* 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 Arbitrator explains why he has decided to dismiss the customer's case finding that pursuant to Respondent broker-dealer's Financial Customer Agreement (that the customer signed) he is not entitled to damages for losses arising from or related to his account with Respondent broker-dealer due to a malfunction of its mobile application. The Arbitrator also found that said customer's account was a self-directed account and therefore Respondent broker-dealer is not responsible for the losses that occurred in his 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
After unanimously awarding Claimant broker expungement of a customer complaint from his CRD record, two of the Arbitrators explain why they feel said relief is warranted in this case finding the complaint to be unfounded and false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Arbitrators concur with explanation. Expungement granted.
Arbitrators
Michael John Florio - Chair (Concurs); Stephany Adriene Watson, Esq. (Concurs); Charles A. Palmer, JD
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (WK) 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
Registered Rep is awarded expungement of a customer complaint from his CRD record by unanimous decision of the Panel and despite the objections of the customers involved and the authorized representative of the state securities regulator for California.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Theresa Joan Rosenberg - Chair; John R. Wylie, Esq.; Daniel B. MacLeod, Esq.
Broker-Dealers Named
Centaurus Financial Incorporated
Professionals
Cs: (BPC) Peter Lindholm, HLBS Law, Broomfield, 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
An Arbitrator grants, without prejudice, Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule) as the event triggering the filing of Claimant's case (which were losses of service on Respondent broker-dealer's website) occurred in March of 2020, more than six years prior to said filing and is therefore ineligible for arbitration.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks.
Arbitrators
Thomas Arthur Cohen
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) William M. Turner, Turner Dhillon 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
In this small claims arbitration, a customer alleging that despite his numerous requests for assistance over the years, Respondent broker-dealer has failed to give him access to funds that were improperly withheld from his brokerage account loses his case.
Notes
None.
Arbitrators
Sandra L. Malek, Esq.
Broker-Dealers Named
Vanguard Marketing Corporation
Professionals
Cs: Pro se.
Rs: (VMCorp) Gordon C. Young & Simon M. Levy, FBT Gibbons LLP, San Francisco, 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 non-appearing registered representative is held liable for the amounts due and owing on a promissory note agreement he signed as part of his employment with Claimant broker-dealer.
* 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 Respondent broker-dealer failed to return their funds after an unauthorized wire transfer occurred in their joint account lose their case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Barry David Thorpe, Esq. (fka David K. Thorpe, Esq.)
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Kevin S. Blume, FMR LLC Legal Department, Boston, MA. 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 he suffered economic harm after Respondent broker-dealer executed an unsolicited sell order on margin thus disrupting him from executing his trading strategy loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
Arbitrators
James R. McGuone, Esq.
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: Pro se.
Rs: (MSSBLLC) Leo Kogan, Maynard Nexsen PC, 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 broker loses his request for expungement of a customer complaint from his CRD record with prejudice as the Panel's decision to award said relief was not unanimous. One Arbitrator found that one or more of the grounds for expungement under Rule 13805 was established, whereas his fellow two Panelists did not make such a finding. Also, the customer involved in the complaint objected to said relief being granted.
Notes
Arbitrator Remarks -- Arbitrator dissents with explanation.
Arbitrators
Daniel Robbins, Esq. - Chair (Dissents); Leah Murray Albert, Esq. (fka Leah A. Murray, Esq. fka Leah M. Balk-Teitelbaum, Esq. fka Leah M. Murray, Esq.); David G. Skeen, Esq.
Broker-Dealers Named
Wells Fargo Advisors Financial Network LLC
Professionals
Cs: (RJS) Debra A. Jenks, D.A. Jenks PA, West Palm Beach, FL.
