* 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 pursuant to FINRA Rule 12206 (Six-year Eligibility Rule)after finding that the occurrence or event giving rise to the dispute happened in 2014 or 2016, more than six years prior to the filing of the Statement of Claim and is therefore ineligible for arbitration.
* 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 granting the parties' Motion for Entry of a Stipulated Award, a Panel grants Claimant broker's request for reformation of defamatory information from appearing on her Form U5 record.
Notes
This is a Stipulated Award. Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Jeffrey L. Malek, Esq. - Chair; Stephen Howard Marcus; Natalie Panossian-Bassler
Broker-Dealers Named
Northwestern Mutual Investment Services LLC
Professionals
Cs: (RLC) Joshua B. Kons, Law Offices of J.B. Kons LLC, Weatogue, CT and Michael J. Giarrusso, Giarrusso Law Group LLC, Jersey City, NJ.
* 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 Claimant broker's request for reformation of her Form U5 record but denies her request for expungement of a customer complaint from appearing on her CRD record after finding that said relief request was filed well outside the time limitations as set forth in FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes).
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Christopher J. Klein, Esq. - Chair; Val D. Hornstein, Esq.; John G. Sciandra
Broker-Dealers Named
National Planning Corporation nka LPL Financial LLC; Great Western Financial Securities Corporation
Professionals
Cs: (NS) N. Nancy Ghabai, Ghabai Law Group LLC, Boston, MA.
Rs: (NPCorp) Kathleen Adams, LPL Financial LLC, San Diego, CA. ISC.
Rs: (GWFSCorp) Justin H. Sanders & Alexandra Lototsky, Sanders Roberts LLP, Los Angeles, 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
A broker loses, with prejudice, his request for expungement of two customer complaints from his CRD record by unanimous decision of the Panel and after the objection of the authorized representative of the state securities regulator for California.
Notes
None.
Arbitrators
Kevin Brodar - Chair; Barbara Black, Esq.; Linda J. Baer, Esq.
Broker-Dealers Named
Centaurus Financial Incorporated
Professionals
Cs: (JVP) Brian Luther, FA Expungement Services LLC, Denver, CO.
* 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 unanimously denies, with prejudice, a broker's request for expungement of four customer complaints from his CRD record after the objections of one named customer involved and the authorized representative of the state securities regulator for California.
Notes
None.
Arbitrators
Richard James Igou - Chair; Timothy J. Kroll, MS; Brian James Tagtmeier
Broker-Dealers Named
JP Morgan Securities LLC; Raymond James Financial Services Incorporated
Professionals
Cs: (SJC) Chad Weaver, Freeman Mathis & Gray, Seal Beach, CA.
Rs: (JPMSLLC) Thomas J. Cahill, Duane Morris LLP, New York, NY. OSC.
Rs: (RJFSInc) Laura Ruiz Rivera, Raymond James & Associates Incorporated, 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
A Panel awards one broker expungement of two customer complaints from his CRD record while the second named broker is granted his request for expungement of just one customer complaint from his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Richard J. Lawrence, Esq. - Chair; Douglas J. Nesbit; Stuart K. Furman
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (CLF & SEW) William McC. Montgomery, Keesal Young & Logan, Long Beach, CA.
Rs: (WFCSLLC) Geoffrey S. Beckham, Wells Fargo Legal Department, 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 Panel provides factual background, and explains why it has decided to unanimously grant Claimant broker's request for expungement of a customer complaint from appearing on his CRD record.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Carl F. Bowmer, Esq. - Chair; Benjamin F. Breslauer; Kirtley M. Thiesmeyer, Esq.
Broker-Dealers Named
Raymond James & Associates Incorporated
Professionals
Cs: (WHS) Josef Y. Rosen, GrayRobinson PA, Tampa, FL.
Rs: (RJ&AInc) Laura Ruiz Rivera, Raymond James Financial Services Incorporated, 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
In this small claims arbitration, a customer alleging that Respondent broker-dealer executed an unauthorized forced market sale at $104.4825 (significantly lower than her intended sale price) after she canceled a 128 share NVDA limit order loses her case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Rescission Requested.
Arbitrators
Harlita R. Tomlinson, CPA, CFA (fka Harlita H. Robinson-Tomlinson, CPA, CFA fka Harlita H. Robinson, CPA, CFA)
Broker-Dealers Named
Alpaca Securities LLC
Professionals
Cs: Pro se.
Rs: (ASLLC) John H. Goselin II, Pierson Ferdinand LLP, 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
A Panel grants a broker's request for expungement of a customer complaint from appearing on her CRD record after finding said complaint to be false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Douglas Earl McLaren, Esq. - Chair; Gregory D. Hoffmann; Philip Aaron Tymon, JD
Broker-Dealers Named
Morgan Stanley Smith Barney LLC
Professionals
Cs: (MAC) Josef Y. Rosen, GrayRobinson PA, Tampa, FL.
