UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2022-05-05

2022-11

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

DeclaratoryJudgment

Short Caption

Loynd v. Coastal Equities

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02300

Products

NP

Issue Date

2022-04-06

Situs

Phoenix

State

AZ

Clmd Compensatory

0.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

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 loses his request for a declaratory judgment with respect to the enforceability of an indemnification clause and his held liable to Respondent broker-dealer for damages on its Counterclaim pursuant to the contract between the parties.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code. Arbitrator Remarks.

People & Entities

Arbitrators

Jay Lawrence Witkin, Esq. - Chair; Renee Bryna Gerstman; Daniel Baruch Lidawer, CPA

Broker-Dealers Named

Coastal Equities Incorporated

Professionals

  • Cs: (REL) Alan Baskin, Weiss Brown PA, Scottsdale, AZ.
  • Rs: (CEInc) Francis J. Skinner, Chief Legal Officer, Wilmington, DE. ISC.

TypeDisp

CustomerMember

Allegation I

Negligence

Short Caption

Osman Trust v. JP Morgan

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

20-03808

Products

NP

Issue Date

2022-04-05

Situs

Los Angeles

State

CA

Clmd Compensatory

3800.0

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 group of customers alleging negligence and seeking up to $5.8 million in damages relating to their IRA Account lose their case against Respondent broker-dealer and broker.

Notes

All-Public Panel.

Arbitrators

Benjamin F. Breslauer - Chair; Virginia Alice Suveiu; Barry D. Kaye

Broker-Dealers Named

JP Morgan Securities LLC

Professionals

  • Cs: Eric George & Katherine A. Petti, Ellis George et al., Los Angeles, CA. OSC and Richard Schwartz, Browne George Ross LLP, Los Angeles, CA. OSC.
  • Rs: (JPMSLLC & SH) Jason R. Lindsay & Hiba Kazim, Greenberg Traurig LLP, Los Angeles, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Zinser v. LPL Financial

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

21-00303

Products

DirectInvesmts; REITs

Issue Date

2022-04-11

Situs

San Diego

State

CA

Clmd Compensatory

50.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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 negligent misrepresentation with respect to the purchase of a Northstar REIT settles his claims against Respondent broker-dealer and broker. Respondent broker is awarded expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.

Arbitrators

Robert E. Jenks

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: Samuel B. Edwards, Shepherd Smith et al., Houston, TX.
  • Rs: (LPLFLLC) Eleonora Yonge, San Diego, CA. ISC.
  • Rs: (RRM) Bentley P. Stansbury III, Keesal Young & Logan, Long Beach, CA.

TypeDisp

SmallClms

Allegation I

Negligence

Short Caption

Doster Trust v. UBS Financial

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Supervision

Docket No

21-01453

Products

Equity

Issue Date

2022-04-08

Situs

San Francisco

State

CA

Clmd Compensatory

50.0

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

In this small claims arbitration, a customer trust alleging breach of contract among other allegations relating to its investment in Salesforce.com Inc. loses its case against Respondents. Respondents voluntarily dismiss without prejudice their request for expungement of this matter from Respondent broker's CRD to be held in abeyance and rescheduled at a later date.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Rescission Requested.

Arbitrators

David I. Levine, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: Richard S. Frankowski, The Frankowski Firm LLC, Birmingham, AL.
  • Rs: (UBSFSInc & BBW) Anastasia B. Wohar, UBS Business Solutions US LLC, Weehawken, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Nguyen v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02334

Products

CorpDebt

Issue Date

2022-04-08

Situs

San Francisco

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

Claimant broker wins expungement of seven customer complaints from his CRD record but loses his request for expungement of another after the written objection of the customer involved.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Shawn Ridgell

Broker-Dealers Named

Ameriprise Financial Services Incorporated; Countrywide Investment Services Incorporated; Unionbanc Investment Services LLC; Wells Fargo Investments LLC

