionals

  • Cs: (WFAFNLLC) Thomas B. Lewis, Stevens & Lee, Lawrenceville, NJ. OSC.
  • Rs: (PGL) None.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Nigaglioni v. UBS Financial

Allegation II

Negligence

Forum

FINRA

Allegation III

Docket No

18-02391

Products

MuniSecs; MutualFunds

Issue Date

2019-11-25

Situs

San Juan

State

PR

Clmd Compensatory

319.0

Total Amt Awarded

215.4

Compensatory Awarded

150.0

Punitive Damage Awarded

Attorney Fees Awarded

45.0

* 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-dealers are held jointly liable to Claimant for damages relating to her investment in Puerto Rico bonds and Puerto Rico closed-end bond funds. Respondent broker-dealer's request for expungement on behalf a Non-Party broker is denied.

Notes

Rescission Requested. All-Public Panel. Arbitrator Remarks.

Arbitrators

Robert Stewart Barney - Chair; Eric Spencer Buchanan, Esq.; Magda M. Fernandez Torres

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico; UBS Financial Services Incorporated

Professionals

  • Cs: W. Scott Greco, Greco & Greco, McLean, VA and Eric M. Quetglas Jordan, Quetglas Law Office, Guaynabo, PR and Luis E. Minana & Marla Cardona, Espada Minana & Pedrosa, San Juan, PR.
  • Rs: (UBSFSIncPR) Roberto C. Quinones, McConnell Valdes LLC, Hato Rey, PR. OSC.
  • Rs: (UBSFSInc) Daniel R. Korb Jr. & Sean Coughlin, Bressler Amery & Ross, Florham Park, NJ. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Bullock v. Signator Investors

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00878

Products

NP

Issue Date

2019-11-25

Situs

Providence

State

RI

Clmd Compensatory

Equity

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 denies Claimant broker's request for expungement of four customer complaints from his CRD record because he did not provide enough evidence to sustain his burden of proof.

Notes

Arbitrator Remarks.

Arbitrators

Patrick Richard Westerkamp, Esq. - Chair; Paul A. Auerbach; Michael Jonathan Chazan

Broker-Dealers Named

Signator Investors Incorporated

Professionals

  • Cs: (DLB) John M. Verdecchia, Law Office of J.M. Verdecchia, Providence, RI.
  • Rs: (SIInc) Gregory M. Curley & James Noblett, AG Advisor Group, Jersey City, NJ. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Stewart

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

18-03544

Products

PromissoryNote

Issue Date

2019-11-26

Situs

Houston

State

TX

Clmd Compensatory

280.5

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

0.0

* 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-dealer and registered representative enter into a Settlement Agreement relating to the amounts due and owing on three promissory note agreements.

Notes

This is a Stipulated Award.

Arbitrators

Daniel J. Pagnano, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC dba Wells Fargo Advisors LLC

Professionals

  • Cs: (WFCSLLC) Jack D. Ballard & Mary Jo Cantu, Ballard & Littlefield, Houston, TX. OSC.
  • Rs: (WTS) P. Jacob Paschal, Haney Moorman Paschal PC, Huntsville, TX.

TypeDisp

MemberCustomer

Allegation I

DebitBalance

Short Caption

Charles Schwab v. Daniels

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-00144

Products

NP

Issue Date

2019-11-25

Situs

Houston

State

TX

Clmd Compensatory

85.1

Total Amt Awarded

85.1

Compensatory Awarded

85.1

Punitive Damage Awarded

Attorney Fees Awarded

0.0

* 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 customer is held liable to Claimant broker-dealer for the debit balance due after allegedly refusing to return withdrawn funds from his Schwab Account. Said customer's Counterclaim for breach of contract is denied.

Notes

None.

Arbitrators

Thomas A. Martin, Esq.

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: (CS&CInc) Jonathan D. Berg, Jaffe & Asher, New York, NY. OSC and B. Bruce Johnson, Jaffe & Asher, Dallas, TX. OSC.
  • Rs: Pro se.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Hong v. Merrill Lynch

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-00392

Products

NP

Issue Date

2019-11-29

Situs

Seattle

State

WA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

* 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 reformation of his Form U-5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

John J. Fitzpatrick, Jr., Esq. - Chair; Clydia Jean Cuykendall; Joan M. Schroeder, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (JH) None.
  • Rs: (MLPFSInc) Tracy L. Gerber & Hiba Kazim, Greenberg Traurig PA, West Palm Beach, FL. OSC.

TypeDisp

EmployeeMember

Allegation I

Discrimination(Gender)

Short Caption

Oelke v. UBS Financial

Allegation II

Compensatn

Forum

FINRA

Allegation III

Retailation

Docket No

17-02841

Products

NP

Issue Date

2019-11-29

Situs

Milwaukee

State

WI

Clmd Compensatory

6290.9

Total Amt Awarded

171.5

Compensatory Awarded

171.5

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 females brokers seeking compensation and alleging sexual discrimination among other things, are awarded damages from Respondent broker-dealer and two brokers.

Notes

Gender Discrimination.

Arbitrators

David J. Hase, Esq. - Chair; Terry F. Peppard, Esq.; Matthew James Kearney

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (DO & PG) Paul A. Lieberman, Scarinci & Hollenbeck, Red Bank, NJ.
  • Rs: (UBSFSInc, LJL & MJK) Christopher A. Stecher & Cassidy A. Wallace, Keesal Young & Logan, San Francisco, CA. OSC.
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