UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2023-01-30

2023-02

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Stanley v. Gavande

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

20-02213

Products

PromissoryNote

Issue Date

2022-12-30

Situs

San Francisco

State

CA

Clmd Compensatory

0.0

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

In this intra-industry dispute, Claimant broker-dealer and its former employee settle their respective claims and Counterclaims against each other involving the amounts due and owing on four promissory notes as well as Respondent broker's alleged wrongful termination.

Notes

This is a Stipulated Award.

People & Entities

Arbitrators

Val D. Hornstein, Esq. - Chair; Thomas Arthur Cohen; Linda P. Drucker, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Morgan Stanley Smith Barney Financing LLC

Professionals

  • Cs: (MSSBLLC & MSSBFLLC) Shannon L. McDougald, McDougald Law Group, Mercer Island, WA. OSC.
  • Rs: (NSG) Bryan T. Forman, Forman Law Firm, Austin, TX.

TypeDisp

EmployeeMember

Allegation I

Discrimination(Race)

Short Caption

Zhang v. Edward Jones

Allegation II

Reformation(U-5)

Forum

FINRA

Allegation III

Expungement(CRD)

Docket No

21-02474

Products

NP

Issue Date

2022-12-29

Situs

Los Angeles

State

CA

Clmd Compensatory

500.0

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 broker partially settles all of his claims asserted against Respondent broker-dealer (including claims of racial discrimination) with the exception of his requests for reformation of his Form U5 record and expungement of a customer complaint from his CRD record, both of which were granted by the Panel.

Notes

Please Note* This matter was decided by an All-Public Panel pursuant to Rule 13802 of the Code. Racial Discrimination case. Arbitrator Remarks -- Expungement and Reformation U-5 granted.

Arbitrators

Kirtley M. Thiesmeyer, Esq. - Chair; Jonathan D. Gereige; Steve S. Baghoomian, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: (ZFZ) Montgomery G. Griffin, Law Offices of M.G. Griffin, Newport Beach, CA.
  • Rs: (EDJ&CLP) Elizabeth Lindh & Teresa J. Thong, Keesal Young & Logan, Long Beach, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Reina v. Citigroup Global

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00088

Products

NP

Issue Date

2023-01-03

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

A Panel grants a broker's request for expungement of three customer complaints from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven H. Gourley, Esq. - Chair; Robert E. Jenks; Zygmont Jacob Boxer

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (BGR) Robert L. Gonser, Gonser Law PC, Lafayette, CA.
  • Rs: (CGMInc) Adam M. Kauff, Kauff Laton Miller LLP, New York, NY. OSC.

TypeDisp

SmallClms

Allegation I

Operations

Short Caption

Bakker v. E*Trade Securities

Allegation II

ExcessiveFees

Forum

FINRA

Allegation III

Misreprestn

Docket No

22-02013

Products

Equity; Margin

Issue Date

2023-01-05

Situs

San Francisco

State

CA

Clmd Compensatory

7.6

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, an Arbitrator explains in detail why he has decided to deny a customer's claims against Respondent broker-dealer finding that he did not meet his burden of proof in this case. The customer's claim sought relief for interest charged upon his Margin Account that he alleged was not informed about.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Arbitrator Remarks -- Explained Award.

Arbitrators

Ronald Chun

Broker-Dealers Named

E*Trade Securities LLC

Professionals

  • Cs: Pro se.
  • Rs: (ETSLLC) Meredith Hoffman, Menlo Park, CA. ISC.

TypeDisp

SmallClms

Allegation I

MarginLiqdn

Short Caption

Young v. Webull Financial

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

FailToObey

Docket No

22-01856

Products

Equity; Options; Margin

Issue Date

2023-01-05

Situs

Denver

State

CO

Clmd Compensatory

17.2

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, an Arbitrator explains in detail why he has decided to deny the customer's case finding that said customer did not cite any contract breaches, regulatory violations or other bases for relief in his favor against Respondent broker-dealer.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Arbitrator Remarks -- Explained Award.

Arbitrators

Michael Jeffrey Norton, Esq.

Broker-Dealers Named

Webull Financial LLC

Professionals

  • Cs: Pro se.
  • Rs: (WFLLC) Benjamin D. Cooper, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Goodhue v. Buell Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

TortiousInterference

Docket No

20-00885

Products

NP

Issue Date

2022-12-28

Situs

Hartford

State

CT

Clmd Compensatory

0.0

Total Amt Awarded

356.1

Compensatory Awarded

27.8

Punitive Damage Awarded

Equity

Attorney Fees Awarded

328.3

* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."

Case Summary

A Panel awards Claimant broker punitive damages in the form of attorney fees and costs pursuant to case law after finding that Respondents made false and defamatory statements in his Form U5 record and that their actions showed a reckless disregard for the rights of Claimant. As such, Claimant broker is also awarded reformation of his Form U5 record.

