UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2020-04-03

UA 2020-07

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Raben v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01676

Products

LifeInsurance

Issue Date

2020-02-19

Situs

Little Rock

State

AR

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

In this Consolidated Award, three Claimant brokers are awarded expungement of various customer complaints from their respective CRD records.

Notes

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

People & Entities

Arbitrators

Lynne M. Gomez, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (PRR, BTH & DCC) Dochtor Kennedy & Frances Menzer, AdvisorLaw LLC, Westminster, CO.
  • Rs: (MLPFSInc) Sarah K. Yates, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Pine v. Voya Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02017

Products

VariableAnnuities

Issue Date

2020-02-14

Situs

Phoenix

State

AZ

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 a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Roger A. Geddes

Broker-Dealers Named

Voya Financial Advisors Incorporated

Professionals

  • Cs: (BSP) Stephan Louviere, Wolper Law Firm PA, Plantation, FL.
  • Rs: (VFAInc) Christina Z. Vourakis, Winget Spadafora & Schwartzberg, Los Angeles, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Resnick v. Morgan Stanley

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

17-01267

Products

CorpDebt

Issue Date

2020-02-20

Situs

Los Angeles

State

CA

Clmd Compensatory

344.1

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 customers lose their claims against Respondent broker-dealer involving their investment in various junk bonds. One Non-Party broker is granted expungement of this matter from his CRD record. The customer objected to the granting of expungement of the other named Non-Party broker's request for expungement and as such said request was denied.

Notes

All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Mary M. O'Neil - Chair; Aurelio A. Garcia; Loyd A. Wright

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: Marc I. Zussman, Law Offices of M.I. Zussman, Los Angeles, CA.
  • Rs: (MSSBLLC) Nicholas N. George, Morgan Stanley Wealth Management, San Francisco, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Couyoumjian v. First Allied

Allegation II

Forum

FINRA

Allegation III

Docket No

18-04362

Products

NP

Issue Date

2020-02-11

Situs

Los Angeles

State

CA

Clmd Compensatory

0.0

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

Claimant broker loses her request for expungement of seven FINRA arbitration cases and one customer complaint from her CRD record.

Notes

None.

Arbitrators

Robert D. Sussin, Esq.

Broker-Dealers Named

First Allied Securities Incorporated; LPL Financial LLC

Professionals

  • Cs: (CMC) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (FASInc) Jeremy Wooden, Cetera Financial Group, El Segundo, CA. ISC.
  • Rs: (LPLFLLC) Jon D. Kaplon, Boston, MA. ISC.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Thomas v. Morgan Stanley

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

19-00141

Products

CorpDebt

Issue Date

2020-02-20

Situs

San Francisco

State

CA

Clmd Compensatory

75.0

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

Two customers settle their claims against Respondent broker-dealer involving their investments in three high-yield corporate bonds. The Arbitrator provides factual background as to why he has awarded Respondent brokers expungement of this matter from their respective CRD records.

Notes

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

Arbitrators

Philip Aaron Tymon, JD

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: John Garner, Garner & Associates, Willows, CA.
  • Rs: (MSSBLLC, MJH & JSS) Jeffrey S. Jacobi, Morgan Stanley Wealth Management, San Francisco, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Nalewaja v. TD Ameritrade

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01119

Products

CorpDebt

Issue Date

2020-02-20

Situs

San Francisco

State

CA

Clmd Compensatory

1922.0

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 an unsuitable investment in a bond issued by Clear Channel Communications loses his claim against Respondent broker-dealer.

Notes

All-Public Panel.

Arbitrators

Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.) - Chair; Robert Sachs Mandelson; D. Peter Gleichenhaus

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (TDAInc) David S. Richan & John D. Stewart, Baritz & Colman, New York, NY. OSC.

TypeDisp

CustomerEmployee

Allegation I

Fraud

Short Caption

Harnage v. Andersen

Allegation II

Misappropriatn

Forum

FINRA

Allegation III

Docket No

19-01297

Products

*

Issue Date

2020-02-20

Situs

San Francisco

State

CA

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 customer alleging misappropriation and fraud loses her claims against Respondents. Respondent broker is awarded expungement of two customer complaints, a civil judicial action and the underlying arbitration from his CRD record.