Professionals

  • Cs: (VHN) Zachary Morse & Samantha Pastor, HLBS Law, Westminster, CO.
  • Rs: (AFSInc) Howard M. Klausmeier, Troy, MI. ISC.
  • Rs: (CISInc) Laura A. Pizzitola, Bressler Amery & Ross, Birmingham, AL. OSC.
  • Rs: (UISLLC) Neal S. Robb & Nitya Bharwaj, Keesal Young & Logan, Long Beach, CA. OSC.
  • Rs: (WFILLC) Valerie I. Holder, Wells Fargo Law Department, San Francisco, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Tinney v. Voya Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02200

Products

Annuities; VariableAnnuities; Insurance

Issue Date

2022-04-14

Situs

Denver

State

CO

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

Claimant broker is granted expungement of three customer complaints from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Anita Rae Shapiro, Esq.

Broker-Dealers Named

Voya Financial Advisors Incorporated

Professionals

  • Cs: (KET) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (VFAInc) Derek C. Anderson & Jennifer O'Shea, Winget Spadafora & Schwartzberg, Boulder, CO. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Schmitz v. Morgan Stanley

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

20-00009

Products

DirectInvesmts; Equity; CorpDebt; MutualFunds; ETFs

Issue Date

2022-04-14

Situs

Boca Raton

State

FL

Clmd Compensatory

3000.0

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

Two customers seeking $3 million in damages involving the purchase of various securities including master limited partnerships and mutual funds, settle their claims against Respondent broker-dealer. The Panel explains in detail why it has decided to award the Non-Party broker expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Edward R. Niederriter, Esq. - Chair; Will Murphy, Esq.; Kevin A. Llinas

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Kristian P. Kraszewski, Kyros Law, Miami, FL.
  • Rs: (MSSBLLC) Trae D. Meyr, St. Petersburg, FL. ISC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Durrance v. Charles Schwab

Allegation II

Operations

Forum

FINRA

Allegation III

Negligence

Docket No

21-01181

Products

Equity

Issue Date

2022-04-11

Situs

Tampa

State

FL

Clmd Compensatory

0.0

Total Amt Awarded

214.6

Compensatory Awarded

214.6

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 customers are awarded compensatory damages against Respondent broker-dealer relating to allegations that their trades were not placed in a timely manner and that said Respondent broker-dealer did not have an adequate risk management system or controls in place.

Notes

Majority Public Panel.

Arbitrators

Jacquelyn Marie Shannon, Esq. - Chair; Philip L. Manczak; James R. Augustine

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: Daniel P. Dietrich & William J. Schifino Jr., Gunster Yoakley & Stewart, Tampa, FL.
  • Rs: (CS&CInc) Andrew J. Melnick & Alexandra J. Marinzel, McGonigle PC, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Fetterman v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02705

Products

Equity

Issue Date

2022-04-04

Situs

Boca Raton

State

FL

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

Three brokers are granted their requests for expungement of a customer complaint from each of their respective CRD records.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Christopher J. Klein, Esq. - Chair; Thomas Mead Santoro, Esq.; George D. Davidson

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (SF, AF & DR) Joseph C. Coates III, Greenberg Traurig PA, West Palm Beach, FL.
  • Rs: (MSSBLLC) Trae D. Meyr, St. Petersburg, FL. ISC.

TypeDisp

SmallClms

Allegation I

FailToObey

Short Caption

Garel v. Aspiration Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-01966

Products

NP

Issue Date

2022-04-11

Situs

Chicago

State

IL

Clmd Compensatory

15.0

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

In this small claims arbitration, a customer alleging that her account was frozen without notification or explanation loses her case against Respondent broker-dealer.

Notes

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

Arbitrators

Michael S. Matek, Esq.

