* 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 breached its contract after it invested in SPX stock options loses its case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
People & Entities
Arbitrators
Joseph C. Roberts, Esq.
Broker-Dealers Named
Interactive Brokers LLC
Professionals
Cs: Pro se through Karol Raszkiewicz, Anchorage, AK.
Rs: (IBLLC) Vincent P. Iannece, Greenwich, CT. 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 customer (Individually and on behalf of her IRA accounts) alleging that Respondent broker-dealer breached its fiduciary duty owed to her as well as misrepresented her investments is awarded compensatory damages.
Notes
Rescission Requested. All-Public Panel.
Arbitrators
Jonathan H. Krotinger, Esq. - Chair; Herbert Siegfried Emmrich; Ralph L. Jacobson
Broker-Dealers Named
JP Morgan Securities LLC aka Chase Private Client
Professionals
Cs: Brandon S. Reif & Drew Frey, Reif Law Group, Los Angeles, CA.
Rs: (JPMSLLC) 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
A broker resolves his deferred compensation claims by entering into a Confidential Settlement Agreement with Respondent broker-dealers and is granted his request for reformation of defamatory information from his Form U5 record.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Steven H. Gentry - Chair; Robert C. Albini; Jon Robert Daurio
Broker-Dealers Named
B of A Securities Incorporated; Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (JCN) Jeffrey K. Riffer & Julie Z. Kimball, Elkins Kalt et al., Los Angeles, CA.
Rs: (BASInc & MLPFSInc) Jason E. Murtagh & Mary R. Hackett, Buchanan Ingersoll & Rooney, San Diego, 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 Panel awards a registered representative expungement of a customer complaint from her CRD record after finding that she was not involved with the investment-related sales practice violation under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Barbara L. Edin, Esq. - Chair; Joyce L. Hurley; Robert Dean McKinley
Broker-Dealers Named
Independent Financial Group LLC
Professionals
Cs: (ELH) Christina Z. Vourakis, Winget Spadafora & Schwartzberg LLP, Los Angeles, CA.
Rs: (IFGLLC) Sarah J. Kreisman, San Diego, 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 broker loses his request for expungement of two customer complaints from his CRD record with prejudice after the authorized representative of the state securities regulator for California opposed said relief. Also, the Panel's decision to award expungement relief was not unanimous as one Arbitrator found that Claimant failed to file his case within the time specified in Rule 13805 of the Code.
Notes
Arbitrator Remarks -- Arbitrators dissent with explanation.
* 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 Rule 13801 default judgment case, a broker-dealer is awarded over $2.6 million in damages from an inactive, terminated FINRA member firm relating to its breach of contract claim. Please Note** Claimant's causes of action were originally alleged against Respondent broker-dealer in FINRA Arbitration Case Number 24-00936.
* 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 selling away case, two customers (an individual and a limited liability company) alleging that they were victims of fraud when one of Respondent broker-dealer's former agents stole their funds when he emptied out their securities account lose their case. Respondent broker-dealer loses its Counterclaim and T-Pty Claim for indemnification.
* 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 denying Respondent broker-dealer's Motions to Dismiss raised in this matter pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes), an Arbitrator grants a broker's request for reformation of defamatory information contained in his Form U5 record.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Donna Greenspan Solomon
Broker-Dealers Named
JP Morgan Securities LLC
Professionals
Cs: (NVM) Alex Padla, HLBS Law, Broomfield, CO.
Rs: (JPMSLLC) Jeffrey S. Dunlap & Sarah Henderson, UBGreensfelder LLP, Cleveland, OH. 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 his shares of stock in MariMed were purchased on margin without his authorization and that he was a victim of IP Spoofing loses his case against Respondent broker-dealer.
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 Barry K. Thorpe, Esq.)
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: Pro se.
Rs: (CS&CInc) Taylor Brandy & Sara Soto, Bressler Amery & Ross, Fort Lauderdale, 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
A non-appearing registered representative is held liable to Claimant broker-dealer for damages stemming from a previously executed settlement between the parties involving the amounts due and owing on a promissory note agreement.
