* 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 explains why it has decided to grant the remaining Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule). The customers' claims involved investments in real estate investment trusts and other alternative investments.
* 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 unsuitability and negligence, among other things, loses his case against Respondent broker-dealer.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
Arbitrators
Arocles Aguilar
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Patrick S. Christensen, FMR LLC, Durham, NC. 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
In this raiding case, a Panel granted Respondent broker's Pre-Hearing Motion to Dismiss without prejudice pursuant to FINRA Rule 13504 as FINRA was not referenced as an alternative dispute resolution option according to the Partnership Agreement issued by Private Capital Management Holdings. The Panel ruled that said claims against Respondent broker should be litigated in their entirety in the AAA forum.
* 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 $600,000 in damages representing the amounts due and owing on four promissory note agreements along with interest and attorney fees.
Notes
Big $s. Arbitrator Remarks.
Arbitrators
Kenneth R. Starr, Esq.
Broker-Dealers Named
Morgan Stanley Smith Barney LLC; Morgan Stanley Smith Barney Financing LLC
* 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 voluntarily withdraws with prejudice his request for expungement of one customer complaint after the objection of said customer but is granted his request for expungement of a second complaint.
* 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 Respondent broker-dealer and registered representative involving the purchase of an Ohio National Whole Life Policy. Registered representative is granted his request for expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
John Francis Markuns - Chair; Paula M. Bagger; Gail Sillman
Broker-Dealers Named
Next Financial Group Incorporated
Professionals
Cs: Kyle M. Kulzer, Alan L. Frank Law Associates PC, Jenkintown, PA.
Rs: (NFGInc & SD) Steven N. Fuller, Markun Zusman et al., Wellesley, MA. 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 is awarded nearly $21 million in compensatory damages on behalf of itself and as Assignee for the Saginaw Chippewa Indian Tribe of Michigan from a non-appearing registered representative relating to money paid as part of an arbitration settlement and pursuant to the terms of an Independent Contractor Agreement and Security Sales Agreement.
Notes
Big $s. Rs Trevor S. Sutterfield was not assessed any portion of the awarded amount. Rs Gopi K. Vungarala was assessed. Rule 13801 Default Judgment. Panel composition issue. Arbitrator Remarks.
Arbitrators
Jeffry Mark Bauer, Esq.
Broker-Dealers Named
Purshe Kaplan Sterling Investments Incorporated
Professionals
Cs: (PKSIInc) Lewis S. Fischbein, L.S. Fischbein PC, Riverdale, NY. OSC and Devin W. Bone, Paesano Akkashian Apkarian PC, Bloomfield Hills, MI. 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 voluntarily withdraw their claims against Respondent broker-dealer and broker involving investments in variable annuities and REITs, among other investments. Respondent broker loses her request for expungement of this matter from her CRD record.
Notes
All-Public Panel.
Arbitrators
Barry Goldman, Esq. - Chair; Gerald W. Hepp; Joseph Maron Hanna
Broker-Dealers Named
Next Financial Group Incorporated
Professionals
Cs: Bradford M. Gucciardo, Gucciardo Law Group PA, Lakewood Ranch, FL.
Rs: (NFGInc & SLK) John Hitchings, Sichenzia Ross Ference 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
In this small claims arbitration, a customer settles her case against Respondent broker-dealer and broker involving the purchase of stocks and bonds. Respondent broker is granted her request for expungement despite the objection of said customer.
Notes
This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.
Arbitrators
Julian F. Santos, Esq.
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: Elizabeth Goldman, Benjamin N. Cardozo School of Law Securities Arbitration Clinic, New York, NY.
Rs: (MSSBLLC & NDG) Andrew Gelfand, 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
Respondent broker-dealer and registered representative are held jointly liable to three brokers for compensatory damages on their breach of contract claim.
Notes
None.
Arbitrators
Robert J. Kheel, Esq. - Chair; Harvey Barrison, Esq.; Jerome Bernard McDevitt
Broker-Dealers Named
Worden Capital Management LLC
Professionals
Cs: (CB, MC & VM) Liam O'Brien, McCormick & O'Brien LLP, New York, NY.
Rs: (WCMLLC & JW) William M. Dailey, Dailey Law Group, Rye, 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
In this small claims arbitration, a customer alleging that Respondent broker-dealer sold a significant number of shares in Jenex Corporation stock to cover a fee associated with his account loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
* 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 representative is awarded his request for expungement of two customer complaints from his CRD record despite the objection of one customer.
* 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 the mismanagement of her two accounts agrees to voluntarily dismiss her claims with prejudice against Respondent broker-dealer. Non-Party broker is granted expungement of this matter from his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
G. Maynard Green, JD
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: John S. Moody, Attorney-at-Law, Houston, TX.
Rs: (MSSBLLC) Joseph L. Calabrese, Bressler Amery & Ross, 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 Arbitrator explains why he has decided to grant Claimant broker's request for reformation of defamatory information appearing on her Form U5 record.
Cs: (MSW) Dochtor Kennedy & Benjamin Winograd & Jared Harris, AdvisorLaw LLC, Westminster, CO.
Rs: (VFAInc) Christina Z. Vourakis, Winget Spadafora & Schwartzberg LLP, Los Angeles, CA. OSC.
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