Notes

All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

David I. Levine, Esq. - Chair; Ronald Chun; Michael Robert Addison

Broker-Dealers Named

None.

Professionals

  • Cs: Etan E. Rosen, Law Office of Beyer Pongratz & Rosen, Sacramento, CA.
  • Rs: (STA) Peter R. Boutin, Keesal Young & Logan, San Francisco, CA.
  • Rs: Michael J. Margosian, M.J. Margosian Attorney-at-Law, Fresno, CA.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Fitzgerald v. Banc of America

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01848

Products

NP

Issue Date

2020-02-14

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

Claimant broker is awarded expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.)

Broker-Dealers Named

Banc of America Investment Services Incorporated

Professionals

  • Cs: (DMF) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (BAISInc) Patrick J. Mulligan, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

CustomerMember

Allegation I

BreachContract

Short Caption

Howes v. Bentley-Ewers

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

19-01097

Products

*

Issue Date

2020-02-13

Situs

Washington

State

DC

Clmd Compensatory

500.0

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 majority public Panel explains why it has granted with prejudice Respondent broker-dealers' and brokers' Pre-Hearing Motions to Dismiss pursuant to FINRA Rule 12504 (not involved with the security, account, or conduct at issue).

Notes

Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks -- Explained Award.

Arbitrators

Joyce A. Mitchell, Esq. - Chair; Barbara Hill Bink; Steven R. Bralove

Broker-Dealers Named

IFS Securities; Raymond James & Associates Incorporated; Raymond James Financial Services Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (JMB, IFSSecs, AUM & JTS) Richard E. Brodsky, The Brodsky Law Firm, Coral Gables, FL. OSC.
  • Rs: (RJ&AInc & RJFSInc) Brandy N. Pikus, St. Petersburg, FL. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Oppenheimer & Company v. Garfinkel

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

17-03322

Products

PromissoryNote

Issue Date

2020-02-14

Situs

Boca Raton

State

FL

Clmd Compensatory

109.2

Total Amt Awarded

167.2

Compensatory Awarded

109.2

Punitive Damage Awarded

Attorney Fees Awarded

55.0

* 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 is found liable on the claims of breach of contract and unjust enrichment and is held liable to Claimant broker-dealer for the amounts due and owing on two promissory notes and a Stabilization Agreement. Said broker's Counterclaim and T-Pty Claim for compensation owed are denied with prejudice for his failure to appear at the hearing.

Notes

Directed Verdict -- Full Dismissal (Counterclaim and T-Pty Claim). Arbitrator Remarks.

Arbitrators

Kimberlee Ann Fowler - Chair; Debra A. Byrne-Mathews; Alice J. Johnson (fka Alice J. Dutton)

Broker-Dealers Named

Oppenheimer & Company Incorporated

Professionals

  • Cs: (O&CInc) Cory S. Zadanosky, Zadanosky & Associates, Lake Worth, FL. OSC.
  • Rs: (MSG) None.
  • T-Pty Rs: (AML, CMS & LWS) Cory S. Zadanosky, Zadanosky & Associates, Lake Worth, FL.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Gerst v. Wells Fargo

Allegation II

Forum

FINRA

Allegation III

Docket No

19-00445

Products

DirectInvesmts; Equity

Issue Date

2020-02-11

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

Claimant broker is awarded expungement of a FINRA Arbitration Case from his CRD record involving a customer's investment in QR Energy LP and preferred stock in Vanguard Natural Resources. Said customer objected to Claimant broker's request for expungement.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Will Murphy, Esq. - Chair; Robert G. Falbisaner; Scott Louis Fishman

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (MAG) Craig D. Stein, Stein & Stein, Palm Beach, FL.
  • Rs: (WFCSLLC) Jeffrey D. Rodgers Jr., Wells Fargo Legal Department, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Grinberg v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01321

Products

ARS; Equity; Derivatives

Issue Date

2020-02-12

Situs

Boca Raton

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

A broker is awarded expungement of two customer complaints and an oral complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Martin A. Feigenbaum, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated; Morgan Stanley