Rs: (WFAFNLLC) Kirstenn D. Mason-Jones, Faegre Drinker et al., Florham Park, NJ. 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 provides an explanation and background information on why it has decided to unanimously grant Claimant broker's request for expungement of a customer complaint from appearing on her CRD record finding the complaint to be factually impossible and clearly erroneous.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Ted M. Rosen, Esq. - Chair; David A. Schuler; Allan R. Lazor, 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
In this small claims arbitration, a customer alleging that Respondents did not act in her best interest when they recommended unsuitable securities and liquidated her retirement assets, thus causing her to incur tax liabilities, loses her case. Respondent broker's request for expungement of this matter from her CRD record will be decided in another FINRA award.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. The Arbitrator will issue a decision on expungement of customer dispute information in a separate, subsequent Award. Regulation Best Interest.
* 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 expungement of a customer complaint from his CRD record as the decision to award expungement was not unanimous. One Arbitrator found that one or more grounds for expungement under Rule 13805 of the Code were established, while his other two fellow Panelists did not make such a finding.
Notes
Arbitrator Remarks -- Arbitrator dissents with explanation.
Arbitrators
Stuart D. Summers - Chair; Michael H. DuBoff, Esq. (Dissents); Michael J. Meeusen, Esq.
Broker-Dealers Named
MML Investors Services LLC
Professionals
Cs: (RT) Jennifer Cox, AdvisorLaw LLC, Broomfield, CO.
Rs: (MMLISLLC) Matthew Banta & Julie E. Ravis, Stevens & Lee, Reading, PA. 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 seeking $2 million in emotional distress damages, as well as, reformation of defamatory information allegedly contained in his Form U5 record loses his case against Respondent broker-dealers.
Notes
None.
Arbitrators
Sandra M. Stephenson-Peterkin - Chair; Karen J. Orlin; Catherine Gomez Davis
Broker-Dealers Named
OSAIC Wealth Incorporated; Securities America Incorporated
Professionals
Cs: (EM) None.
Rs: (OSAICWInc & SAInc) Jenny J. Owen & Gregory M. Curley, Scottsdale, AZ. 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 Respondents are in violation of Regulation E by negligently failing to protect his account from unauthorized electronic fund transfers loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. Clrg BD dispute.
Arbitrators
Robert Elliot Harrison
Broker-Dealers Named
Robinhood Financial LLC; Robinhood Securities LLC
Professionals
Cs: Pro se.
Rs: (RFLLC & RSLLC) Gerry A. Giurato & Niels P. Murphy, Murphy Anderson Attorneys at Law, Jacksonville, FL. 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, an investor alleging that Respondent broker-dealer's recommendation to reinvest the proceeds from her Fidelity mutual fund position in FNILX into nine other Fidelity mutual funds, including FSMAX and FISVX, to name a few, were not executed in her best interest loses her case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Mitchell Regenbogen
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Kevin S. Blume, FMR LLC Legal Department, Boston, MA. 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, Respondent broker-dealer is ordered to transfer funds to Claimant's E*TRADE Account relating to the rejection of two ACH withdrawal requests from his UTMA custodial accounts and the alleged misappropriation of funds from those accounts.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Kevin Brodar
Broker-Dealers Named
Interactive Brokers LLC
Professionals
Cs: Pro se.
Rs: (IBLLC) Katherine L. Schuerman, 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
Registered Rep loses his request for expungement of a customer complaint from his CRD record with prejudice by unanimous decision of the Panel and after the objections of the customer involved and the state securities regulator for The California Department of Financial Protection & Innovation.
Notes
None.
Arbitrators
Ian S. Greig - Chair; Michael A. Orticelle; Richard Kent Mahrle
* 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 that Respondent registered representative unjustly enriched herself by misappropriating funds in violation of the parties' term agreement loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 13800 of the Code. Cs did not request a hearing.
Arbitrators
Jonathan H. Krotinger, Esq.
Broker-Dealers Named
None.
Professionals
Cs: (JJP) None.
Rs: (MC) Stuart D. Roberts, Maynard Nexsen PC, Birmingham, AL.
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