* 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 Co-Trustees alleging elder abuse, churning and failure to adequately supervise, among other things, settle their claim with Respondent broker-dealer and brokers. The two named brokers are awarded 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.
People & Entities
Arbitrators
Kendall C. Reed, Esq. - Chair; Stephen Howard Marcus
* 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 lose their claims relating to Rs alleged concealment of information regarding its former advisor and his alleged fraudulent promissory note scheme, which caused losses for Cs.
Notes
Majority Public Panel.
Arbitrators
Kirtley M. Thiesmeyer, Esq. - Chair; Mary M. O'Neil; Linda L. Drummond
Broker-Dealers Named
Ameriprise Financial Services Incorporated
Professionals
Cs: John S. Chapman & Philip Vuanov, Chapman Albin LLC, Cleveland, OH.
Rs: (AFSInc) Timothy N. Will, Albert & Will, Torrance, CA. OSC. and Howard Klausmeier, Troy, MI. 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
A Panel explains in detail why they recommended expungement of the defamatory information appearing on Claimant's Form U-5 record. Claimant broker is also awarded damages including attorney fees and costs.
* 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 with Respondent broker-dealer relating to her investment in Puerto Rican municipal bonds. Non-Party broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Clrg BD dispute. Arbitrator Remarks -- Expungement granted. It appears from the unnamed broker's CRD record that this matter settled for $13,750.
Arbitrators
Allan R. Lazor, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: Jonathan Kurta, Fitapelli Kurta LLP, New York, NY.
Rs: (WFCSLLC) Patricia E. Cowart, Wells Fargo Law Department, Fort Lauderdale, 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
Two broker-dealers and a broker are held jointly and severally liable to a group of customers for almost $1.8 million in damages, (inclusive of punitive damages) relating to their investment in CanWest Petroleum Company and Ridgeway Petroleum Inc. Respondents lose their Counterclaim seeking injunctive relief against Claimants for the alleged misuse of trade secrets in this matter which had been produced in another matter under a confidentiality order.
Notes
Big $s. Punitive Damages Awarded. All-Public Panel. Arbitrator Remarks -- Case law cited.
Arbitrators
Theodore Haynes - Chair; Mark A. Myers, Esq.; James L. Warren, III
Broker-Dealers Named
Morgan Keegan & Company Incorporated; Raymond James & Associates Incorporated
Professionals
Cs: Judson M. Lee & Robert V. Greenlee, J.M. Lee PLLC, Madison, MS.
Rs: (MK&CInc, LBP & RJ&AInc) Terry R. Weiss & Stephanie Wayco, DLA Piper LLP, Atlanta, GA. 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
In this Consolidated Award, group of customers is awarded over $1 million in damages relating to their allegations that Respondent broker-dealer aided and abetted Mr. S, a broker who allegedly ran a Ponzi scheme, by acting as custodian and a clearing firm for Mr. S, and wiring hundreds of millions of dollars to Mr. S wholly owned off-shore bank in Antigua and to other controlled accounts in the US, Canada and Great Britain.
Notes
This is a Consolidated Award. Big $s. Rescission Requested. Clrg BD dispute. All-Public Panel. Arbitrator Remarks.
Arbitrators
Langfred W. White, Esq. - Chair; Mauricio Arcadier, JD; Avery B. Goodman, Esq.
Broker-Dealers Named
Pershing LLC
Professionals
Cs: Charles E. Scarlett & Scott D. Hirsch, Scarlett & Hirsch, Boca Raton, FL. and Donald L. Ferguson, Attorney-at-Law, New Portland, ME.
Rs: (PLLC) Jeffrey J. Chapman & Thomas M. Farrell, McGuire Woods 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 broker alleging wrongful termination as a result of his being unable to pay an outstanding medical bill within one day of receiving written notice to do so, settles his claims with Respondent broker-dealer and Respondent broker. He is also awarded Reformation of his Form U-5 record.
Notes
This is a Stipulated Award. Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
John R. Loss, Esq. - Chair; Lynn Hirschfeld Brahin, Esq.; Steven Michael Vokal
Broker-Dealers Named
MML Investors Services LLC
Professionals
Cs: (TJS) Dennis G. Peatrowsky, Vincent & Peatrowsky Law Offices, Omaha, NE.
Rs: (MMLISLLC) William P. Thornton Jr., Stevens & Lee, Reading, PA. OSC.
Rs: (DJM) J. David Jackson, Dorsey & Whitney, Minneapolis, MN.
