* 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 granted Respondent broker-dealer's Motion for Directed Verdict as a sanction for discovery violations, among other things. Respondent broker-dealer is also granted injunctive relief in addition to the awarding of monetary sanctions.
* 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 claims against Respondent broker-dealer. A non-appearing T-Pty Respondent broker is held liable to Respondent broker-dealer on its indemnification claim.
Notes
This is a Stipulated Award. All-Public Panel.
Arbitrators
Lewis S. Kurlantzick, Esq. - Chair; Robert L. Chase, Esq.; Peter E. Gillespie
Broker-Dealers Named
Raymond James & Associates Incorporated
Professionals
Cs: Stephen Studer, Berchem Mosses & Devlin, Milford, CT.
Rs: (RJ&AInc) George D. Sullivan, Greenberg Traurig LLP, New York, NY. OSC.
T-Pty Cs: (RJ&AInc) George D. Sullivan, Greenberg Traurig LLP, New York, NY. OSC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
A Majority Public Panel explains why it has granted Respondent broker-dealer's Pre-Hearing Motion pursuant to FINRA Rule 12206 (Six-year Eligibility Rule). The Claimant's case involved company stock and company stock options he obtained while employed by Respondent broker-dealer.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks -- Explained Award.
Arbitrators
Karl A. Vogeler, III - Chair; Richard S. Zaifert, Esq.; Nicholas Gerald Castellano
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: Michael S. Taaffe, Shumaker Loop & Kendrick, Sarasota, FL.
Rs: (MLPFSInc) Ivan P. Harris, Morgan Lewis & Bockius, Miami, FL. OSC and Leonel Peraza Jr., Bressler Amery & Ross, Fort Lauderdale, FL. OSC and Kenneth I. Schacter, Morgan Lewis & Bockius, New York, NY. OSC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
Two customers settle their claims involving investments in an American Realty Finance REIT and various oil and gas investments including Breitburn, Seadrill, and Navios. Respondent broker is granted expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Rescission Requested. Arbitrator Remarks -- Expungement granted.
Arbitrators
Donald Theodore Ryce, Jr., Esq.
Broker-Dealers Named
Investors Capital Corporation
Professionals
Cs: Lars K. Soreide, Soreide Law Group, Pompano Beach, FL.
Rs: (ICCorp) Benjamin J. Biard, Winget Spadafora & Schwartzberg, Miami, FL. OSC.
Rs: (MB) Neil S. Baritz, Baritz & Colman, Boca Raton, FL.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
A customer alleging unauthorized trading settles his claims against Respondent broker-dealer. Non-party broker is awarded expungement of this matter from his CRD record despite the objection of the Claimant.
Notes
This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.
Arbitrators
Edward R. Niederriter, Esq.
Broker-Dealers Named
Morgan Stanley Smith Barney LLC
Professionals
Cs: Pro se.
Rs: (MSSBLLC) Christopher M. Sacco, St. Petersburg, FL. ISC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
An Arbitrator explains why he has dismissed the customer's claims against Respondents with prejudice as a sanction pursuant to Code Rule 12212(c). The Arbitrator also explains why he has decided to dismiss with prejudice Respondent broker-dealer's Counterclaim.
Notes
Please Note* This case was administered under the Special Proceeding option for simplified cases. Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Arbitrator Remarks -- Explained Award.
Arbitrators
Robert H. Putnam, Jr., Esq.
Broker-Dealers Named
Columbus Advisory Group Limited
Professionals
Cs: Pro se.
Rs: (CAGLtd, MOB, MPM & MPM) Charles M. O'Rourke, C.M. O'Rourke Attorney-at-Law, Woodbury, NY. OSC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
Two customers alleging that Respondent broker-dealers advised them to transfer funds from low-fee employer sponsored 403(b) self-directed account investments into proprietary managed account investment products settle their claims against said Respondents. Respondent broker loses his request for expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Majority Public Panel.
Arbitrators
Michael J. Meeusen, Esq. - Chair; Douglas S. Parker; Edward M. Olson, Esq.
Broker-Dealers Named
TIAA-CREF Individual & Institutional Services LLC; Teachers Personal Investors Services; Nuveen Securities LLC; TIAA-CREF Trust Company; Teachers Insurance and Annuity Association of America; College Retirement Equities Fund; TIAA-CREF Investment Management LLC; TIAA Global Asset Management
Professionals
Cs: Jaclyn M. Reinhart & Chiharu G. Sekino, Shepherd Finkelman et al., San Diego, CA and James E. Miller & Laurie Rubinow, Shepherd Finkelman et al., Chester, CT and Joseph A. Ahern, Ahern & Kill, Birmingham, MI.
Rs: (TIAA-CREFI&ISLLC & EM) Scott N. Sherman & Josh R. Lewin, Nelson Mullins et al., Atlanta, GA. OSC.
Rs: (TPISvs & NSLLC) No-show.
Rs: (TIAA-CTCo, TI&AAUSA, CREFnd, TIAA-CIMLLC & TIAAGAMgmt) No-show. -- Did not voluntarily submit to arbitration.
