UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2024-09-16

2024-20

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Merrill Lynch v. Magruder

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

24-01066

Products

PromissoryNote

Issue Date

2024-08-28

Situs

Birmingham

State

AL

Clmd Compensatory

200.0

Total Amt Awarded

200.0

Compensatory Awarded

200.0

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 broker is found liable for breach of a settlement agreement relating to the signing of two promissory notes and is held liable to Claimant broker-dealer for compensatory damages.

Notes

None.

People & Entities

Arbitrators

Robert H. Putnam, Jr., Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (MLPFSInc) Andrew DeLucia, Rubin Fortunato & Harbison, Wayne, PA. OSC.
  • Rs: (MEM) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Van Houten v. Crown Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

24-00309

Products

DirectInvesmts

Issue Date

2024-08-26

Situs

Phoenix

State

AZ

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 wins expungement of a customer complaint from appearing on his CRD record despite the objection of the state securities regulator for Arizona.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Gregory D. Hoffmann - Chair; Monica I. Salis, Esq.; John R. Wylie, Esq.

Broker-Dealers Named

Crown Capital Securities Limited Partnership

Professionals

  • Cs: (JAVH) Benjamin Biard, Winget Spadafora Schwartzberg LLP, Miami, FL.
  • Rs: (CCSLP) Jonathan French, Orange, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Moran v. LPL Financial

Allegation II

Negligence

Forum

FINRA

Allegation III

Supervision

Docket No

23-03188

Products

REITs; VariableAnnuities

Issue Date

2024-08-14

Situs

Los Angeles

State

CA

Clmd Compensatory

150.0

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

An All-Public Panel grants Respondent broker-dealer's Pre-Hearing Motion to Dismiss without prejudice pursuant to FINRA Rule 12206 (Six-year Eligibility Rule) after finding that the issue of suitability relating to the customer's purchase of Griffin Capital Essential Asset REIT Inc. occurred seven and one-half years prior to the filing of his Statement of Claim and is outside the applicable statute of limitations.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Rescission Requested. All-Public Panel. Arbitrator Remarks.

Arbitrators

Robert D. Sussin, Esq. - Chair; Joseph Alfred Davis; Howard Clark Posner

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: Matthew N. Thibaut, Haselkorn & Thibaut PA, Juno Beach, FL.
  • Rs: (LPLFLLC) Kelsey Vasko, San Diego, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Beard v. Edward Jones

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

23-02754

Products

NP

Issue Date

2024-08-30

Situs

Denver

State

CO

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 denies a broker's request for reformation of alleged defamatory and misleading information from appearing on his Form U5 record.

Notes

Panel composition issue.

Arbitrators

Lynn Hirschfeld Brahin, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: (MTB) Peter Lindholm & Dochtor Kennedy, HLBS Law, Broomfield, CO.
  • Rs: (EDJ&CLP) Jonathan Hackbarth, Quarles & Brady LLP, Milwaukee, WI. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Tassone

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

24-01079

Products

PromissoryNote

Issue Date

2024-08-23

Situs

Hartford

State

CT

Clmd Compensatory

178.4

Total Amt Awarded

200.3

Compensatory Awarded

178.4

Punitive Damage Awarded

Attorney Fees Awarded

21.9

* 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 for the amounts due and owing pursuant to four fully executed promissory notes he signed as part of his employment with Claimant broker-dealer.

Notes

Arbitrator Remarks.