Notes
Arbitrator Remarks.
Arbitrators
Charles E. White
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (WFCSLLC) Keith J. Barnett & Seth M. Erickson & Noah J. Mason, Troutman Pepper Locke 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 registered representative is held liable to Claimant broker-dealers for the amounts due and owing on a Registered Representative Agreement, an Investment Advisor Representative Agreement and a Promissory Note.
* 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 alleging that he was wrongfully terminated and requesting reformation of defamatory information from his Form U5 record loses his case against Respondent broker-dealer with prejudice.
Notes
None.
Arbitrators
Leonard Arthur Nelson, Esq. - Chair; Leo G. Stern, Esq.; Danielle L. Anderson
Broker-Dealers Named
Edward Jones
Professionals
Cs: (AMT) Bruce Lewitas & Douglas W. Hyman, Lewitas Hyman PC, Chicago, IL.
Rs: (EDJ&CLP) Jonathan W. Hackbarth & Elizabeth Silker & Tyler Roth, Quarles & Brady LLP, Milwaukee, WI. 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 grants Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13206(a) (Six-year Eligibility Rule for Industry Disputes) and denies Claimant's request for reformation of his Form U5 record finding that the event or occurrence giving rise to the filing took place more than six years prior to the submission of the current arbitration.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks.
Arbitrators
Bruce Keplinger, Esq.
Broker-Dealers Named
Edward Jones
Professionals
Cs: (KMT) Peter Lindholm, HLBS Law, Broomfield, CO.
Rs: (EDJ&CLP) Eric A. Michaels & Meagan A. Lamberti & Tyler M. Cohen, Saretsky Hart et al., Birmingham, 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
An Arbitrator grants Claimant registered representative's request for reformation of defamatory information from his Form U5 record after denying Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes).
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Bryan Lane Berson
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: (SEH) Peter Lindholm, HLBS Law, Broomfield, CO.
Rs: (FBSLLC) David I. Hantman, Bressler Amery & Ross, New York, NY. OSC and Leslie Blickenstaff, 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
A customer (individually and as trustee of the Baskin Investment Trust) alleging that a delay occurred with respect to the liquidation of its assets and seeking $7.5 million in damages loses his case against Respondents. However, one Arbitrator disagreed from the majority and would have awarded the customer nearly $3.8 million in damages relating to the delay in the sale of the assets and the unsuitability of the investment. Respondent broker loses his request for expungement of this matter from his CRD record with prejudice.
Notes
All-Public Panel. Arbitrator Remarks -- Arbitrator dissents with explanation.
Arbitrators
Mauricio Arcadier, JD - Chair; Michael J. Ahlstrom, Esq. (Dissents); Karin Marie Paparelli, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: Eugene N. Bulso Jr., Bulso PLC, Brentwood, TN.
Rs: (UBSFSInc & JAN) George D. Sullivan & Evelyn Bukchin & Alexander Weiner, Greenberg Traurig LLP, White Plains, 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
A Panel grants a broker's request for expungement of three customer complaints from appearing on his CRD record but denies his request for expungement of a fourth complaint with prejudice.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Steven R. Rolnick, Esq. - Chair; Nicholas John Taldone, Esq.; Mary C. Davis
* 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 she suffered financial losses as a result of the unauthorized liquidation of her investments (including cryptocurrencies) by Respondent broker-dealers loses her case.
Notes
All-Public Panel.
Arbitrators
Christopher M. McMurray, Esq. - Chair; Matthew Stephen Duchesne; Fatu Suah
Broker-Dealers Named
Robinhood Financial LLC; Robinhood Securities LLC
Professionals
Cs: Pro se.
Rs: (RFLLC & RSLLC) Lawton R. Graves, Murphy Anderson PA, Jacksonville, FL. OSC.
Any attempt to use robotics to download Awards posted on this WebSite or to gain access to the Awards on this WebSite in contravention of the Terms of Use Agreement is an unauthorized use, an abuse of the privileges extended to users of this WebSite, and, in our view, a violation of federal law.
