UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2023-11-21

2023-19

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

FailToObey

Short Caption

Elite Pet Grooming v. Brex Treasury

Allegation II

Operations

Forum

FINRA

Allegation III

Docket No

22-01350

Products

NP

Issue Date

2023-11-02

Situs

Los Angeles

State

CA

Clmd Compensatory

693.0

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

A customer alleging that they were unable to access funds in their securities account and seeking over $700,000 in total damages lose their case against Respondent broker-dealer.

Notes

All-Public Panel.

People & Entities

Arbitrators

Steven H. Gentry - Chair; Kirtley M. Thiesmeyer, Esq.; Maggie Soleimani

Broker-Dealers Named

Brex Treasury LLC

Professionals

  • Cs: Pro se through Timika Snorton, Costa Mesa, CA.
  • Rs: (BTLLC) Edrei Swanson, Brex Incorporated, Draper, UT. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Michlik v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

22-02914

Products

NP

Issue Date

2023-10-30

Situs

San Diego

State

CA

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 broker loses his request for reformation of alleged false information from appearing on his Form U5 record.

Notes

None.

Arbitrators

Erik R. Siering - Chair; Ronald N. Roth; Anatoly Tony Zuban

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (PM) None.
  • Rs: (WFCSLLC) Geoffrey S. Beckham, Wells Fargo Legal Department, San Francisco, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Brkich v. Cetera Advisors

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00561

Products

NP

Issue Date

2023-11-02

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 broker wins expungement of a customer complaint from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Adam Michael Porter

Broker-Dealers Named

Cetera Advisors LLC

Professionals

  • Cs: (JMB) Jessica E. Levine, Winget Spadafora & Schwartzberg, New York, NY.
  • Rs: (CALLC) David Smitham, Cetera Financial Group, El Segundo, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Dietrich v. Ameriprise Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00732

Products

NP

Issue Date

2023-10-30

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

Arbitrator awards broker his request for expungement of a customer complaint from his CRD record after finding the complaint was factually impossible, clearly erroneous, and/or false.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Erik R. Siering

Broker-Dealers Named

Ameriprise Financial Services LLC

Professionals

  • Cs: (DMD) Harris Freedman, HLBS Law, Westminster, CO.
  • Rs: (AFSLLC) Howard M. Klausmeier, Troy, MI. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Bailey v. Wells Fargo

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00794

Products

NP

Issue Date

2023-10-31

Situs

San Francisco

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

Registered Rep is awarded expungement of a customer complaint from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Arocles Aguilar

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (JTB) Robert L. Hill, Law Offices of R.L. Hill APC, Carlsbad, CA.
  • Rs: (WFCSLLC) Jason Kempf, Wells Fargo Legal Department, St. Louis, MO. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Gazzola v. David Lerner

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Supervision

Docket No

22-00227

Products

DirectInvesmts

Issue Date

2023-10-30

Situs

Hartford

State

CT

Clmd Compensatory

100.0

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

A Panel dismisses two customers (a power of attorney and trust) claims as a sanction pursuant to FINRA Rule 12212(c) (Discovery Violations) after the parties failure to comply with their order regarding the submission of a valid settlement letter withdrawing the claim or providing four sets of mutually agreeable dates to reschedule the hearings in this matter.

Notes

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

Arbitrators

David Adams Reif - Chair; Jud Perkins; Ilene J. Feldman

Broker-Dealers Named

David Lerner Associates Incorporated

Professionals

  • Cs: Matthew N. Thibaut, Haselkorn & Thibaut, Juno Beach, FL.
  • Rs: (DLAInc) Gene L. Small, Eugene L. Small PC, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Fraud

Short Caption

Cordova Armijos v. Raymond James

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Supervision

Docket No

18-02934

Products

DirectInvesmts; RealEstate; CorpDebt

Issue Date

2023-11-01

Situs

Miami

State

FL

Clmd Compensatory

16947.6

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

An All-Public Panel explains in great detail why it has decided to deny a group of foreign investors' claims that they were victims of fraud relating to their investments in various real estate projects in Florida that were in financial peril. The Panel found that said investors were unable to meet their burden of proof and did not establish competent evidence to prove such an allegation or any of their other claims asserted against Respondents.

Notes

All-Public Panel. Clrg BD dispute. Arbitrator Remarks -- Explained Award.