Arbitrators

Thomas Matthew Madden

Broker-Dealers Named

Wells Fargo Advisors LLC nka Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFALLC) Frank C. Cuccio, Bressler Amery & Ross, Florham Park, NJ. OSC.
  • Rs: (AMT) No-show.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Maguire v. McLaughlin Ryder

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

23-03290

Products

NP

Issue Date

2024-08-28

Situs

Washington

State

DC

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 reformation of alleged defamatory information from appearing on her Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Tina E. Patterson

Broker-Dealers Named

McLaughlin Ryder Investments Incorporated

Professionals

  • Cs: (EHM) Harris Freedman & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (MRIInc) Janet K. DeCosta, SECIL Law PLLC, Washington, DC. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

McDonald v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02619

Products

NP

Issue Date

2024-08-22

Situs

Tampa

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 customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Gayle B. Carlson, Esq. - Chair; Karimu F. Hill-Harvey, Esq.; Bernardo Hevia

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: (JJM) Craig A. Riha, Gusrae Kaplan Nusbaum PLLC, Melville, NY.
  • Rs: (MSSBLLC) Kimberly Gustafson, Morgan Stanley, St. Petersburg, FL. ISC.

TypeDisp

SmallClms

Allegation I

Misreprestn

Short Caption

Stein v. Charles Schwab

Allegation II

BestExecution

Forum

FINRA

Allegation III

Operations

Docket No

24-00369

Products

Equity; Warrants

Issue Date

2024-08-20

Situs

Boca Raton

State

FL

Clmd Compensatory

10.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

0.0

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

Case Summary

In this small claims arbitration, a customer alleging that Respondent broker-dealer is in breach of the Warrant Agreement by failing to inform him of an early warrant redemption loses his case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Regulation Best Interest.

Arbitrators

Bernard A. Becker, CPA

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (CS&CInc) Andrew Thomson, Baritz & Colman LLP, Boca Raton, FL. OSC.

TypeDisp

SmallClms

Allegation I

Negligence

Short Caption

Harbaugh v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

24-00677

Products

Annuities

Issue Date

2024-08-22

Situs

Orlando

State

FL

Clmd Compensatory

50.0

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 small claims arbitration, an Arbitrator explains why she has decided to grant Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule), without prejudice, after finding that the investment at issue in this case was purchased more than eleven years prior to the filing of the Statement of Claim.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option. Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks -- Explained Award.

Arbitrators

Mimi B. Osiason

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: Paul E. Parrish, Parrish Law, Satellite Beach, FL.
  • Rs: (MSSBLLC) Brandy Fernandez, St. Petersburg, FL. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Plewacki v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

23-00791

Products

*

Issue Date

2024-08-19

Situs

Chicago

State

IL

Clmd Compensatory

0.0

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 voluntarily dismiss with prejudice their claims against Respondent broker-dealer by entering into a Confidential Settlement Agreement. Non-Party broker is awarded expungement of this matter from appearing on his CRD record.

Notes

This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted. Arbitrator dissents without explanation.

Arbitrators

Raymond P. Buschmann, Esq. - Chair; Timothy Chron; Stuart D. Summers (Dissents)

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: Courtney M. Werning, Meyer Wilson Co. LPA, Columbus, OH.
  • Rs: (MSSBLLC) Abigail D. Elrod, New York, NY. ISC.

TypeDisp

SmallClms

Allegation I

Negligence

Short Caption

Myrick v. Robinhood Financial

Allegation II

BreachContract

Forum

FINRA

Allegation III

Fraud

Docket No

24-00940

Products

NP

Issue Date

2024-08-27

Situs

Chicago

State

IL

Clmd Compensatory

10.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

0.0

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

Case Summary

In this small claims arbitration, a customer alleging that Respondent broker-dealers gave a third-party access to personal information and funds in his securities account and failed to inform him of such a breach in a timely fashion loses his case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.

Arbitrators

Thomas P. Valenti

Broker-Dealers Named

Robinhood Financial LLC; Robinhood Securities LLC

Professionals

  • Cs: Pro se.
  • Rs: (RFLLC & RSLLC) Simeon M. Schopf, Washington, DC. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Rycraft v. LPL Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

23-03351

Products

NP

Issue Date

2024-08-12

Situs

Minneapolis

State

MN

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 his request for reformation defamatory information from appearing on his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Carl E. Ver Beek, JD

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (LHR) Peter Lindholm & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (LPLFLLC) Rochelle Mayfield, Fort Mill, SC. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Deming v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02492

Products

MutualFunds

Issue Date

2024-08-23

Situs

Reno

State

NV

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

A broker is awarded his request for expungement of a customer complaint from his CRD record involving the purchase of mutual funds.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

John J. Fitzpatrick, Jr., Esq.

