UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2023-09-20

2023-14

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

SmallClms

Allegation I

FailToObey

Short Caption

Fong v. TD Ameritrade

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Negligence

Docket No

22-02756

Products

Equity

Issue Date

2023-08-14

Situs

San Francisco

State

CA

Clmd Compensatory

38.5

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 small claims arbitration, a customer alleging fraud with respect to his purchase of ATA Creativity Global SP AD stock loses his case against Respondent broker-dealer.

Notes

None.

People & Entities

Arbitrators

Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.)

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Kevin P. Conway & Denis J. McGrath, Conway & Conway, New York, NY.
  • Rs: (TDAInc) James J. Vihstadt, Omaha, NE. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hekimian v. Citigroup Global

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02852

Products

NP

Issue Date

2023-08-18

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 registered rep is awarded expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Benjamin F. Breslauer

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (SGH) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (CGMInc) Adam Kauff, Kauff Laton Miller LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rothman v. Woodbury Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00194

Products

MutualFunds; Annuities

Issue Date

2023-08-25

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

Broker is granted his request for expungement of two customer complaints from appearing on her registration records.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Erik R. Siering

Broker-Dealers Named

Woodbury Financial Services Incorporated

Professionals

  • Cs: (SJR) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (WFSInc) Charles LaChaussee, Winget Spadafora & Schwartzberg, Los Angeles, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Utzinger v. World Group

Allegation II

Forum

FINRA

Allegation III

Docket No

23-01149

Products

VariableAnnuities

Issue Date

2023-08-25

Situs

Denver

State

CO

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 his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Charles G. Michaels, Esq.

Broker-Dealers Named

World Group Securities Incorporated

Professionals

  • Cs: (EDU) None.
  • Rs: (WGSInc) Susan D. Duff, Transamerica Financial Advisors Incorporated, Johns Creek, GA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Orth v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02309

Products

Insurance; VariableLifeInsurance

Issue Date

2023-08-25

Situs

Wilmington

State

DE

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

Two registered representatives are granted their requests for expungement of one customer complaint each from their respective CRD records.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis P. Wagman

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (KMO & HRO) Jonathan M. Sterling & Sam Kopmar, Saretsky Hart et al., Birmingham, MI.
  • Rs: (AFSInc) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Garvy Trust v. UBS Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

20-01074

Products

Options

Issue Date

2023-08-22

Situs

Boca Raton

State

FL

Clmd Compensatory

1400.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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 trust seeking $1.4 million in damages settles its claim against Respondent broker-dealer involving its placement in said broker-dealer's Yield Enhancement Options Strategy. The Arbitrator explains in great detail with factual background why she has decided to grant a Non-Party broker's request for expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Panel composition issue. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Kimberly A. Gilmour, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: Matthew N. Thibaut, Haselkorn & Thibaut, Juno Beach, FL.
  • Rs: (UBSFSInc) Zachary M. Schmitz & David L. Goldberg, Katten Muchin Rosenman LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Glick v. David Lerner

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

20-03589

Products

DirectInvesmts; MutualFunds

Issue Date

2023-08-24

Situs

Boca Raton

State

FL

Clmd Compensatory

50.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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

After two customers settle their case against Respondent broker-dealer, an Arbitrator provides factual background and explains in great detail why he has decided to grant a Non-Party broker's request for expungement of this matter from his CRD record.

Notes

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

Arbitrators

Seth L. Finkel, Esq.

Broker-Dealers Named

David Lerner Associates Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (DLAInc) Anna K. Stark, Thompson Hine LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Fondo De Inversion Privado v. CGIS Securities

Allegation II

Suitability

Forum

FINRA

Allegation III

BreachContract

Docket No

22-01356

Products

Derivatives; CorpDebt; Equity

Issue Date

2023-08-22

Situs

Boca Raton

State

FL

Clmd Compensatory

661.2

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

Two customers alleging that their money was invested in high-risk illiquid bonds instead of concentrating more of their money in equities lose their case against Respondent broker-dealer.

Notes

Majority Public Panel.

Arbitrators

Ellen J. Abrams - Chair; William Kent Brown, Esq.; Michael Adam Gross, Esq.

