* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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.
* 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: (STISInc) Josef Y. Rosen, Gray Robinson PA, Tampa, FL. OSC.
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