Professionals

  • Cs: (HG) Gregg J. Breitbart & Gara M. Seagraves, Kaufman Dolowich & Voluck, Fort Lauderdale, FL.
  • Rs: (UBSFSInc) Jonathan C. Schwartz, Bressler Amery & Ross, Fort Lauderdale, FL. OSC.
  • Rs: (MSSBLLC) Timothy B. Atkins, Morgan Stanley Wealth Management, Pensacola, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Townsend v. Raymond James

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01576

Products

Annuities

Issue Date

2020-02-19

Situs

Boca Raton

State

FL

Clmd Compensatory

0.0

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

Claimant broker loses her request for expungement of a FINRA Arbitration Case from appearing on her CRD record. The cause of action relates to the deceased underlying customer's investment in a fixed immediate annuity issued by MetLife Inc.

Notes

None.

Arbitrators

Seth L. Finkel, Esq.

Broker-Dealers Named

Raymond James & Associates Incorporated

Professionals

  • Cs: (DST) Harris Freedman, Of Counsel, HLBS Law, Westminster, CO.
  • Rs: (RJ&AInc) Robert M. Rudnicki, Associate General Counsel and Director of Litigation, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Townsend v. Raymond James

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01577

Products

Annuities

Issue Date

2020-02-14

Situs

Boca Raton

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

Claimant broker is awarded expungement of a FINRA Arbitration Case from his CRD record relating to a customer's investment in a fixed immediate annuity issued by MetLife Inc.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Edward R. Niederriter, Esq.

Broker-Dealers Named

Raymond James & Associates Incorporated

Professionals

  • Cs: (SAT) Harris Freedman, Of Counsel, HLBS Law, Westminster, CO.
  • Rs: (RJ&AInc) Robert M. Rudnicki, Associate General Counsel & Director of Litigation, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Widder v. Wells Fargo

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01996

Products

Annuities

Issue Date

2020-02-14

Situs

Boca Raton

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

A broker is awarded expungement of a customer complaint from her CRD record involving the customers' purchase of two Ohio National annuity contracts.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Elena G. Rodriguez

Broker-Dealers Named

Wells Fargo Advisors Financial Network LLC

Professionals

  • Cs: (MLW) Jessica Calloway, Of Counsel, HLBS Law, Westminster, CO.
  • Rs: (WFAFNLLC) Deirdre Wolff, Vice President & Senior Counsel, Wells Fargo Law Department, St. Louis, MO. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Lesser v. Intellivest Securities

Allegation II

BreachContract

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

18-02695

Products

NP

Issue Date

2020-02-18

Situs

Atlanta

State

GA

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

Two brokers alleging withholding of earned commissions lose their claims against Respondent broker-dealer. Respondent broker-dealer lose its raiding Counterclaim.

Notes

Raiding case.

Arbitrators

Daniel E. Gulden, Esq. - Chair; Jeffrey Alperin; Robert Payne Koven

Broker-Dealers Named

Intellivest Securities Incorporated

Professionals

  • Cs: (SML & DMW) Eric J. Taylor, Hunton Andrews Kurth LLP, Atlanta, GA.
  • Rs: (ISInc) James A. Nofi, Law Offices of J.A. Nofi, Atlanta, GA. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Goldberg v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-00697

Products

NP

Issue Date

2020-02-12

Situs

Atlanta

State

GA

Clmd Compensatory

0.0

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

An Arbitrator explains why he has denied Claimant broker's request for reformation of his Form U5 record finding that the termination statement is not defamatory in nature.

Notes

Arbitrator Remarks -- Explained Award.

Arbitrators

James C. Hoover, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (CHG) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (WFCSLLC) Tracey Salmon-Smith & Jessie Shields, Drinker Biddle & Reath, Florham Park, NJ. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hurst v. LPL Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02337

Products

MutualFunds

Issue Date

2020-02-18

Situs

Atlanta

State

GA

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 a customer complaint from her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Harvey R. Linder, Esq.

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (JKH) N. Nancy Ghabai, Ghabai Law Group, Boston, MA.
  • Rs: (LPLFLLC) Jon D. Kaplon, Boston, MA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Cohen v. JP Morgan

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02626

Products

NP

Issue Date

2020-02-19

Situs

Atlanta

State

GA

Clmd Compensatory

0.0

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

An Arbitrator explains why he has granted Respondent broker-dealer's Pre-Hearing Motion to Dismiss with respect to Claimant broker's request for expungement of a customer complaint from his CRD pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes).