Broker-Dealers Named

Morgan Stanley DW Incorporated

Professionals

  • Cs: (JDD) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (MSDWInc) Jeffrey P. Palmer, Greenberg Traurig LLP, East Palo Alto, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wyman v. Gilford Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

23-01024

Products

NP

Issue Date

2024-08-26

Situs

New York

State

NY

Clmd Compensatory

Equity

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

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

Case Summary

A Panel explains why it has decided to deny a broker's request for expungement of a customer complaint from his CRD record after finding that said broker failed to meet his burden of proof for expungement as his request was unsupported by any documentary evidence and/or oral testimony.

Notes

Arbitrator Remarks.

Arbitrators

Paul C. Kurland, Esq. - Chair; Melnia Annero Cordis; Adam J. Ciffone

Broker-Dealers Named

Gilford Securities Incorporated

Professionals

  • Cs: (SDW) Craig A. Riha, Gusrae Kaplan Nusbaum PLLC, Melville, NY.
  • Rs: (GSInc) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Russo v. Laidlaw & Company

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02510

Products

NP

Issue Date

2024-08-23

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

An Arbitrator awards Claimant broker his request for expungement of two customer complaints from his CRD record after finding said request met all three criteria under FINRA Rule 2080.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard W. Cutler, Esq.

Broker-Dealers Named

Laidlaw & Company (UK) Limited

Professionals

  • Cs: (JAR) Thomas McEvoy & John Hitchings, Sichenzia Ross Ference LLP, New York, NY.
  • Rs: (L&CUKLtd) Alex Shtaynberger, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Padovani v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02860

Products

Derivatives

Issue Date

2024-08-30

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

Pursuant to the stipulation of the parties, a single Arbitrator awards Claimant registered representative expungement of five customer complaints from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Linda J. Baer, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Wells Fargo Clearing Services LLC; Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (PAP) Irwin Weltz, Weltz Kakos et al., Carle Place, NY.
  • Rs: (MSSBLLC) Andrew Joyce & Trae D. Meyr, Morgan Stanley, St. Petersburg, FL. ISC.
  • Rs: (WFCSLLC) Christopher M. Sacco, Wells Fargo Legal Department, Charlotte, NC. ISC.
  • Rs: (MLPFSInc) Kathryn D. Perreault & Shruti Jaishankar, Maynard Nexsen PC, Birmingham, AL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Figueroa v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02949

Products

DirectInvesmts

Issue Date

2024-08-27

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

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Arthur Neil Tolciss, Esq. - Chair; Evan Powell; Anna Green Rich

Broker-Dealers Named

National Securities Corporation

Professionals

  • Cs: (ARF) Tosh Grebenik, Judex Law LLC, Broomfield, CO.
  • Rs: (NSCorp) Emily A. Hayes, New York, NY. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Gramuglia v. Cadaret Grant

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Docket No

23-03373

Products

Annuities

Issue Date

2024-08-22

Situs

Albany

State

NY

Clmd Compensatory

29.4

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 decided to deny a customer's case against Respondents finding that they owe no legal duty to the Claimant with respect to the present matter and cannot find any liability on the part of Respondents as there is no evidence of any contractual, regulatory, or statutory violation. Respondent broker is granted his request for expungement of this matter from his CRD record.

Notes

Regulation Best Interest. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Kenneth Dymond, Esq.

