* 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 after a majority of the Panel found the language on the U5 did not meet the standard for expungement under FINRA Rule 13805.
Notes
Arbitrator Remarks -- Arbitrator dissents without explanation.
People & Entities
Arbitrators
Susan C. Lushing, Esq. - Chair; Katherine Hendricks, Esq.; Robert Dean McKinley (Dissents)
Broker-Dealers Named
Kestra Investment Services LLC
Professionals
Cs: (KJ) Richard A. D'Amura, D'Amura & Zaidman, Los Angeles, CA.
* 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
Three Respondent customers are held jointly and severally liable to Claimant broker-dealer for damages stemming from their failure to pay fees and expenses in breach of the terms of the engagement letter executed between the parties. One customer loses its Counterclaim seeking $62 million in damages relating to services rendered as a financial advisor.
Notes
Big $s. All-Public Panel. Arbitrator Remarks.
Arbitrators
Mauricio Arcadier, JD - Chair; Stuart K. Furman; Richard Merritt Langway
Broker-Dealers Named
Perella Weinberg Partners Limited Partnership
Professionals
Cs: (PWPLP) Michael C. Deutsch, Singer Deutsch LLP, New York, NY. OSC.
Rs: Robert C. Harris, Baritz & Colman LLP, Boca Raton, 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 group of customers alleging that Respondents misrepresented the riskiness of investing in GWG-L Bonds settle their case. One named Respondent broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Mimi B. Osiason - Chair; Candi M. Rowen; Kevin M. Schmitt, Esq.
Broker-Dealers Named
Emerson Equity LLC
Professionals
Cs: Kalju Nekvasil & Stephen Krosschell, Goodman & Nekvasil, St. Petersburg, FL.
Rs: (EELLC) Chad Weaver, Freeman Mathis & Gary, Seal Beach, CA. OSC.
Rs: (JDK) George L. Guerra, Guerra & Partners, Tampa, 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 Majority-Public Panel grants Respondent broker-dealer's and two registered representatives' Pre-Hearing Motion to Dismiss without prejudice pursuant to FINRA Rule 12504 (not involved with the security, account, or conduct in dispute) as the Claimant never received any broker-dealer or advisor services from any of the Respondents at any time relevant to this matter.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Majority Public Panel. Arbitrator Remarks.
Arbitrators
Harvey R. Linder, Esq. - Chair; Gary J. Leshaw, JD; Charles Boyd Mathes
Broker-Dealers Named
Moody Capital Solutions Incorporated; Complete Financial Solutions Incorporated
Professionals
Cs: Pro se.
Rs: (MCSInc & RR) Anne T. Freeland, Michael Best & Friedrich LLP, Cottonwood Heights, UT. OSC.
Rs: (TM) None.
Rs: (CFSInc) No-show. -- Did not voluntarily submit to 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
A customer (on behalf of his IRA) alleging that two Non-Party brokers over-concentrated his funds in risky equity investments such as CRISPR Therapeutics settles his case against Respondent broker-dealer. Said two Non-Party brokers are each award expungement of this matter from their respective CRD records.
Notes
This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Dianne Marie Onichimowski - Chair; Josette Belvedere; Marcia Bonita Gevers
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: Chase Carlson, Carlson Law, Miami Beach, FL.
Rs: (MLPFSInc) David J. Libowsky, 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
Two customers (Joint Tenants with Rights of Survivorship) alleging that their investment in the GWG-L Bond was unsuitable for them given their financial goals and lack of investment experience settle their case against Respondents. Respondent broker loses her request for expungement of this matter from her CRD record after her failure to comply with the Arbitrator's Order to file documentation and information in support of her request.
Notes
This is a Stipulated Award. Rescission Requested.
Arbitrators
Jeffry Mark Bauer, Esq.
Broker-Dealers Named
Western International Securities Incorporated
Professionals
Cs: Kirk G. Smith, Shepherd Smith et al, Houston, TX.
Rs: (WISInc) Nathan E. Smith, Markun Zusman & Compton LLP, Encino, CA. OSC.
Rs: (AS) None. Previously represented by counsel until 7/10/24.
* 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
Pursuant to the parties' joint stipulation, a sole Arbitrator has granted Claimant broker's request for expungement of a customer complaint from appearing on his CRD record.
* 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 Motion for Directed Verdict as the customer failed to meet her burden of proof with respect to allegations that money was missing from her late husband's retirement accounts.
Notes
Directed Verdict -- Full Dismissal. All-Public Panel.
Arbitrators
William M. Azkoul, JD - Chair; Douglas J. Nesbit; Phyllis Karasov, Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Pro se.
Rs: (FBSLLC) Leonel Peraza, Bressler Amery & Ross, Fort Lauderdale, FL. OSC and Erin Sinclair, 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
Two customers (one as Power of Attorney) alleging that Respondent broker-dealer breached its fiduciary duty by failing to do its due diligence causing them to be defrauded and financially exploited by a Non-Party fraudster lose their case.
Notes
All-Public Panel.
Arbitrators
Ansis Viksnins, Esq. - Chair; Peter N. Thompson; LaVon C. Phillips, Esq.
Broker-Dealers Named
Osaic Wealth Incorporated as Successor to Woodbury Financial Services Incorporated
Professionals
Cs: Pro se. Previously represented by counsel until 9/6/24.
Rs: (OWInc) Greg Curley & Jennifer Cox, 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
A Panel awards Claimant broker expungement of a customer complaint from his CRD record after finding said expungement met all three criteria under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Gerald M. Levine - Chair; Sean Farrow, Esq.; John B. Morgan, Esq.
Broker-Dealers Named
Investec Ernst & Company
Professionals
Cs: (JJG) Tosh Grebenik, Judex Law LLC, Broomfield, CO.
Rs: (IE&Co) Maxim Nowak, Herrick Feinstein LLP, 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 breach of contract is awarded compensatory damages against one named Respondent broker-dealer, while the other named Respondent is dismissed after the Arbitrator found no arbitral jurisdiction existed.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option. Rs Empower Retirement LLC was not assessed any portion of the awarded amount. Rs Fidelity Brokerage Services LLC was assessed.
* 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 pursuant to a promissory note agreement.
Notes
Arbitrator Remarks.
Arbitrators
Gregory Hunter Mathews
Broker-Dealers Named
Wells Fargo Clearing Services LLC
Professionals
Cs: (WFCSLLC) Sara Soto & Randi Perry Spallina, 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
Three customers alleging that Respondent broker-dealer misrepresented the riskiness of being placed in its Yield Enhancement Options Strategy (YES) settle their case, while a Non-Party broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Allan R. Lazor, Esq. - Chair; Andrea Joan Douglas; Joshua Charles Nelson-Archer
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: Jeffrey B. Kaplan, Dimond Kaplan & Rothstein, Miami, FL.
Rs: (UBSFSInc) Anthony J. Borrelli, Riker Danzig et al., Morristown, NJ. OSC.
Rs: (EALLC) Joseph Two, Equitable, Charlotte, NC. ISC.
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