Notes

Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks -- Explained Award.

Arbitrators

Harvey R. Linder, Esq.

Broker-Dealers Named

JP Morgan Securities LLC

Professionals

  • Cs: (JSC) Dochtor Kennedy & Jessica Calloway, AdvisorLaw LLC, Westminster, CO.
  • Rs: (JPMSLLC) Jeffrey S. Dunlap & Shipra Rege, Ulmer & Berne, Cleveland, OH. OSC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Galli v. Credit Suisse

Allegation II

Reformation(U5)

Forum

FINRA

Allegation III

Defamation

Docket No

17-01489

Products

NP

Issue Date

2020-02-14

Situs

Boston

State

MA

Clmd Compensatory

5042.4

Total Amt Awarded

2096.6

Compensatory Awarded

1602.6

Punitive Damage Awarded

Attorney Fees Awarded

410.8

* 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

Four brokers are awarded nearly $2.1 million in damages against Respondent broker-dealer on their compensation claims. All four brokers lose their requests for reformation of their respective Form U5 records. Respondent broker-dealer loses its Counterclaim for raiding.

Notes

Big $s. Raiding case. Arbitrator Remarks.

Arbitrators

David W. Ellis - Chair; John George Neylon, Sr.; Charles R. Markham

Broker-Dealers Named

Credit Suisse Securities (USA) LLC

Professionals

  • Cs: (JJG, PTC, AVM & CLH) Barry Lax, Lax & Neville, New York, NY.
  • Rs: (CSSUSALLC) Stephen M. Kramarsky, Dewey Pegno & Kramarsky LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Mackenzie v. Garden State

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

18-00728

Products

*

Issue Date

2020-02-21

Situs

Boston

State

MA

Clmd Compensatory

400.0

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

A customer settles his case against Respondent broker-dealer. Respondent broker-dealer loses its T-Pty Claim for indemnification but is awarded monetary sanctions against T-Pty Rs broker for discovery violations. T-Pty Respondent broker is granted expungement.

Notes

This is a Stipulated Award. Sanctions imposed. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Andrea J. Goldman, Esq. - Chair; Paul Peter Nicolai; Mary E. Bassett

Broker-Dealers Named

Garden State Securities Incorporated

Professionals

  • Cs: Gary Menzer, Menzer & Hill, Boca Raton, FL.
  • Rs: (GSSInc) Robert I. Rabinowitz, Becker & Poliakoff, Red Bank, NJ. OSC.
  • T-Pty Cs: (GSSInc) Robert I. Rabinowitz, Becker & Poliakoff, Red Bank, NJ. OSC.
  • T-Pty Rs: (FJP) Robert Knuts, Sher Tremonte LLP, New York, NY.
  • T-Pty Rs: No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Goldberg v. Suntrust Investment

Allegation II

Reformation(U-5)

Forum

FINRA

Allegation III

Defamation

Docket No

19-01756

Products

VariableAnnuities; CDs

Issue Date

2020-01-29

Situs

Baltimore

State

MD

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 awarded expungement of four customer complaints from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven Irving Platt

Broker-Dealers Named

SunTrust Investment Services Incorporated

Professionals

  • Cs: (SMG) Robert L. Herskovits, Herskovits PLLC, New York, NY.
  • Rs: (STISInc) Vidya A. Mirmira, Williams & Connolly, Washington, DC. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Azodi v. Berthel Fisher

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01962

Products

DirectInvesmts; RealEstate; VariableAnnuities

Issue Date

2020-02-18

Situs

Kansas City

State

MO

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 awarded expungement of four customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

John R. Loss, Esq.