Broker-Dealers Named

Cadaret Grant & Company Incorporated; Sterling Manor Financial LLC

Professionals

  • Cs: Pro se.
  • Rs: (CG&CInc & SMK) John T. Unger, Houston, TX. ISC.
  • Rs: (SMFLLC) No-show. -- Did not voluntarily submit to arbitration.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Serralles v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00922

Products

MutualFunds

Issue Date

2024-08-22

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

A broker is awarded expungement of one customer complaint but loses his request for expungement of two more customer complaints from his CRD record after the objection of one customer.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Seth L. Finkel, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

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

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

De Jesus v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02920

Products

MuniSecs; MutualFunds

Issue Date

2024-08-29

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

Registered Rep wins expungement of five customer complaints from appearing on his CRD record involving the purchase of Puerto Rican municipal securities and closed-end funds.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Christopher J. Klein, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (RDJ) Sonia M. Lopez del Valle, McConnell Valdes LLC, San Juan, PR.
  • Rs: (UBSFSInc) Linette Figueroa-Torres, Toro Colon Mullet PSC, San Juan, PR. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wagner v. Arkadios Capital

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02882

Products

Annuities

Issue Date

2024-08-26

Situs

Columbia

State

SC

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 his CRD record involving the purchase of annuities.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Harvey R. Linder, Esq.

Broker-Dealers Named

Arkadios Capital

Professionals

  • Cs: (DEW) Nathan W. Lamb, UB Greensfelder LLP, Chicago, IL.
  • Rs: (ACptl) Gary Schwartz, Chief Compliance Officer, Atlanta, GA. ISC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Apelles v. Edward D Jones

Allegation II

BreachContract

Forum

FINRA

Allegation III

Discrimination(Age)

Docket No

22-01311

Products

NP

Issue Date

2024-08-22

Situs

Houston

State

TX

Clmd Compensatory

1150.0

Total Amt Awarded

54.8

Compensatory Awarded

54.8

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 age discrimination case, a broker alleging that he was denied opportunities while employed at Respondent broker-dealer due to his age is awarded compensatory damages representing back pay owed.

Notes

Age Discrimination case. Arbitrator Remarks.

Arbitrators

Elena Dilorio - Chair; Platt W. Davis, III, Esq.; John (Chris) Melton

Broker-Dealers Named

Edward D Jones & Company Limited Partnership

Professionals

  • Cs: (AA) Alvin Adjei, HKM Employment Attorneys LLP, Houston, TX.
  • Rs: (EDJ&CLP) Marlene C. Williams & Ryan J. Swink, Ogletree Deakins et al., Houston, TX. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kemp v. MONY Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

23-02735

Products

NP

Issue Date

2024-08-21

Situs

Houston

State

TX

Clmd Compensatory

Equity

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 he has decided to grant Respondent broker-dealers' Pre-Hearing Motions to Dismiss pursuant to FINRA Rule 13206 of the Code and dismiss Claimant registered representative's request for expungement of seven customer complaints from his CRD record and why he has decided to deny said registered representative's request for expungement of an additional complaint with prejudice sua sponte for his failure to comply with said Arbitrator's prior Orders, requests to schedule a final hearing, and file a statement of intent.

Notes

Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Panel composition issue. Arbitrator Remarks -- Explained Award.

Arbitrators

Jeffrey R. Jury

Broker-Dealers Named

MONY Securities Corporation; Hornor Townsend & Kent LLC; NEXT Financial Group Incorporated; McNally Financial Services Corporation

Professionals

  • Cs: (MAK) Peter Lindholm & Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (MONYSCorp) Kevin W. Brooks, Equitable Financial Life Insurance Company, Charlotte, NC. ISC.
  • Rs: (HT&KLLC) Daniel C. Zinman & Hellen Park, Perkins Coie LLP, New York, NY. OSC.
  • Rs: (NEXTFGInc) John T. Unger, Houston, TX. ISC.
  • Rs: (MFSCorp) Gary S. Kessler, Kessler & Collins, Dallas, TX. OSC.
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