Broker-Dealers Named

CGIS Securities LLC

Professionals

  • Cs: Jason Gottlieb, Morrison Cohen LLP, New York, NY.
  • Rs: (CGISSLLC) Curtis Carlson, Carlson & Associates, Miami, FL. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Smith v. LPL Financial

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Supervision

Docket No

22-02855

Products

Equity; ETFs

Issue Date

2023-08-22

Situs

Tampa

State

FL

Clmd Compensatory

50.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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 unsuitable investments in various stocks and exchange traded funds such as Facebook, Southwest Airlines, among others, settles his case against Respondent broker-dealer. Non-Party associated person is awarded expungement of this matter from his CRD record.

Notes

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

Arbitrators

Kenneth R. Starr, Esq. - Chair; Kevin M. Schmitt, Esq.; Michael Anthony Barrella

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: Chase Carlson, Carlson Law PA, Miami Beach, FL.
  • Rs: (LPLFLLC) Neil S. Baritz & Heather Cooper, Baritz & Colman, Boca Raton, FL. OSC.

TypeDisp

EmployeeCustomer

Allegation I

Expungement(CRD)

Short Caption

Durrant v. Iglesias

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02970

Products

VariableAnnuities

Issue Date

2023-08-16

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

Registered Rep is awarded expungement of a customer complaint involving the purchase of variable annuities from his CRD record.

Notes

Majority Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Thomas J. Patka, Esq. - Chair; Kathy A. Tatone, Esq.; Caroline Josephine Welsh

Broker-Dealers Named

None.

Professionals

  • Cs: (WJD) Lawton R. Graves, Murphy & Anderson, Jacksonville, FL.
  • Rs: No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Weissbein v. Capital Guardian

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00025

Products

REITs

Issue Date

2023-08-18

Situs

Boca Raton

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 granted his request for expungement of two customer complaints from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Steven Gerard Goerke, Esq.

Broker-Dealers Named

Capital Guardian LLC; First Allied Securities Incorporated

Professionals

  • Cs: (RW) Jessica E. Levine, Winget Spadafora & Schwartzberg, New York, NY.
  • Rs: (CGLLC) No-show.
  • Rs: (FASInc) Jeremy Wooden, Cetera Financial Group, El Segundo, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kort v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02748

Products

NP

Issue Date

2023-08-23

Situs

Chicago

State

IL

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

In this Consolidated Award, Claimant broker wins expungement of four customer complaints from his CRD record.

Notes

This is a Consolidated Award. Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Mark L. Miller, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (FMK) Samantha Pastor & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.

TypeDisp

EmployeeCustomer

Allegation I

Expungement(CRD)

Short Caption

Ransom v. Gozola

Allegation II

Forum

FINRA

Allegation III

Docket No

22-01504

Products

NP

Issue Date

2023-08-24

Situs

Minneapolis

State

MN

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

The Panel grants a broker's request for expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Phyllis Karasov, Esq. - Chair; Martin D. Munic; Emily B. Boote

Broker-Dealers Named

None.

Professionals

  • Cs: (TSR) Robert D. Loventhal, R.D. Loventhal Law Offices, Lake Forest, IL.
  • Rs: Pro se.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Dade v. Concourse Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02741

Products

NP

Issue Date

2023-08-24

Situs

Charlotte

State

NC

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 wins expungement of three customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

James Michael Belk

Broker-Dealers Named

Concourse Financial Group Securities Incorporated

Professionals

  • Cs: (EJD) Samantha Pastor & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (CFGSInc) Destinee Campbell Small, Maynard Cooper & Gale, Birmingham, AL. OSC.

TypeDisp

MemberEmployee

Allegation I

Indemnification

Short Caption

Southeast Investments v. Prewette

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

23-00454

Products

NP

Issue Date

2023-08-18

Situs

Charlotte

State

NC

Clmd Compensatory

2.4

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

Claimant broker-dealer loses its breach of contract case seeking indemnification relating to their allegation that they were erroneously named in a prior FINRA expungement case (Case Number 22-02082) brought by Respondent after the Arbitrator determined that said broker-dealer was not entitled to such relief. However, Claimant was awarded monetary sanctions in the form of attorney fees relating to the late filing of Respondent broker's Final Submissions.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code. Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Arbitrator Remarks.

Arbitrators

Chase Boone Saunders, Esq.