Broker-Dealers Named

Berthel Fisher & Company Financial Services Incorporated; Cetera Advisors LLC

Professionals

  • Cs: (JJA) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (BF&CFSInc) Shelley Davenport, Cedar Rapids, IA. ISC.
  • Rs: (CALLC) Jeremy Carr, Cetera Financial Group, El Segundo, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Watts v. UBS Financial

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

18-03754

Products

MuniSecs; Margin

Issue Date

2020-02-19

Situs

Newark

State

NJ

Clmd Compensatory

350.0

Total Amt Awarded

175.0

Compensatory Awarded

175.0

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

Two customers are awarded damages against Respondent broker-dealer and broker relating to their investment in Pioneer Municipal Bond Fund. Respondent broker loses his request for expungement of this matter from his CRD record.

Notes

Rs Morgan Stanley was not assessed any portion of the awarded amount. Rs UBS Financial Services Inc. and Brian M. Wurdemann were assessed. All-Public Panel.

Arbitrators

Catherine Stewart, Esq. - Chair; Philip Levine, CPA, Esq.; Bryan David Glass

Broker-Dealers Named

Morgan Stanley; UBS Financial Services Incorporated

Professionals

  • Cs: Mitchell H. Corbett, M.H. Corbett Attorney-at-Law, Morristown, NJ.
  • Rs: (UBSFSInc) Anthony J. Borrelli & Richard Lomuscio, Riker Danzig, Morristown, NJ. OSC.
  • Rs: (MSSBLLC) Adam Kauff & Adam Miller, Kauff Laton Miller LLP, New York, NY. OSC.
  • Rs: (BMW) None.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Allen

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-03415

Products

PromissoryNote

Issue Date

2020-02-20

Situs

Las Vegas

State

NV

Clmd Compensatory

295.1

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-dealer and Respondent broker entered into a Settlement Agreement regarding the amounts due and owing on three promissory note agreements.

Notes

This is a Stipulated Award. Arbitrator Remarks.

Arbitrators

Elliott David Finkel, Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

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

TypeDisp

CustomerMember

Allegation I

Operations

Short Caption

Erdle v. TD Ameritrade

Allegation II

Errors

Forum

FINRA

Allegation III

Docket No

18-01381

Products

*

Issue Date

2020-02-12

Situs

Buffalo

State

NY

Clmd Compensatory

810.0

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

An All-Public Panel denies a customer's claims against Respondent broker-dealer involving errors and charges.

Notes

All-Public Panel.

Arbitrators

Ralph L. Halpern, Esq. - Chair; Tracy L. Allen, Esq.; L. Paul Kehoe

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Kenneth W. Africano, Harter Secrest & Emery, Buffalo, NY.
  • Rs: (TDAInc) John D. Stewart, Baritz & Colman, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Supervision

Short Caption

Sun v. TD Ameritrade

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachContract

Docket No

18-01404

Products

Equity; Margin

Issue Date

2020-02-11

Situs

New York

State

NY

Clmd Compensatory

680.0

Total Amt Awarded

75.0

Compensatory Awarded

75.0

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

Two customers alleging negligent supervision are awarded compensatory damages from Respondent broker-dealer. Respondent broker-dealer loses its Counterclaim for breach of contract. One Arbitrator dissents with respect to the amount of damages awarded to the customers.

Notes

All-Public Panel. Arbitrator Remarks -- Arbitrator dissents with explanation.

Arbitrators

Joseph H. Cerame, Esq. - Chair; Veera V. Konka, Esq. (Dissents); Sidney N. Weiss, Esq.

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Jeffrey B. Kaplan, Dimond Kaplan & Rothstein, Miami, FL.
  • Rs: (TDAInc) John D. Stewart & David Richan, Baritz & Coleman, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kavanagh v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01667

Products

NP

Issue Date

2020-02-13

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 granted expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael H. DuBoff, Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (KK) Erica Harris, AdvisorLaw LLC, Westminster, CO.
  • Rs: (MSSBLLC) Alejandro Schwed, Legal & Compliance, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Palmer v. INVEST Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-02096

Products

NP

Issue Date

2020-02-14

Situs

Cleveland

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

A registered representative is granted reformation of his Form U-5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Philip J. Glick, Esq.

Broker-Dealers Named

INVEST Financial Corporation

Professionals

  • Cs: (MPP) Jessica Calloway & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (INVESTFCorp) Scott R. Forbush, Jackson National Life Insurance Company, Lansing, MI. ISC.