Broker-Dealers Named

Aspiration Financial LLC

Professionals

  • Cs: Pro se.
  • Rs: (AFLLC) Bentley P. Stansbury III & Connor M. Trafton, Keesal Young & Logan, Long Beach, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Bahadur v. LPL Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02478

Products

BDCs; REITs

Issue Date

2022-04-08

Situs

Chicago

State

IL

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 grants Claimant broker's request for expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Theodore W. Wrobleski, Esq.

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (RB) Stephan Louviere, Louviere Law Firm, Pompano Beach, FL.
  • Rs: (LPLFLLC) Rochelle B. Mayfield, Fort Mills, SC. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Denicola v. Morgan Stanley

Allegation II

WrongTerm

Forum

FINRA

Allegation III

Reformation(U-5)

Docket No

20-00622

Products

NP

Issue Date

2022-04-12

Situs

Boston

State

MA

Clmd Compensatory

2505.9

Total Amt Awarded

900.0

Compensatory Awarded

900.0

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 broker seeking deferred compensation prevails on his claim against Respondent broker-dealer and is awarded $900,000 in compensatory damages but loses his request for reformation of his Form U5 record.

Notes

Big $s.

Arbitrators

B. John Dill - Chair; Frank Sanclemente; George Weston Mann, Jr.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (JCD) Steven N. Fuller, Litigation and Compliance Associates LLC, West Palm Beach, FL.
  • Rs: (MSSBLLC) Robin H. Rome & Jesse Grasty, Nukk-Freeman & Cerra, Chatham, NJ. OSC.

TypeDisp

EmployeeCustomer

Allegation I

Expungement(CRD)

Short Caption

Rademacher v. Bythell

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02117

Products

NP

Issue Date

2022-04-05

Situs

Kansas City

State

MO

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

A broker is awarded expungement of a customer complaint from appearing on his CRD record despite the objection of said Respondent customers.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Lawrence R. Maxwell, Jr., Esq. - Chair; Brandon Gordon Kinney; Veronica Sellers

Broker-Dealers Named

None.

Professionals

  • Cs: (PAR) Linda Broocks, Kean Miller LLP, Houston, TX.
  • Rs: John R. Phillips, J.R. Phillips Law LLC, Webster Groves, MO.

TypeDisp

CustomerMember

Allegation I

Negligence

Short Caption

Novak v. Charles Schwab

Allegation II

UnjustEnrichment

Forum

FINRA

Allegation III

BreachContract

Docket No

19-01455

Products

Equity

Issue Date

2022-04-06

Situs

Syracuse

State

NY

Clmd Compensatory

78.9

Total Amt Awarded

0.0

Compensatory Awarded

0.0

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 majority public Panel explains why it has decided to deny a customer's claims finding that he failed to prove by a preponderance of the evidence that he was negligently referred to the Non-Member parties in this case by Respondent Charles Schwab.

Notes

Majority Public Panel. Arbitrator Remarks -- Explained Award.

Arbitrators

Denise L. Presley, Esq. - Chair; Kenneth Dymond, Esq.; Patrick M. Markey, Esq.

Broker-Dealers Named

Charles Schwab & Company Incorporated; HFR Investment Advisory Services

Professionals

  • Cs: Terry J. Kirwan Jr., Kirwan Law Firm, Syracuse, NY.
  • Rs: (CS&CInc) Kevin H. Lewis, San Francisco, CA. ISC.
  • Rs: (HFRIASvcs & HFR) David G. Burch Jr., Barclay Damon Tower LLP, Syracuse, NY. OSC.

TypeDisp

MemberNonMember

Allegation I

BreachContract

Short Caption

Stonehaven LLC v. Bird Box

Allegation II

Forum

FINRA

Allegation III

Docket No

20-00137

Products

NP

Issue Date

2022-04-12

Situs

New York

State

NY

Clmd Compensatory

1790.8

Total Amt Awarded

1257.0

Compensatory Awarded

683.7

Punitive Damage Awarded

Attorney Fees Awarded

232.1

* 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 Claimant broker-dealers are awarded over $1.2 million in damages against Respondent on their breach of contract claim but are denied their request for monetary sanctions relating to discovery.