Notes

Punitive Damages Awarded. Arbitrator Remarks -- Reformation U-5 granted. Case law cited.

Arbitrators

John J. Mager, Esq. - Chair; John Michael Bergin; Benjamin H. Green

Broker-Dealers Named

Buell Securities Corporation

Professionals

  • Cs: (JAG) Michael T. McCormack & Amy E. Markim, O'Sullivan McCormack et al., Glastonbury, CT.
  • Rs: (BSCorp & CDB) Richard Slavin, Cohen & Wolf, Westport, CT. OSC and Marc J. Herman, Cohen & Wolf, Bridgeport, CT. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Scheirer v. First Allied

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00388

Products

NP

Issue Date

2023-01-05

Situs

Orlando

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

A broker is granted his request for expungement of a customer complaint from his CRD record but loses his request for expungement of three more.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Gerald Thomas Harper

Broker-Dealers Named

First Allied Securities Incorporated

Professionals

  • Cs: (ARS) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (FASInc) Jeremy Wooden, Cetera Financial Group, El Segundo, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Bledsoe v. TD Ameritrade

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

22-00606

Products

Equity

Issue Date

2022-12-30

Situs

Chicago

State

IL

Clmd Compensatory

400.0

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 he was locked out of his account as a result of a data breach and that his stocks were liquidated without his consent loses his case.

Notes

Majority Public Panel.

Arbitrators

Leon Fox, JD - Chair; Shimon Benyamin Kahan, Esq.; Scott Stauffer

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (TDAInc) James J. Vihstadt, Omaha, NE. ISC.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Reed v. Arive Capital

Allegation II

Suitability

Forum

FINRA

Allegation III

Supervision

Docket No

22-00523

Products

NP

Issue Date

2023-01-06

Situs

St. Louis

State

MO

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

An investor alleging that his account was churned and that Respondents failed to build him a well-managed diversified portfolio loses his case as a sanction for his failure to comply with the Panel's Order regarding the production of discovery. Said investor is also held liable to Respondents for $5,000 in the form of attorney fees as a monetary sanction pursuant to FINRA Rule 12212.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. All-Public Panel.

Arbitrators

Lynn Hirschfeld Brahin, Esq. - Chair; Julius Z. Frager; Jane Cohen

Broker-Dealers Named

Arive Capital Markets

Professionals

  • Cs: Brian J. Davis, B.J. Davis PC, Garden City, NY.
  • Rs: (ACMkts & LCF) Anthony Varbero, Joseph Mure Jr. & Associates, Brooklyn, NY. OSC.
  • Rs: (CF) None.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Vozzo v. Fidelity Brokerage

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-02942

Products

NP

Issue Date

2023-01-05

Situs

Jersey City

State

NJ

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 reformation of her Form U5 record but also explains why she has denied said broker's request for reformation of another occurrence from her Form U5, finding that she did not met her burden of proof of establishing that the occurrence is defamatory in nature.

Notes

Arbitrator Remarks -- Reformation U-5 granted. Explained Award.

Arbitrators

Catherine Stewart, Esq.

Broker-Dealers Named

Fidelity Brokerage Services LLC; Fidelity Personal and Workplace Advisors

Professionals

  • Cs: (CLV) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (FBSLLC) David Hantman, Bressler Amery & Ross, New York, NY. OSC.
  • Rs: (FP&WAdvsrs) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

MemberMember

Allegation I

TortiousInterference

Short Caption

Jefferies LLC v. Credit Suisse

Allegation II

InjunctiveRelief

Forum

FINRA

Allegation III

Docket No

19-00387

Products

NP

Issue Date

2023-01-03

Situs

New York

State

NY

Clmd Compensatory

1323.9

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 intra-industry case, two member firms both seeking permanent injunctive relief lose their claims and Counterclaims against each other.

Notes

None.

Arbitrators

Harry D. Frisch, Esq. - Chair; Sara Kula; Claudine Caracciolo

Broker-Dealers Named

Jefferies LLC; Credit Suisse Securities (USA) LLC

Professionals

  • Cs: (JLLC) Andrew J. Shapren & Robert J. Fitzgerald, Buchanan Ingersoll & Rooney, Philadelphia, PA. OSC.
  • Rs: (CSSUSALLC) David Jacobs & Edward J. Loya, Epstein Becker & Green, Los Angeles, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Lee v. Fidelity Brokerage

Allegation II

Expungement(CRD)

Forum

FINRA

Allegation III

WrongTerm

Docket No

19-03035

Products

Annuities

Issue Date

2022-12-27

Situs

New York

State

NY

Clmd Compensatory

1000.0

Total Amt Awarded

500.0

Compensatory Awarded

500.0

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 Claimant broker alleging wrongful termination is granted both his requests for reformation of his Form U5 record and expungement of a customer complaint from appearing on his CRD record along with compensatory damages. However, one Arbitrator dissented from his fellow panelists and would have found in favor of Respondent broker-dealer.