TypeDisp

CustomerMember

Allegation I

UnauthTdg

Short Caption

Lanzo v. Stifel Nicolaus

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

18-04121

Products

Equity; Options

Issue Date

2020-02-18

Situs

Pittsburgh

State

PA

Clmd Compensatory

500.0

Total Amt Awarded

500.0

Compensatory Awarded

500.0

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

An Arbitration Panel holds Respondent broker-dealer and broker jointly and severally liable to a customer for $500,000 in compensatory damages relating to her investments in Cliff's Natural Resources, General Cable Corporation and MannKind, to name a few. Said investments were allegedly unsuitable for the customer's investment strategy.

Notes

Big $s. All-Public Panel.

Arbitrators

Barry Goldman, Esq. - Chair; Michael S. Berman; John Joseph Neely

Broker-Dealers Named

Stifel Nicolaus & Company Incorporated

Professionals

  • Cs: Michael J. Betts, M.J. Betts LLC, Pittsburgh, PA.
  • Rs: (SN&CInc & JRL) Stanley Yorsz, Buchanan Ingersoll & Rooney, Pittsburgh, PA. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Vaishville

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-01739

Products

PromissoryNote

Issue Date

2020-02-13

Situs

PP

State

PP

Clmd Compensatory

287.6

Total Amt Awarded

291.6

Compensatory Awarded

287.6

Punitive Damage Awarded

Attorney Fees Awarded

4.0

* 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 Respondent broker is held liable to Claimant broker-dealer for the amounts due and owing on a promissory note.

Notes

Arbitrator Remarks.

Arbitrators

Edward W. Morris, Jr., Esq.

Broker-Dealers Named

Wells Fargo Advisors Financial Network LLC

Professionals

  • Cs: (WFAFNLLC) Craig D. Stein, Stein & Stein, Palm Beach, FL. OSC.
  • Rs: (KV) No-show.

TypeDisp

SmallClms

Allegation I

Churning

Short Caption

Dewitt v. Cannata

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

19-01955

Products

*

Issue Date

2020-02-14

Situs

PP

State

PP

Clmd Compensatory

50.0

Total Amt Awarded

50.0

Compensatory Awarded

50.0

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 case, a non-appearing Respondent broker-dealer and two non-appearing brokers are held jointly and severally liable to a customer for damages relating to allegations of excessive trading and breach of contract, to name a few.

Notes

Rs Craig Scott Taddonio was not assessed any portion of the awarded amount. Rs David Charles Cannata, Brent Morgan Porges, and Craig Scott Capital LLC were assessed. PHL -- Involves bankruptcy stay.

Arbitrators

Gregory Hunter Mathews

Broker-Dealers Named

Craig Scott Capital LLC

Professionals

  • Cs: Jennifer Tarr, Cold Spring Advisory Group, New York, NY.
  • Rs: (DCC, CSCLLC, BMP & CST) No-show.

TypeDisp

EmployeeMember

Allegation I

LoanDefault

Short Caption

Royal Alliance v. Weintrop

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-02847

Products

PromissoryNote

Issue Date

2020-02-11

Situs

PP

State

PP

Clmd Compensatory

40.0

Total Amt Awarded

40.0

Compensatory Awarded

40.0

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 non-appearing Respondent broker is found liable to Claimant broker-dealer for the amount due and owing pursuant to a promissory note agreement between the parties.

Notes

None.

Arbitrators

Lynn Hirschfeld Brahin, Esq.

Broker-Dealers Named

Royal Alliance Associates Incorporated

Professionals

  • Cs: (RAAInc) Garry T. Stevens Jr. & Michael Schwartzberg, Winget Spadafora & Schwartzberg, New York, NY. OSC.
  • Rs: (SW) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

UBS Financial v. Moxom

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-02873

Products

PromissoryNote

Issue Date

2020-02-10

Situs

PP

State

PP

Clmd Compensatory

999.4

Total Amt Awarded

1022.7

Compensatory Awarded

999.4

Punitive Damage Awarded

Attorney Fees Awarded

5.4

* 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-dealers for over $1 million in damages relating to the amounts due and owing on five promissory notes.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

Mark A. Frankel, JD

Broker-Dealers Named

UBS Credit Corporation; UBS Financial Services Incorporated

Professionals

  • Cs: (UBSFSInc & UBSCCorp) John B. Clark & Patrick J. Bradley, UBS Group AG, Nashville, TN. ISC.
  • Rs: (DM) No-show.