* 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 holds Respondent customer liable to Claimant broker-dealer for damages relating to an unsecured debit balance in his Schwab One Brokerage Account. Two of the Arbitrators provide post-award discussion and the Arbitrator Chair dissents with respect to the amount of compensatory damages awarded to Claimant.
Notes
All-Public Panel. Arbitrator Remarks -- Arbitrator dissents with explanation.
Arbitrators
Larry Edmonson - Chair (Dissents); Sheila Grinell; Roger A. Geddes
* 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 Puerto Rico bond funds. Non-Party broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Wayne I. Harris - Chair; Gerald H. Grayson; Bernard Lieberman
Broker-Dealers Named
UBS Financial Services Incorporated of Puerto Rico
Professionals
Cs: August Iorio, Zamansky LLC, New York, NY.
Rs: (UBSFSIncPR) Roberto Quinones, McConnell Valdes LLC, San Juan, PR. 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 brokers are awarded almost $7 million in damages on their deferred compensation claim (inclusive of liquidated damages) and are granted Reformation of their Form U-5 records. Respondent broker-dealer's Counterclaim request for declaratory judgment is denied.
* 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
Customers seeking $5 million in compensatory damages for alleged excessive trading with respect to transactions in accounts - from 2011 to 2016 - settle their claims against Respondent broker-dealer and registered representatives. Named registered representative loses his request for expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. All-Public Panel. According to broker's CRD record, this matter settled for $1.2 million.
Arbitrators
David S. Billet, Esq. - Chair; Abigail R. Levy; Richard M. Gray
Broker-Dealers Named
Morgan Stanley & Company LLC
Professionals
Cs: Sam Schwartz, Eiseman Levein et al., New York, NY.
Rs: (MS&CLLC & DCT) William D. Briendel, Greenberg Traurig LLP, White Plains, NY. OSC.
Rs: (MFP) David E. Robbins, Kaufmann Gildin & Robbins, New York, NY.
* 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 expungement of six customer complaints from his CRD record is only awarded expungement of one. The Arbitrator explains why he denied the other five expungement requests.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Kent L. Benziger, Esq.
Broker-Dealers Named
Stifel Nicolaus & Company Incorporated
Professionals
Cs: (DVR) Louis D. Tambaro, Jardim Meisner & Susser, Florham Park, NJ.
* 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 prevails on his compensation/breach of contract claim against one named Respondent broker and is awarded damages. However, Claimant broker is held liable to said Respondent broker on his Counterclaim for the amounts due pursuant to an installment plan relating to an executed promissory note agreement.
Notes
Big $s. Rs Cetera Advisor Networks LLC and Victoria Louise Ellinger were not assessed any portion of the awarded amount. Rs Craig Douglas Wiggins was assessed.
Arbitrators
Michael James Malone - Chair; Michael J. Borden; Earl Williams, Jr., Esq.
Broker-Dealers Named
Cetera Advisor Networks LLC
Professionals
Cs: (PFB) William Joseph Baker, Baker & Roszczyk, Chagrin Falls, OH.
Rs: (CANLLC) Michael N. Unger & Shipra K. Rege, Ulmer & Berne, Cleveland, OH. OSC.
Rs: (VLE & CDW) Sean T. Needham, Reminger Co. LPA, Cleveland, 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
Two customer trusts lose their claims against Respondent broker-dealer after alleging that said broker-dealer charged them an excessive rate of margin interest and that Respondent incurred a loss due to Rs recommendation that Cs purchase Gulf Mark stock. Non-Party broker is awarded expungement of this matter from his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
James W. Kerr, Jr.
Broker-Dealers Named
Wells Fargo Advisors LLC
Professionals
Cs: Pro se.
Rs: (WFALLC) Jeffrey D. Rodgers Jr., Wells Fargo Law Department, St. Louis, MO. 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
Respondent broker is held liable to Claimant broker-dealers for the amounts due and owing under eight promissory notes he executed as part of his employment.
* 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 registered representative is held liable to Claimant broker-dealer for the amounts due and owing on two promissory notes he executed as part of his employment.
Notes
Arbitrator Remarks.
Arbitrators
Langfred W. White, Esq.
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (WFCSLLC) Jessica Klein, Senior Adjuster - FA Collections, St. Louis, MO. 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
A non-appearing broker is held liable to Claimant broker-dealer for the amount due and owing on a Promissory Note 1. Claimant's requests for the amounts due and owing on the other five promissory notes are denied.
* 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 non-appearing Respondent broker-dealers are held jointly liable to customer relating to his self-directed trading in SPDR S&P 500 ETF (SPY) call options.
Rs: (EGSInc) Chase A. Adams, Adams Law, Sandy, UT. OSC.
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