Arbitrators

Steven Gerard Goerke, Esq. - Chair; Isadora Velazquez-Rivas; Eric Mealus

Broker-Dealers Named

Raymond James & Associates Incorporated; Raymond James Financial Services Incorporated; Insight Securities Incorporated

Professionals

  • Cs: Francisco A. Rodriguez & Sandra J. Millor, Reed Smith LLP, Miami, FL.
  • Rs: (RJ&AInc & RJFSInc) Terry R. Weiss & Stefanie Wayco, Duane Morris LLP, Atlanta, GA. OSC.
  • Rs: (ISInc) Nicholas P. Iavarone, The Iavarone Law Firm, Loves Park, IL. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ehrlich v. Lincoln Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02895

Products

VariableLifeInsurance

Issue Date

2023-11-02

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

Registered Rep wins expungement of a customer complaint from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Mark C. Perry, Esq.

Broker-Dealers Named

Lincoln Financial Securities Corporation

Professionals

  • Cs: (RSE) Harris Freedman, Of Counsel, HLBS Law, Westminster, CO.
  • Rs: (LFSCorp) Dustin J. Tirpak, The Lincoln National Life Insurance Company, Fort Wayne, IN. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Odom v. Woodbury Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00670

Products

Annuities

Issue Date

2023-10-30

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

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

David M. Snyder, Esq. - Chair; Bryant Ashley Scriven; Nathan Jon Larson

Broker-Dealers Named

Woodbury Financial Services Incorporated; JW Cole Financial Incorporated; Transamerica Financial Advisors Incorporated

Professionals

  • Cs: (DPO) Avinoam Rosenfeld, The Rosenfeld Law Office PLLC, Lawrence, NY.
  • Rs: (WFSInc) Jennifer R. Cox, Jersey City, NJ. ISC.
  • Rs: (JWCFInc) Evan Dubow & Gregg J. Breitbart, Kaufman Dolowich & Voluck, Fort Lauderdale, FL. OSC.
  • Rs: (TFAInc) Susan D. Duff, Johns Creek, GA. ISC.

TypeDisp

SmallClms

Allegation I

BreachFiducDty

Short Caption

Graves v. TD Ameritrade

Allegation II

Forum

FINRA

Allegation III

Docket No

23-01258

Products

Futures

Issue Date

2023-10-30

Situs

Indianapolis

State

IN

Clmd Compensatory

32.0

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

In this small claims arbitration, two customers alleging that they suffered financial losses after Respondent broker-dealer failed to give adequate notice regarding the closing of futures positions in of their two accounts lose their case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option.

Arbitrators

Susan L. Walker, Esq.

Broker-Dealers Named

TD Ameritrade Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (TDAInc) Kevin H. Lewis, Charles Schwab & Company Incorporated, San Francisco, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

TortiousInterference

Short Caption

Spencer v. IMA Wealth

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Docket No

23-02152

Products

NP

Issue Date

2023-11-01

Situs

Wichita

State

KS

Clmd Compensatory

0.0

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 raiding case, the Panel finds in favor of Respondent broker-dealer and grants in part its request for permanent injunction prohibiting Claimant broker for two years from soliciting or contacting 85 clients that he serviced while employed by Respondent.

Notes

PHL -- TRO granted. Raiding case (Counterclaim) -- Injunctive Relief Granted. Arbitrator Remarks.

Arbitrators

Tara A. LaClair, Esq. - Chair; Leonard M. Goldstein; John W. Jones, CFP

Broker-Dealers Named

IMA Wealth Incorporated; Access Capital LLC

Professionals

  • Cs: (SS & ACLLC) John D. Vaughn & Christopher W. Rowlett, Perez Vaughn & Feasby Incorporated, San Diego, CA.
  • Rs: (IMAWInc) Clayton J. Kaiser, Foulston Siefkin LLP, Wichita, KS. OSC and Michael A. Gross, Ulmer & Berne, Boca Raton, FL. OSC.

TypeDisp

MemberMember

Allegation I

LoanDefault

Short Caption

Cantor Fitzgerald v. PEI Global

Allegation II

Indemnification

Forum

FINRA

Allegation III

Raiding

Docket No

22-00316

Products

PromissoryNote

Issue Date

2023-10-30

Situs

New York

State

NY

Clmd Compensatory

24523.9

Total Amt Awarded

4121.2

Compensatory Awarded

4121.2

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 Consolidated Award, Claimant broker-dealer is awarded over $4 million dollars from Respondent brokers relating to amounts due and owing pursuant to the terms of their Indemnification and Promissory Note agreements. Said Claimant broker-dealer loses its raiding case against Respondent broker-dealer.