TypeDisp

SmallClms

Allegation I

FailToObey

Short Caption

Pogacnik v. TD Ameritrade

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02918

Products

Equity

Issue Date

2020-02-14

Situs

PP

State

PP

Clmd Compensatory

0.0

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 customer alleging that Respondent broker-dealer failed to reinvest dividends he received on his Blackstone Group Inc. shares loses his claim.

Notes

None.

Arbitrators

John J. Flynn

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

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

TypeDisp

MemberCustomer

Allegation I

DebitBalance

Short Caption

Ustocktrade Securities v. Kandel

Allegation II

BreachContract

Forum

FINRA

Allegation III

Fraud

Docket No

19-03091

Products

NP

Issue Date

2020-02-14

Situs

PP

State

PP

Clmd Compensatory

6.6

Total Amt Awarded

6.6

Compensatory Awarded

6.6

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 non-appearing customer is held liable to Claimant broker-dealer for the amount due and owing as a result of a debit balance in his brokerage account.

Notes

None.

Arbitrators

Arthur H. Geffen, Esq.

Broker-Dealers Named

Ustocktrade Securities Incorporated

Professionals

  • Cs: (USInc) Francesco Matteini, Newton, MA. ISC.
  • Rs: No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Canabal v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02320

Products

MuniSecs; MutualFunds

Issue Date

2020-01-29

Situs

San Juan

State

PR

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 a FINRA Arbitration Case from his CRD record involving a customer's investments in Puerto Rico closed-end funds and Puerto Rico municipal bonds.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Martin A. Feigenbaum, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated of Puerto Rico

Professionals

  • Cs: (AMC) Linette Figueroa-Torres & Russell del Toro III, Toro Colon Mullet PSC, San Juan, PR.
  • Rs: (UBSFSIncPR) Sonia M. Lopez del Valle & Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ferrer v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02353

Products

MutualFunds; MuniSecs

Issue Date

2020-02-14

Situs

San Juan

State

PR

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 a FINRA Arbitration case from his CRD record relating to customers' investments in Puerto Rico bonds and shares of Puerto Rico closed end funds.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis David Huss

Broker-Dealers Named

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

Professionals

  • Cs: (EHF) Linette Figueroa-Torres & Viviana I. Gonzalez-Irizarry, Toro Colon Mullet PSC, San Juan, PR.
  • Rs: (UBSFSInc & UBSFSIncPR) Sonia M. Lopez del Valle & Roberto Quinones, McConnell Valdes LLC, San Juan, PR. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Eboli-Kodesh v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03009

Products

MutualFunds; MuniSecs

Issue Date

2020-02-14

Situs

San Juan

State

PR

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 Claimant broker's request for expungement of a FINRA Arbitration Case from his CRD involving customers investment in Puerto Rico closed-end funds and Puerto Rico municipal bonds.

Notes

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: (RE) Linette Figueroa-Torres & Russell del Toro III, Toro Colon Mullet PSC, San Juan, PR.
  • Rs: (UBSFSIncPR & UBSFSInc) Sonia M. Lopez del Valle & Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Baily v. Edward Jones

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02064

Products

Annuities

Issue Date

2020-02-10

Situs

Columbia

State

SC

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 a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard S. Zaifert, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: (PMB) N. Nancy Ghabai, Ghabai Law Group LLC, Boston, MA.
  • Rs: (EDJ&CLP) Paul Yarns, St. Louis, MO. ISC.

TypeDisp

CustomerEmployee

Allegation I

Suitability

Short Caption

Hodgson v. Durig

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

18-03143

Products

CorpDebt

Issue Date

2020-02-18

Situs

Houston

State

TX

Clmd Compensatory

942.1

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

An All-Public Panel denies the customers and Respondent broker's respective claims and Counterclaims against each other. The customers' claims involved their investment in alleged illiquid, international junk-grade bonds that led to said customers loss of capital. The Arbitrator Chair dissents from the majority ruling.