Notes

Big $s. Arbitrator Remarks -- Expungement and Reformation U-5 granted. Arbitrator dissents with explanation.

Arbitrators

Jay Alan Kranis - Chair; Howard W. Hirschhorn; William Travis

Broker-Dealers Named

Fidelity Brokerage Services LLC; Fidelity Personal and Workplace Advisors

Professionals

  • Cs: (RSL) Laurence Landsman, Landsman Saldinger Carroll PLLC, Chicago, IL.
  • Rs: (FBSLLC) Leni D. Battaglia, Morgan Lewis & Bockius, New York, NY. OSC.
  • Rs: (FP&WAdvsrs) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

DePaola v. De Paola Trading

Allegation II

BreachContract

Forum

FINRA

Allegation III

Reformation(U-5)

Docket No

20-03390

Products

NP

Issue Date

2022-12-30

Situs

New York

State

NY

Clmd Compensatory

3500.0

Total Amt Awarded

1819.3

Compensatory Awarded

1250.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

564.0

* 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 for unpaid commissions and improper wage deductions is awarded $1.2 million in compensatory damages as well as attorney fees and costs and reformation of defamatory information from her Form U5 record. Respondents lose their Counterclaim alleging unfair competition and raiding.

Notes

Big $s. Raiding case. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Joan Maxine Secofsky - Chair; Joseph J. Arata, Esq.; Jay F. Frascella

Broker-Dealers Named

De Paola Trading Incorporated

Professionals

  • Cs: (TFD) Robert A. Giacovas & Anna Pia D. Felix, Lazare Potter et al., New York, NY.
  • Rs: (DPTInc & PJD) Richard L. Herzfeld, R.L. Herzfeld PC, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Louis Trust v. BB&T Securities

Allegation II

Operations

Forum

FINRA

Allegation III

Supervision

Docket No

20-03548

Products

Equity; Options

Issue Date

2022-12-27

Situs

New York

State

NY

Clmd Compensatory

500.0

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 trust settles its case against Respondent broker-dealer involving the purchase of Intercontinental Exchange Group Inc. stock. Non-Party broker is awarded expungement of this matter from his CRD record.

Notes

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

Arbitrators

Amy Jill Baranoff - Chair; Veera V. Konka, Esq.; Leona Beane, Esq.

Broker-Dealers Named

BB&T Securities LLC

Professionals

  • Cs: Kristian P. Kraszewski, Kyros Law, Coral Gables, FL.
  • Rs: (BB&TSLLC) Frederick S. Schrils, Gray Robinson PA, Tampa, FL. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Pomponio v. David Lerner

Allegation II

Suitability

Forum

FINRA

Allegation III

Supervision

Docket No

20-03910

Products

MuniSecs

Issue Date

2022-12-27

Situs

New York

State

NY

Clmd Compensatory

0.0

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

A customer settles her claims against Respondent broker-dealer involving her purchase of Puerto Rican municipal bonds including Puerto Rico Infrastructure Financing Authority bonds. A majority of the Panel denied two Non-Party broker's requests for expungement of this matter from their CRD records, while awarding another Non-Party said relief despite the objection of the customer.

Notes

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

Arbitrators

Lorrie E. Whitfield - Chair; Cheryl H. Agris, PhD; John Warner Lowe, Jr. (Dissents)

Broker-Dealers Named

David Lerner Associates Incorporated

Professionals

  • Cs: Jeffery Erez, Erez Law PLLC, Miami, FL.
  • Rs: (DLAInc) Michael G. Shannon & Riccardo DeBari & Anna K. Stark, Thompson Hine LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Mucciolo v. Hornor Townsend

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

22-00044

Products

DirectInvesmts; REITs

Issue Date

2023-01-03

Situs

New York

State

NY

Clmd Compensatory

105.0

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

Two customers alleging that they were unsuitably placed in illiquid alternative investments and REITs settle their case against Respondent broker-dealer. Non-Party registered rep is granted expungement of this matter from her CRD record.