Notes

Big $s. Panel composition issue. Arbitrator Remarks.

Arbitrators

Laura Wong-Pan - Chair; Joseph Leo Calabrese

Broker-Dealers Named

Stonehaven LLC; Titanium Alternative Solutions LLC

Professionals

  • Cs: (SLLC & TASLLC) David E. Robbins & Sam A. Silverstein, Kaufmann Gildin & Robbins, New York, NY. OSC.
  • Rs: (BBELtd) Timothy C. Lynch & Louis D. Tambaro, Offit/Kurman LLP, Baltimore, MD. OSC.

TypeDisp

CustomerMember

Allegation I

BreachContract

Short Caption

Panza v. E*Trade Securities

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

20-03938

Products

Equity

Issue Date

2022-04-11

Situs

New York

State

NY

Clmd Compensatory

600.0

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 breach of contract involving the purchase of TESLA stock loses her case against Respondent broker-dealer.

Notes

Rescission Requested. All-Public Panel.

Arbitrators

David S. Billet, Esq. - Chair; Lourdes Gomez; Daniel Engelstein

Broker-Dealers Named

E*Trade Securities LLC

Professionals

  • Cs: Pro se.
  • Rs: (ETSLLC) Meredith Hoffman & John Bersin, Jersey City, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Discrimination(Employment)

Short Caption

Rimini v. JP Morgan

Allegation II

Defamation

Forum

FINRA

Allegation III

Compensation

Docket No

21-01831

Products

NP

Issue Date

2022-04-13

Situs

New York

State

NY

Clmd Compensatory

100.0

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

In this employment discrimination case, an All-Public Panel grants with prejudice Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rules 13206 (Six-year Eligibility Rule for Industry Disputes) and 13504 (Res Judicata).

Notes

Please Note* This matter was decided by an All-Public Panel pursuant to Rule 13802 of the Code. Pre-Hearing Adjudication -- Full Dismissal. Employment Discrimination case. Arbitrator Remarks.

Arbitrators

Michael S. Lazan, Esq. - Chair; Laura Carraher, Esq.; Leona Beane, Esq.

Broker-Dealers Named

JP Morgan Securities LLC; Bear Stearns Asset Management Incorporated

Professionals

  • Cs: (TR) None.
  • Rs: (JPMSLLC) Steven J. Pearlman, Proskauer Rose LLP, Chicago, IL. OSC.
  • Rs: (BSAMInc) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Couyoumjian v. The Equitable Life

Allegation II

Forum

FINRA

Allegation III

Docket No

21-01959

Products

NP

Issue Date

2022-04-13

Situs

New York

State

NY

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

Claimant broker wins expungement of one customer complaint from her CRD record but loses her request for expungement of two other complaints.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Josian Antoine, Esq. - Chair; Denise L. Quarles, Esq.; Nadia Polack

Broker-Dealers Named

The Equitable Life Assurance Society of The United States

Professionals

  • Cs: (CMC) Michael Bessette, HLBS Law, Westminster, CO.
  • Rs: (TELASTUS) Joseph W. Goodman, Gordon Rees et al., San Diego, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Salerno v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02092

Products

Annuities

Issue Date

2022-04-14

Situs

New York

State

NY

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

Registered representative is awarded expungement of two customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Arthur Neil Tolciss, Esq.

Broker-Dealers Named

Ameriprise Financial Services LLC

Professionals

  • Cs: (AJS) Jonathan M. Sterling, Saretsky Hart et al., Birmingham, MI.
  • Rs: (AFSLLC) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Milani v. Fidelity Brokerage

Allegation II

Forum

FINRA

Allegation III

Docket No

21-02483

Products

NP

Issue Date

2022-04-12

Situs

New York

State

NY

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

Registered Rep loses his request for expungement of a customer complaint from his CRD record.