Notes

All-Public Panel. Arbitrator Remarks -- Arbitrator dissents without explanation.

Arbitrators

Donald K. Eckhardt, Esq. - Chair (Dissents); Jacqueline R. Fox, Esq.; Jeffrey Bruce Bock

Broker-Dealers Named

Durig Capital Incorporated

Professionals

  • Cs: William H. Chamblee, Chamblee Ryan PC, Dallas, TX.
  • Rs: (JRD & DCInc) Justin C. Sawyer, Miller Nash et al., Portland, OR. OSC.

TypeDisp

CustomerMember

Allegation I

Fraud

Short Caption

Ainsworth v. Pershing LLC

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

18-04019

Products

CDs

Issue Date

2020-02-18

Situs

Dallas

State

TX

Clmd Compensatory

22069.8

Total Amt Awarded

5634.8

Compensatory Awarded

2817.4

Punitive Damage Awarded

2817.4

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 Consolidated Award, a group of customers is awarded a grand total of $5,634,800 representing compensatory and punitive damages relating to an alleged Ponzi scheme involving certificates of deposit purchased from Stanford International Bank Ltd.

Notes

This is a Consolidated Award. Big $s. Punitive Damages Awarded. Rescission Requested. All-Public Panel. Arbitrator Remarks.

Arbitrators

James W. Kerr, Jr. - Chair; William L. Cravens; Frances Johnson-Wright, Esq.

Broker-Dealers Named

Pershing LLC

Professionals

  • Cs: Scott D. Hirsch, S. Hirsch Law Group PLLC, Boca Raton, FL and Donald L. Ferguson, D.L. Ferguson PA, New Portland, ME and Charles E. Scarlett, C.E. Scarlett PLLC, Boca Raton, FL.
  • Rs: (PLLC) Jeffrey J. Chapman, McGuire Woods LLP, New York, NY. OSC and Tomas M. Farrell, McGuire Woods LLP, Houston, TX. OSC.

TypeDisp

MemberEmployee

Allegation I

Raiding

Short Caption

Charles Schwab v. Wolf

Allegation II

TakingRecords

Forum

FINRA

Allegation III

InjunctiveRelief

Docket No

18-02256

Products

NP

Issue Date

2020-02-14

Situs

Norfolk

State

VA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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

In this Stipulated Award, Claimant broker-dealer settles its raiding claim against Respondent broker and is granted injunctive relief.

Notes

This is a Stipulated Award. Raiding case -- Injunctive Relief Granted.

Arbitrators

Jane Kwok Ping Tam - Chair; Marian Smith Glenn; Michael W. Hultzapple

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: (CS&CInc) Michael R. Greco, Fisher & Phillips, Denver, CO. OSC.
  • Rs: (EOW) Clinton W. Marrs, Marrs Griebel Law Limited, Albuquerque, NM.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Walter v. Cambridge Investment

Allegation II

Supervision

Forum

FINRA

Allegation III

BreachContract

Docket No

18-04126

Products

DirectInvesmts

Issue Date

2020-02-13

Situs

Richmond

State

VA

Clmd Compensatory

348.4

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 customer settles his claims against two Respondent broker-dealers involving his investments in oil and gas partnerships. Two Non-Party brokers are granted expungement of this matter from their respective CRD records.

Notes

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

Arbitrators

Michael J. Henke, Esq. - Chair; Carl F. Bowmer, Esq.; Javier Andres Colon Volgamore, I

Broker-Dealers Named

Cambridge Investment Research Incorporated; Equity Concepts LLC

Professionals

  • Cs: James L. Kaufman, Bailey Glasser LLP, Washington, DC.
  • Rs: (CIRInc & ECLLC) Todd Ratner, T. Ratner PLC, Richmond, VA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Mutter v. SunTrust Investment

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01905

Products

Equity

Issue Date

2020-02-13

Situs

Richmond

State

VA

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 FINRA Arbitration Case from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

James W. (Jim) Geiger

Broker-Dealers Named

SunTrust Investment Services Incorporated

Professionals

  • Cs: (JCM) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (STISInc) Josef Y. Rosen, Gray Robinson PA, Tampa, FL. OSC.
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