Rs: (MSSBLLC) Brandy Fernandez, 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
A Majority-Public Panel grants, with prejudice, Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rules 12504(d), 12212(c), and 12511(b) (Discovery Sanctions) as a sanction for his failure to comply with the Panel's prior Order regarding the production of discovery in this matter and for his repeated failure to comply with his discovery obligations.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Majority Public Panel. Arbitrator Remarks.
Arbitrators
Ashley Lucile Belleau, Esq. - Chair; William John Sommers, Jr.; Martha Young Curtis
* 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 the despite the objection of the customer involved and after the Panel found the complaint to be false under FINRA Rule 2080.
* 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 investors alleging that they were placed in an unsuitable investment strategy and that Respondent broker-dealer made inappropriate investment recommendations (such as Energy 12 LP and the Spirit of America Energy Fund) for their securities account settle their case. Non-Party registered representative is granted her request for expungement of this matter from appearing on her CRD record.
Notes
This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Edith M. Novack, Esq. - Chair; Bryan David Glass; George Christopoulos
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.
* 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 a margin loan account was opened in her name without her permission and that she was charged unexpected fees regarding said account loses her case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
* 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 he suffered financial losses with respect to his account with Respondent broker-dealer loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
* 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 unanimously grants a broker's request for expungement of a customer complaint from appearing on his CRD record after finding that said request met all three criteria under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Richard J. Lawrence, Esq. - Chair; Jonathan B. Gilbert, Esq.; Brian John Gallagher
Broker-Dealers Named
Laidlaw & Company (UK) Limited
Professionals
Cs: (CAB) Tosh Grebenik, Judex Law LLC, Broomfield, CO.
Rs: (L&CUKLtd) Charles Smulevitz, 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
A Panel explains why it has decided to grant Claimant broker's request for reformation finding that the term fraud should be removed from said broker's Form U5 record as the use of this word is inappropriate in this context as his actions did not constitute fraud but a lapse in poor judgment.
* 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 registered representative enter into a Settlement Agreement, wherein said registered representative agrees to pay the amounts due and owing under a promissory note agreement. As part of the parties' settlement agreement, Respondent registered representative's Counterclaims alleging gender discrimination and seeking back-pay in the form of compensation are dismissed with prejudice.
Notes
This is a Stipulated Award. Gender Discrimination Case (Counterclaim).
Arbitrators
Jeffrey Alan Helewitz, Esq. - Chair; Leah G. Rabinowitz; Frances Sinha
Broker-Dealers Named
DA Davidson & Company
Professionals
Cs: (DAD&Co) Nancy Hendrickson, DA Davidson Companies, Chicago, IL. ISC.
Rs: (SLM) Raymond Nardo, R. Nardo PC, Mineola, 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
In this small claims arbitration, a customer alleging that Respondent broker-dealer is in breach of contract with respect to clawbacks/charges and BIR postings loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Eric Goldman
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Simeon M. Schopf, Washington, DC. 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 small claims arbitration, an investor alleging that Respondent broker-dealer failed to provide sufficient risk disclosures with respect to futures trading loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
* 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-dealer for the amounts due and owing under the Promissory Note Agreements he signed as part of his employment with said broker-dealer.
Notes
Arbitrator Remarks.
Arbitrators
Mitchell Regenbogen
Broker-Dealers Named
Morgan Stanley Smith Barney LLC; Morgan Stanley Smith Barney Financing LLC
Professionals
Cs: (MSSBLLC & MSSBFLLC) Tracy L. Gerber, Greenberg Traurig LLP, West Palm Beach, FL. OSC and Jennifer Tomsen, Greenberg Traurig 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 non-appearing registered representative is held liable to Claimant broker-dealers for the amounts due and owing on a promissory note he signed as part of his employment.
* 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 unanimously grants a registered representative's request for expungement of a customer complaint from appearing on his CRD record despite the objection of said customer and after finding the complaint to be factually impossible and false.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Susanne J. Hollander, Esq. - Chair; Andrew M. Mintzer, CPA; David I. Levine, Esq.
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (RJK) David J. Libowsky & Christina Herrera, Bressler Amery & Ross, Florham Park, NJ.
Rs: (MLPFSInc) Stuart Rebish, Maynard Nexsen PC, Birmingham, AL. 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 Panel grants a registered representative's request for expungement of a customer complaint from appearing on his CRD record despite the objection of the authorized representative of the state securities regulator for South Carolina.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
John P. Cullem, Esq. - Chair; Andrea U. Calve, Esq.; Linda J. Baer, Esq.
* 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 one customer complaint from his CRD record but unanimously denies his request for expungement of a second complaint with prejudice.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Jane A. Smith, JD - Chair; Thomas R. Dreiling, Esq.; Eric Ross Cromartie
* 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 investor alleging that negligence occurred with respect to his investments in a transfer on death account loses his case against Respondents.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
James E. Bartels
Broker-Dealers Named
RBC Wealth Management aka RBC Capital Markets LLC; Fahey Wealth Management Group
Professionals
Cs: Pro se.
Rs: (RBCWMgmt, PJF & CRS) Michael E. Rowe, Dorsey & Whitney, Minneapolis, MN. OSC.
Rs: (FWMGp) No-show. -- Did not voluntarily submit to arbitration.
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