Notes

Panel composition issue.

Arbitrators

David I. Goldblatt, Esq.

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: (GAM) Frank J. Cuccio, Bressler Amery & Ross, Florham Park, NJ.
  • Rs: (FBSLLC) Noah Sorkin, Fidelity Investments, Chappaqua, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Barber v. Pruco Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-01563

Products

NP

Issue Date

2022-04-05

Situs

Columbus

State

OH

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 grants a registered rep's request for reformation of his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Mark Alexander Sipper

Broker-Dealers Named

Pruco Securities LLC

Professionals

  • Cs: (JCB) Harris Freedman & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (PSLLC) Jennifer E. Novoselsky, Reyes Kurson Limited, Chicago, IL. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Brady v. Voya Financial

Allegation II

WrongTerm

Forum

FINRA

Allegation III

Retaliation

Docket No

20-02375

Products

NP

Issue Date

2022-04-08

Situs

Portland

State

OR

Clmd Compensatory

2312.5

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 broker seeking damages of nearly $2.3 to $2.5 million on his wrongful termination and retaliation claims loses his case including reformation of alleged defamatory information from his Form U5 record.

Notes

None.

Arbitrators

Elwood C. Avery - Chair; Philip Alan Johnson; James H. Fehlberg, CFP

Broker-Dealers Named

Voya Financial Advisors Incorporated

Professionals

  • Cs: (SLB) Melinda Jane Steuer, The Law Offices of M.J. Steuer, Sacramento, CA.
  • Rs: (VFAInc) Derek C. Anderson, Winget Spadafora & Schwartzberg, Boulder, CO. OSC.

TypeDisp

EmployeeMember

Allegation I

Discrimination(Disability)

Short Caption

McGarrity v. NYLife Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

20-02735

Products

NP

Issue Date

2022-04-15

Situs

Pittsburgh

State

PA

Clmd Compensatory

0.0

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 broker alleging disability discrimination with respect to his termination of employment from Respondent broker-dealer loses his case.

Notes

Please Note* This matter was decided by an all-public panel pursuant to Rule 13802 of the Code. Disability Discrimination case.

Arbitrators

Linda Arlene Michler, Esq. - Chair; James W. (Jim) Geiger; Frank C. Botta

Broker-Dealers Named

NYLife Securities LLC

Professionals

  • Cs: (SRM) Alan E. Cech & Adam K. Hobaugh, Murtagh Hobaugh & Cech, Wexford, PA.
  • Rs: (NYLSLLC) Jeffrey A. Sturgeon, Baker & Mackenzie, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Matos v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

21-03071

Products

MutualFunds

Issue Date

2022-04-14

Situs

San Juan

State

PR

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

Claimant broker wins expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Christopher J. Klein, Esq.

Broker-Dealers Named

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

Professionals

  • Cs: (GAM) Jose Irizarry-Castro & Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR.
  • Rs: (UBSFSIncPR & UBSFSInc) Rey F. Medina Velez, San Juan, PR. ISC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Anderson v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Negligence

Docket No

20-03312

Products

EqOptions

Issue Date

2022-04-13

Situs

Dallas

State

TX

Clmd Compensatory

317.8

Total Amt Awarded

211.8

Compensatory Awarded

161.8

Punitive Damage Awarded

Attorney Fees Awarded

50.0

* 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 is awarded damages on his negligence claim relating to Respondent broker's failure to liquidate his option position in Sabre stock in enough time as he requested. Said Respondent broker loses his request for expungement of this matter from his CRD record.

Notes

All-Public Panel. Arbitrator Remarks.

