* 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 in detail why it has denied a Claimant broker's case against Respondent broker-dealer and two brokers finding that said Claimant did not meet her burden of proof. Claimant broker was seeking over $7.8 million in damages from said Respondents and requested reformation of her Form U-5 record.
Notes
Arbitrator Remarks -- Explained Award.
People & Entities
Arbitrators
Robert Dean McKinley - Chair; Owen Frances; Steven A. Wawra, Esq.
Broker-Dealers Named
US Bancorp Investments Incorporated
Professionals
Cs: (FZM) Steve Buchwalter, Law Offices of S.A. Buchwalter PC, Encino, CA and Scot D. Bernstein, Law Offices of S.D. Bernstein, Folsom, CA.
Rs: (USBIInc, DMT & SP) Paul W. Sweeney Jr., Christina N. Goodrich & Kate G. Hummel, K&L Gates 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
Claimant broker-dealers settle their claim against Respondent broker for the enforcement of a stipulation between the parties relating to a promissory note.
Notes
This is a Stipulated Award. Arbitrator Remarks.
Arbitrators
Elliott David Finkel, Esq.
Broker-Dealers Named
Morgan Stanley Smith Barney FA Notes Holdings LLC; Morgan Stanley Smith Barney LLC
Professionals
Cs: (MSSBLLC & MSSBFANHLLC) Timothy N. Will, Albert & Will, Torrance, 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 customer alleging the sale of unsuitable securities with respect to his investment in various non-traded REITs, loses his claims against Respondent broker-dealer. Respondent broker is awarded expungement of this matter from his CRD record.
Notes
Majority Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Donald Neil Tolin - Chair; Eric Moutz; Holly Stein Sollod, Esq. (fka Holly S. Stein, Esq.)
Broker-Dealers Named
Centaurus Financial Incorporated
Professionals
Cs: James S. Helfrich, Allen Vellone et al., Denver, CO.
Rs: (CFInc & MEF) Kendra S. Canape, Gordon & Rees et al., Irvine, 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 case, two customers alleging fraud, among other things, lose their requests for relief against Respondent broker-dealer. The customers' claims related to their allegations that their accounts were aggressively, excessively and speculatively traded by an unregistered investment advisor causing them to lose a substantial portion of their retirement savings.
Notes
This case was administered under the Special Proceeding option for simplified cases.
Arbitrators
Jacquelyn Marie Shannon, Esq.
Broker-Dealers Named
Interactive Brokers LLC
Professionals
Cs: Scott Eichhorn & Katherine Black & Arda Barlas & Sarah Lilly, Student Interns, University of Miami School of Law, Investor Rights Clinic, Coral Gables, FL.
* 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 is awarded damages against Respondent broker-dealer relating to her claim that she was placed in a high-risk, unregistered security (1 Global Capital LLC) causing her to lose virtually all of her money due to 1 Global Capital' alleged massive securities fraud scheme.
Notes
Sanctions imposed.
Arbitrators
Marcia Bonita Gevers
Broker-Dealers Named
Taylor Capital Management Incorporated
Professionals
Cs: Michael D. Kennedy, The White Law Group LLC, Chicago, IL.
Rs: (TCMInc) Preston Spears, Woodstock, GA. ISC. Previously represented by: Peter J. Hardin, Sirote & Permutt, Birmingham, AL. OSC until 8/21/19.
* 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 group of customers seeking nearly $1 million in damages lose their claims and are held liable to two named Respondent broker-dealers for a total of $10,000 as a monetary sanction for failure to produce requested discovery. Said customers were also liable to Respondents for costs.
* 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 brokers alleging racial discrimination and seeking $12 million in compensatory damages and $18 million in punitive damages, lose their claims against Respondent broker-dealer. Respondent broker was dismissed from the case, as Claimant brokers did not meet their burden of proof against said broker.
* 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-dealers are held jointly liable to Claimant for damages relating to her investment in Puerto Rico bonds and Puerto Rico closed-end bond funds. Respondent broker-dealer's request for expungement on behalf a Non-Party broker is denied.
Robert Stewart Barney - Chair; Eric Spencer Buchanan, Esq.; Magda M. Fernandez Torres
Broker-Dealers Named
UBS Financial Services Incorporated of Puerto Rico; UBS Financial Services Incorporated
Professionals
Cs: W. Scott Greco, Greco & Greco, McLean, VA and Eric M. Quetglas Jordan, Quetglas Law Office, Guaynabo, PR and Luis E. Minana & Marla Cardona, Espada Minana & Pedrosa, San Juan, PR.
Rs: (UBSFSIncPR) Roberto C. Quinones, McConnell Valdes LLC, Hato Rey, PR. OSC.
Rs: (UBSFSInc) Daniel R. Korb Jr. & Sean Coughlin, Bressler Amery & Ross, 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 denies Claimant broker's request for expungement of four customer complaints from his CRD record because he did not provide enough evidence to sustain his burden of proof.
Notes
Arbitrator Remarks.
Arbitrators
Patrick Richard Westerkamp, Esq. - Chair; Paul A. Auerbach; Michael Jonathan Chazan
Broker-Dealers Named
Signator Investors Incorporated
Professionals
Cs: (DLB) John M. Verdecchia, Law Office of J.M. Verdecchia, Providence, RI.
Rs: (SIInc) Gregory M. Curley & James Noblett, AG Advisor Group, Jersey City, NJ. 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 broker-dealer and registered representative enter into a Settlement Agreement relating to the amounts due and owing on three promissory note agreements.
* 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 customer is held liable to Claimant broker-dealer for the debit balance due after allegedly refusing to return withdrawn funds from his Schwab Account. Said customer's Counterclaim for breach of contract is denied.
Notes
None.
Arbitrators
Thomas A. Martin, Esq.
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: (CS&CInc) Jonathan D. Berg, Jaffe & Asher, New York, NY. OSC and B. Bruce Johnson, Jaffe & Asher, Dallas, 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
Two females brokers seeking compensation and alleging sexual discrimination among other things, are awarded damages from Respondent broker-dealer and two brokers.
Notes
Gender Discrimination.
Arbitrators
David J. Hase, Esq. - Chair; Terry F. Peppard, Esq.; Matthew James Kearney
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (DO & PG) Paul A. Lieberman, Scarinci & Hollenbeck, Red Bank, NJ.
Rs: (UBSFSInc, LJL & MJK) Christopher A. Stecher & Cassidy A. Wallace, Keesal Young & Logan, San Francisco, CA. OSC.
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