Notes

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

Arbitrators

Mitchell Regenbogen - Chair; Alfreida B. Kenny, Esq.; Charlane Brown

Broker-Dealers Named

Hornor Townsend & Kent LLC

Professionals

  • Cs: Michael C. Bixby & Peter J. Mougey, Levin Papantonio et al., Pensacola, FL.
  • Rs: (HT&KLLC) Paula D. Shaffner, Stradley Ronon et al., Philadelphia, PA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Maurer v. Josephthal & Company

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00938

Products

NP

Issue Date

2022-12-27

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

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Veronica Ann Williams

Broker-Dealers Named

Josephthal & Company Incorporated; Nichols Safina Lerner & Company Incorporated

Professionals

  • Cs: (SJM) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (J&CInc & NSL&CInc) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Natale v. Purshe Kaplan

Allegation II

Forum

FINRA

Allegation III

Docket No

22-01397

Products

MutualFunds; Equity

Issue Date

2022-12-29

Situs

Albany

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

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Stuart M. Schwartz, Esq.

Broker-Dealers Named

Purshe Kaplan Sterling Investments Incorporated

Professionals

  • Cs: (LMN) Robert J. Moses, Lax & Neville, New York, NY.
  • Rs: (PKSIInc) David M. Purcell, Albany, NY. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Antczak v. TD Ameritrade

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

18-02342

Products

ETFs

Issue Date

2022-12-27

Situs

Philadelphia

State

PA

Clmd Compensatory

660.0

Total Amt Awarded

1662.6

Compensatory Awarded

687.9

Punitive Damage Awarded

500.0

Attorney Fees Awarded

174.3

* 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 great detail why it has decided to hold a non-appearing registered rep liable to Claimant for over $1.6 million in damages inclusive of punitive damages after finding said registered rep acted in an egregious manner and made intentional misrepresentations to Claimant involving her investments in exchange traded funds.

Notes

Big $s. Rs TD Ameritrade Clearing Incorporated, TD Ameritrade Incorporated, TD Ameritrade Investment Management LLC and Ultimate Financial Investments LLC were not assessed any portion of the awarded amount. Rs Bridget A. Fernandez was assessed. Directed Verdict -- Party Dismissal. Punitive Damages Awarded. Damage Anomaly. Clrg BD dispute. Majority Public Panel. Panel composition issue. Arbitrator Remarks -- Explained Award. Case law cited.

Arbitrators

Donald S. Bauman, Esq. - Chair; George Aleman; Andrew S. Walsh, JD

Broker-Dealers Named

TD Ameritrade Clearing Incorporated; TD Ameritrade Incorporated; TD Ameritrade Investment Management LLC; Ultimate Financial Investments LLC

Professionals

  • Cs: Theodor A. Swansen, TASwansen LLC, Cherry Hill, NJ.
  • Rs: (TDACInc, TDAInc & TDAIMLLC) Neils P. Murphy, Murphy & Anderson, Jacksonville, FL. OSC.
  • Rs: (BAF) No-show.
  • Rs: (UFILLC) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Eboli-Kodesh v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-01286

Products

NP

Issue Date

2022-12-27

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

An Arbitrator awards Claimant registered rep expungement of 21 customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Gerald Silverman, Esq.

Broker-Dealers Named

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

Professionals

  • Cs: (RE) Leany P. Prieto-Rodriguez & Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR.
  • Rs: (UBSFSInc & UBSFSIncPR) Rey F. Medina Velez, San Juan, PR. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Cranston Fire & Police v. Janney Montgomery Scott

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

20-03899

Products

Annuities; DirectInvesmts; HedgeFunds

Issue Date

2022-12-30

Situs

Providence

State

RI

Clmd Compensatory

10000.0

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 group pension plan seeking $10 million in damages relating to its investments in various securities including Skybridge Multi-Advisor Hedge Fund Portfolios settles its case against Respondent broker-dealer. Two Non-Party brokers' requests for expungement of this matter from their respective CRD records are denied.

Notes

This is a Stipulated Award. Majority Public Panel.

Arbitrators

Patrick Richard Westerkamp, Esq. - Chair; John James McGovern, Jr., Esq.; Mary C. Kelleher

Broker-Dealers Named

Janney Montgomery Scott LLC

Professionals

  • Cs: Jacob H. Zamansky & Edward H. Glenn Jr. & Samuel E. Bonderoff, Zamansky LLC, New York, NY.
  • Rs: (JMSLLC) Paula D. Shaffner, Stradley Ronon et al., Philadelphia, PA. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Baldeck v. Morgan Stanley

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

21-03043

Products

NP

Issue Date

2022-12-28

Situs

Seattle

State

WA

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 explains why she has decided to award Claimant broker reformation of his Form U5 record after finding that the information contained in it was inaccurate and false, specifically the allegation that he misused Automated Flexible Grid Funds.

Notes

Arbitrator Remarks -- Reformation U-5 granted. Explained Award.

Arbitrators

Stephany Adriene Watson, Esq.

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (JJB) Harris Freedman & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (MSSBLLC) Igor V. Stadnik & Ashley E. Impellitteri, Keesal Young & Logan, Seattle, WA. OSC.
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