Arbitrators

Lawrence R. Maxwell, Jr., Esq. - Chair; Andrea U. Calve, Esq.; Will Pryor

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Christopher W. Patton, Lynn Pinker et al., Dallas, TX.
  • Rs: (MSSBLLC & BLH) John Bersin, Roseville, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Klein v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

21-00507

Products

CDOs

Issue Date

2022-04-14

Situs

Houston

State

TX

Clmd Compensatory

0.0

Total Amt Awarded

Equity

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, an estate, and an limited partnership alleging unsuitable and risky investments in securities called Elks and Pacers lose their case against two Respondent broker-dealers and broker pursuant to FINRA Rules 12504(a)(6)(B) and 12206(a) (Six-year Eligibility Rule). Respondent broker is granted his request for expungement of this matter from his CRD record.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

David C. Redford, JD - Chair; Stephanie E. Simmons; Cynthia Ann Kittle

Broker-Dealers Named

Morgan Stanley; Citigroup Global Markets Incorporated

Professionals

  • Cs: William D. Mount Jr., Dale & Klein, McAllen, TX.
  • Rs: (MSSBLLC) Abigail D. Elrod, New York, NY. ISC.
  • Rs: (CGMInc & JBR) Adam K. Kauff, Kauff Laton Miller LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Mendenhall v. USCA Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

21-01598

Products

NP

Issue Date

2022-04-14

Situs

Houston

State

TX

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

Two registered reps are granted their requests for expungement of two customer complaints from appearing on their CRD records.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Brian James Tagtmeier

Broker-Dealers Named

USCA Securities LLC; USCA RIA LLC

Professionals

  • Cs: (PMM & CCB) Samantha Preston & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (USCASLLC & USCARIALLC) Therese L. Surprenant, Attorney-at-Law, Houston, TX. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Reagan v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-01649

Products

NP

Issue Date

2022-04-12

Situs

Dallas

State

TX

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

Registered rep is awarded reformation of defamatory information from appearing on his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

David A. Schuler

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (JWR) Zachary Morse & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (WFCSLLC) Michael Naccarato, Wells Fargo Legal Department, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Escobar v. Mutual of Omaha

Allegation II

Reformation(U-5)

Forum

FINRA

Allegation III

Defamation

Docket No

21-01848

Products

Equity; LifeInsurance

Issue Date

2022-04-08

Situs

Dallas

State

TX

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

A broker is awarded reformation of his Form U5 record along with expungement of a customer complaint from appearing on his CRD record. However, said broker loses his request for expungement of another customer complaint from same CRD record.

Notes

Arbitrator Remarks -- Expungement and Reformation U-5 granted.

Arbitrators

Robert J. Gregory - Chair; Jay M. Vogelson; Kurt L. Smith

Broker-Dealers Named

Mutual of Omaha Investor Services Incorporated

Professionals

  • Cs: (MLE) James P. Galvin, Galvin Legal PLLC, Decatur, GA.
  • Rs: (MOISInc) Megan S. Wright & Trenten P. Bausch, Cline Williams et al., Omaha, NE. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Decker v. Pacific West

Allegation II

Forum

FINRA

Allegation III

Docket No

21-01120

Products

NP

Issue Date

2022-04-04

Situs

Seattle

State

WA

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

In this unusual case, although the Panel denies a non-appearing customer's Motion to Dismiss one of the complaints under eligibility grounds (pursuant to Rule 13206), said Panel ultimately denies Claimant broker's request for expungement of three customer complaints from appearing on his CRD record.

Notes

None.

Arbitrators

Stephany Adriene Watson, Esq. - Chair; Charles Scott McClellan; Joan M. Schroeder, Esq.

Broker-Dealers Named

Pacific West Securities Incorporated; Prudential Equity Group LLC

Professionals

  • Cs: (BJD) Dochtor Kennedy & Samantha Pastor, AdvisorLaw LLC, Westminster, CO and Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (PWSInc) No-show.
  • Rs: (PEGLLC) Jennifer E. Novoselsky, Reyes Kurson Limited, Chicago, IL. OSC.
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