Broker-Dealers Named

Southeast Investments NC Incorporated

Professionals

  • Cs: (SINCInc) Alan M. Wolper & Blaine F. Doyle, Ulmer & Berne, Chicago, IL. OSC.
  • Rs: (DKP) Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Moran v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02754

Products

DirectInvesmts; Equity; Margin; Annuities

Issue Date

2023-08-15

Situs

Jersey City

State

NJ

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 granted expungement of five complaints from his CRD record despite the objection of one customer.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Veronica Ann Williams

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated; Capitol Securities Management Incorporated

Professionals

  • Cs: (JBM) Dochtor Kennedy & Zachary Morse, AdvisorLaw LLC, Westminster, CO.
  • Rs: (MLPFSInc) Laura A. Pizzitola, Bressler Amery & Ross, Birmingham, AL. OSC.
  • Rs: (CSMInc) David J. Freniere, Freniere Law Group PLLC, Wellesley, MA. OSC.

TypeDisp

SmallClms

Allegation I

FailToObey

Short Caption

Nanos v. Fidelity Brokerage

Allegation II

Operations

Forum

FINRA

Allegation III

Fraud

Docket No

23-01049

Products

ETFs

Issue Date

2023-08-21

Situs

Las Vegas

State

NV

Clmd Compensatory

0.4

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

In this small claims arbitration, a customer alleging execution errors and sell outs with respect to his investment in the SPDR S&P 500 ETF Trust loses his case against Respondent broker-dealer.

Notes

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

Arbitrators

Edward A. Trabin, Esq.

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: Pro se.
  • Rs: (FBSLLC) Noah D. Sorkin, FMR LLC Legal Department, Boston, MA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Busch v. Morgan Stanley

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

21-00203

Products

Equity

Issue Date

2023-08-21

Situs

New York

State

NY

Clmd Compensatory

1800.0

Total Amt Awarded

1800.0

Compensatory Awarded

1800.0

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 investor is awarded $1.8 million in compensatory damages from Respondent broker-dealer relating to her purchase of a stock called WisdomTree Investments Inc. Two Non-Party brokers lose their respective requests for expungement of this matter from their CRD records.

Notes

Big $s. Rescission Requested. All-Public Panel.

Arbitrators

Howard Alan Grinsberg - Chair; Benjamin L. Anderson; Qiana Martin

Broker-Dealers Named

Morgan Stanley Smith Barney LLC

Professionals

  • Cs: Barry R. Lax & Brian J. Neville & Matthew C. Plant, Lax & Neville, New York, NY.
  • Rs: (MSSBLLC) Jeremy S. Winer, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Nzidee v. Cetera Advisors LLC

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00071

Products

REITs

Issue Date

2023-08-17

Situs

New York

State

NY

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 a broker's request for expungement of a customer complaint from his CRD record but denies his request for nominal damages.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard W. Vallario, Esq.

Broker-Dealers Named

Cetera Advisors LLC

Professionals

  • Cs: (KKN) Joseph P. Allgor, Herskovits PLLC, New York, NY.
  • Rs: (CALLC) David Feldstein, Cetera Financial Group, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Newman v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00210

Products

NP

Issue Date

2023-08-21

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

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard W. Cutler, Esq. - Chair; Jay Alan Kranis; Lynda Kommel-Browne

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (JLN) Brandon M. Taaffe, Shumaker Loop & Kendrick, Sarasota, FL.
  • Rs: (AFSInc) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ortiz v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00237

Products

NP

Issue Date

2023-08-18

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

A Panel grants registered rep's request for expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Jeanne M. Keefe, Esq. - Chair; Denise Campbell Sagua, Esq.; Madelyn A. Levy, Esq.

Broker-Dealers Named

National Securities Corporation

Professionals

  • Cs: (CO) Craig Riha, Carmel Milazzo & Feil, Melville, NY.
  • Rs: (NSCorp) Emily A. Hayes, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Gongora v. Advanced Equities

Allegation II

Defamation

Forum

FINRA

Allegation III

WrongTerm

Docket No

23-00715

Products

NP

Issue Date

2023-08-16

Situs

New York

State

NY

Clmd Compensatory

0.0

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 alleging wrongful termination and seeking unpaid bonus compensation is granted reformation of his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Evdokia Sofos, Esq. - Chair; Susan C. Lushing, Esq.; Anthony Marchese

Broker-Dealers Named

Advanced Equities Incorporated

Professionals

  • Cs: (HIG) Christopher H. Tovar, Law Offices of C.H. Tovar PLLC, Howell, MI.
  • Rs: (AEInc) No-show.