* 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 unsuitable investments in Northstar Real Estate Income II Inc., a REIT investment, loses his claims against Respondent broker-dealer and broker.
Notes
Please Note* This case was administered under the Special Proceeding option for simplified cases.
Arbitrators
Barry Goldman, Esq.
Broker-Dealers Named
Raymond James Financial Services Incorporated; Cetera Investment Services LLC
Professionals
Cs: Mark S. Simms, Simms Law PA, Fort Lauderdale, FL.
Rs: (RJFSInc) Brandy N. Pikus, St. Petersburg, FL. ISC.
Rs: (CISLLC) Christina Z. Vourakis, Winget Spadafora & Schwartzberg, Los Angeles, CA. OSC.
Rs: (MJ) Jeremy A. Root, Stinson LLP, Jefferson City, MO.
* 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 trustee settles her claims against Respondent broker-dealer and three brokers. All three Respondent brokers are granted expungement of this matter from their respective CRD records.
Notes
This is a Stipulated Award. All-Public Panel. Panel composition issue. Arbitrator Remarks -- Expungement granted.
Arbitrators
Michael H. DuBoff, Esq. - Chair; Annamaria Boccia-Smith, Esq. (fka Annamaria Boccia-Kovarcik, Esq.)
Broker-Dealers Named
MSC - BD LLC
Professionals
Cs: Jason T. Albin & Philip Vujanov, ChapmanAlbin LLC, Cleveland, OH.
Rs: (MSC-BDLLC, RF, CB & PM) Alan M. Wolper & Christopher Seps, Ulmer & Berne LLP, Chicago, IL. OSC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
Respondent broker-dealer and a broker are held jointly liable to two customers for damages relating to their investment in Green Thumb Industries stock. Respondent broker loses her request for expungement of this matter from her CRD record.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Rs Kenneth Phillip O'Connell was not assessed any portion of the awarded amount. Rs Morgan Stanley and Jerri Lynne Pratt were assessed.
Arbitrators
Andrew M. Mintzer, CPA
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: Pro se through Forrest Brown, Chicago, IL.
Rs: (MSSBLLC, KPO & JLP) Ethan Weinberg, New York, NY. ISC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
An Arbitration Panel explains in detail why it has awarded the broker damages on his severance claim but denied all other causes of action in this case.
Notes
Arbitrator Remarks -- Explained Award. Case law cited.
Arbitrators
Gerald M. Levine - Chair; Judith B. Weinstock; Roger Loeb
Broker-Dealers Named
Barclays Capital Incorporated
Professionals
Cs: (AM) Todd Gutfeisch & David B. Wechsler, Wechsler & Cohen, New York, NY.
Rs: (BCInc) Kenneth J. Trumbull & Chelsea L. Conanan, Morgan Lewis & Bockius, New York, NY. OSC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
A Panel imposes monetary sanctions against Claimant broker for her failure to comply with the production of discovery and denied her request for expungement of the financial disclosures filed by Respondent because they are ineligible for expungement from the CRD system in arbitration.
Notes
Sanctions imposed. Arbitrator Remarks.
Arbitrators
Peter Ordower, Esq. - Chair; Phillip Lawrence Wright, Jr.; Matthew Harold Fields
Broker-Dealers Named
JP Morgan Chase & Company
Professionals
Cs: (JW) Eliott R. Good, Good Law Co. LPA, Columbus, OH.
* 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, an Arbitrator explains why she has denied a customer's allegations involving 400 shares of Hunter Maritime Acquisition Corp. stock.
* 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
After voluntarily dismissing and settling their claims against some of the named Respondents, the customers' Motion for Default Proceedings against the remaining Respondents is granted and will proceed under a separate FINRA arbitration case. Respondent broker is granted expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Severance. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Lita S. Menkin, JD - Chair; John P. Cullem, Esq.; Ian S. Greig
Broker-Dealers Named
Joseph Stone Capital LLC; Windsor Street Capital Limited Partnership
Professionals
Cs: Bradford M. Gucciardo, Gucciardo Law Group, Lakewood Ranch, FL.
Rs: (JSCLLC, DM, JVP & SW) David Hirschberg, Wexler Burkhart et al., Garden City, New York, NY. OSC.
Rs: (WSCLP) John W. Stalanski, Chief Compliance Officer, New York, NY. ISC.
* Damage field dollar figures are divided by 1,000 and rounded to the nearest $100; e.g., $2,500 appears as" 2.5."
Case Summary
Two customers settle their claims against two Respondent broker-dealers relating to their investment in a Pacific Life Insurance Company universal life policy. Non-Party broker is granted expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Mary Esther Escobedo - Chair; Montie G. Grimes; Shannon Lyn Mays
Broker-Dealers Named
LPL Financial LLC; First National Bank of Shiner
Professionals
Cs: Ryan Cook, Shepherd Smith et al., Houston, TX.
Rs: (LPLFLLC & FNBnkS) Jack D. Ballard & Charles A. Hammaker, Ballard & Littlefield, Houston, TX. OSC.
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