Notes

This is a Consolidated Award. Big $s. Rs PEI Global Partners LLC was not assessed any portion of the awarded amount. Rs John Bills, Schuyler Fabian, Adil Caner Sener, Robert Kavanagh, and Kevin Phillips were assessed. Raiding case.

Arbitrators

Michael S. Lazan, Esq. - Chair; Eric Zaidins; Richard M. Kosnik

Broker-Dealers Named

Cantor Fitzgerald & Company; PEI Global Partners LLC

Professionals

  • Cs: (CF&Co) David A. Paul, New York, NY. ISC.
  • Rs: (PEIGPLLC, JB, SF, ACS, RK & KP) Joshua D. Liston, Beys Liston & Mobargha, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Potter v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00338

Products

NP

Issue Date

2023-10-31

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 expungement of a customer complaint from his CRD record after finding said complaint was factually impossible and false.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Ira A. Auerbach

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (JSP) Harris Freedman, HLBS Law, Broomfield, CO.
  • Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.

TypeDisp

CustomerEmployee

Allegation I

UnauthTdg

Short Caption

Foose v. Reames

Allegation II

Churning

Forum

FINRA

Allegation III

Suitability

Docket No

22-02483

Products

Equity

Issue Date

2023-11-03

Situs

Columbus

State

OH

Clmd Compensatory

209.7

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

An All-Public Panel explains why it has decided to deny a customer's case against Respondent broker after finding that said customer failed to prove her claims or submit sufficient evidence that she is entitled to damages.

Notes

All-Public Panel. Arbitrator Remarks -- Explained Award.

Arbitrators

Barbara E. Dixon - Chair; Sandra Mendel Furman, Esq.; Ann Marie Hansen

Broker-Dealers Named

None.

Professionals

  • Cs: Pro se, through Lisa Foose.
  • Rs: (RR) Samuel E. Cohen, Marshall Dennehey et al., Philadelphia, PA.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Morgan Smith v. Di Peri

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

23-02105

Products

PromissoryNote

Issue Date

2023-11-02

Situs

Portland

State

OR

Clmd Compensatory

999.4

Total Amt Awarded

1006.1

Compensatory Awarded

999.4

Punitive Damage Awarded

Attorney Fees Awarded

2.0

* 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 registered rep is held liable to Claimant broker-dealers for over $1 million in damages representing the amounts due and owing on a promissory note agreement.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

Joseph C. Roberts, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Morgan Stanley Smith Barney Financing LLC

Professionals

  • Cs: (MSSBLLC & MSSBFLLC) Haley Morrison, Tonkon Torp LLP, Portland, OR. OSC.
  • Rs: (JD) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Pou Monagas v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02351

Products

MuniSecs

Issue Date

2023-11-02

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 her request for expungement of a customer complaint from her CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis David Huss

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (SPM) Sonia M. Lopez del Valle, McConnell Valdes LLC, San Juan, PR.
  • Rs: (UBSFSInc) Rey F. Medina-Velez, UBS Financial Services Incorporated of Puerto Rico, San Juan, PR. ISC.

TypeDisp

MemberEmployee

Allegation I

Raiding

Short Caption

US Bancorp v. Joyner

Allegation II

TakingRecords

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

22-00919

Products

NP

Issue Date

2023-11-01

Situs

Nashville

State

TN

Clmd Compensatory

0.0

Total Amt Awarded

85.0

Compensatory Awarded

85.0

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 raiding case, a Claimant broker-dealer alleging that a former employee distributed the company's confidential and proprietary information to approximately 200 clients for the purposes of soliciting their business is awarded damages, while said former employee loses his Counterclaim for defamation.

Notes

Raiding case.

Arbitrators

Irwin Venick - Chair; Douglas Charles Weinstein; Michael Edward Collins

Broker-Dealers Named

US Bancorp Investments Incorporated

Professionals

  • Cs: (USBIInc) Edward B. Magarian & Roxanna V. Gonzalez, Dorsey & Whitney LLP, Minneapolis, MN. OSC.
  • Rs: (MEJ) Amy C. Johnson, Britton Johnson PLLC, Lexington, KY.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wall v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

23-00667

Products

ARS

Issue Date

2023-11-01

Situs

Dallas

State

TX

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 wins expungement of a customer complaint from his CRD record involving the purchase of auction rate securities.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Joseph Neal Richardson

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

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