TypeDisp

CustomerMember

Allegation I

ExcessiveFees

Short Caption

Chick v. Alexander Capital

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

22-00075

Products

Equity; Margin

Issue Date

2023-08-22

Situs

Portland

State

OR

Clmd Compensatory

68.3

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 seeking disgorgement relating to his investment in various stocks including Dave & Busters Entertainment Inc. settles his case. All three named Respondent brokers are awarded expungement of this matter from their respective CRD records.

Notes

This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.

Arbitrators

Peter Khalil

Broker-Dealers Named

Alexander Capital Limited Partnership

Professionals

  • Cs: David Vermont, Securities Arbitration Law Group PLLC, Washington, DC.
  • Rs: (ACLP, JAA, NF & JOS) Scott Holcomb, Holcomb + Ward LLP, Atlanta, GA. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Susquehanna Financial v. Martin

Allegation II

BreachContract

Forum

FINRA

Allegation III

Misappropriatn

Docket No

23-00647

Products

PromissoryNote

Issue Date

2023-08-16

Situs

Philadelphia

State

PA

Clmd Compensatory

46.2

Total Amt Awarded

48.0

Compensatory Awarded

46.2

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 non-appearing registered representative is held liable to Claimant broker-dealers' for the amount due and owing pursuant to an Offer Letter Agreement he signed as part of his employment.

Notes

Please Note* This matter proceeded pursuant to Rule 13800 of the Code.

Arbitrators

Thomas Benjamin Salzer, Esq.

Broker-Dealers Named

Susquehanna Financial Group LLLP; Susquehanna International Group LLP

Professionals

  • Cs: (SFGLLLP & SIGLLP) Roni Mathew, Bala Cynwyd, PA. ISC.
  • Rs: (MM) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rodriguez v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02583

Products

MuniSecs; MutualFunds

Issue Date

2023-08-18

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

Claimant broker is awarded expungement of eight customer complaints from appearing on her CRD record involving the purchase of Puerto Rican securities.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Christopher J. Klein, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (MMR) Myrgia M. Palacios-Cabrera & Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR.
  • Rs: (UBSFSInc) Rey F. Medina-Velez, San Juan, PR. ISC.

TypeDisp

SmallClms

Allegation I

Misreprestn

Short Caption

Smith v. First Southern

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Supervision

Docket No

23-00190

Products

MutualFunds

Issue Date

2023-08-15

Situs

San Juan

State

PR

Clmd Compensatory

27.8

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 small claims arbitration, a customer alleging that Respondent broker-dealer misrepresented his investment in Atlas U.S Tactical Income Fund and seeking rescission of said investment loses his case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Rescission Requested.

Arbitrators

Steven Gerard Goerke, Esq.

Broker-Dealers Named

First Southern LLC

Professionals

  • Cs: Guillermo J. Silva-Wiscovich, Bauza Brau et al., San Juan, PR.
  • Rs: (FSLLC) Alan M. Wolper, Ulmer & Berne, Chicago, IL. OSC.

TypeDisp

EmployeeEmployee

Allegation I

Fraud

Short Caption

Garofalo v. Shelton

Allegation II

Forum

FINRA

Allegation III

Docket No

22-01916

Products

NP

Issue Date

2023-08-22

Situs

Richmond

State

VA

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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 Panel orders Respondent broker to rescind the filing of the Form 1099C issued against Claimant but denies his request for monetary relief. The Panel also orders Claimant broker to pay $5,000 to Respondent as a monetary sanction as a result of discovery violations for his failure to comply with the Panel Chair's previous orders regarding the production of documents.

Notes

Sanctions imposed.

Arbitrators

Beverly F. Druitt - Chair; James A. Cummings; Stuart H. Dunn, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: (DJG) Kenneth T. Stout & Thomas M. Wolf, O'Hagan Meyer PLLC, Richmond, VA.
  • Rs: (MES) Joseph P. Allgor, Herskovits PLLC Attorneys at Law, New York, NY.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Lentz v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

23-01165

Products

NP

Issue Date

2023-08-25

Situs

Milwaukee

State

WI

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 her CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Leon Fox, JD

Broker-Dealers Named

Morgan Stanley

Professionals

  • Cs: (LLL) David I. Hantman, Bressler Amery & Ross, New York, NY.
  • Rs: (MSSBLLC) Gina Shlaferman, St. Petersburg, FL. ISC.
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