UPDATE : ARBchek

This Report is a product of Securities Arbitration Commentator, Inc.

New Award Briefs

Report Dated: 2023-03-15

2023-06

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeCustomer

Allegation I

Expungement(CRD)

Short Caption

Barth v. Antietam Holdings

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00209

Products

DirectInvesmts

Issue Date

2023-02-17

Situs

Los Angeles

State

CA

Clmd Compensatory

0.1

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 are awarded expungement of a customer complaint from their respective CRD records.

Notes

Majority Public Panel. Arbitrator Remarks -- Expungement granted.

People & Entities

Arbitrators

Robert E. Jenks - Chair; Norman Michael Garland; Roberta Lynn Haft

Broker-Dealers Named

None.

Professionals

  • Cs: (HB & RJ) Craig R. Bockman, Jones Bell et al., Los Angeles, CA.
  • Rs: No-show.

TypeDisp

SmallClms

Allegation I

Operations

Short Caption

Vitarelli v. E*Trade Securities

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachContract

Docket No

22-00243

Products

NP

Issue Date

2023-02-17

Situs

San Francisco

State

CA

Clmd Compensatory

9.6

Total Amt Awarded

29.6

Compensatory Awarded

9.6

Punitive Damage Awarded

0.0

Attorney Fees Awarded

20.0

* 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, a customer alleging that Respondent broker-dealer violated the Electronic Funds Transfer Act by transferring her account to another broker-dealer is awarded damages including attorney fees pursuant to Section 15 U.S.C. 1693m(a)(3) of the EFTA.

Notes

Arbitrator Remarks.

Arbitrators

Helen Marinak Blohm, Esq. (fka Helen M. Marinak, Esq.)

Broker-Dealers Named

E*Trade Securities LLC

Professionals

  • Cs: Andrei Armas, Armas & Joseph, Montebello, CA.
  • Rs: (ETSLLC) Meredith Hoffman, Jersey City, NJ. ISC.

TypeDisp

CustomerMember

Allegation I

Operations

Short Caption

Wang v. Fidelity Brokerage

Allegation II

Fraud

Forum

FINRA

Allegation III

BreachContract

Docket No

22-00309

Products

NP

Issue Date

2023-02-15

Situs

Los Angeles

State

CA

Clmd Compensatory

80.7

Total Amt Awarded

40.4

Compensatory Awarded

40.4

Punitive Damage Awarded

Attorney Fees Awarded

* 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

Although the Arbitrator Chair dissents with the rest of the Panel, a customer is awarded damages against Respondent broker-dealer after alleging that her funds were fraudulently electronically transferred to a third-party bank account without her consent.

Notes

Majority Public Panel. Arbitrator Remarks -- Arbitrator Chair dissents without explanation.

Arbitrators

Andrew M. Mintzer, CPA (Dissents) - Chair; Barry D. Kaye; Mario H. Metzger

Broker-Dealers Named

Fidelity Brokerage Services LLC

Professionals

  • Cs: Pro se.
  • Rs: (FBSLLC) Elizabeth H. Lindh, Keesal Young & Logan, Long Beach, CA. OSC and Chan Nam, FMR LLC Legal Department, Jersey City, NJ. ISC.

TypeDisp

SmallClms

Allegation I

UnauthTdg

Short Caption

Steward v. Sanders

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Docket No

22-02371

Products

*

Issue Date

2023-02-24

Situs

Los Angeles

State

CA

Clmd Compensatory

50.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 unauthorized trading loses his case.

Notes

Please Note* This matter proceeded pursuant to Rule 12800 of the Code.

Arbitrators

Michael D. Harrison, Esq.

Broker-Dealers Named

None.

Professionals

  • Cs: Pro se.
  • Rs: (RMS) Eric A. Herzog, Locke Lord LLP, Los Angeles, CA.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Carroll v. LPL Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

22-00025

Products

PromissoryNote

Issue Date

2023-02-24

Situs

Hartford

State

CT

Clmd Compensatory

0.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

0.0

* 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 loses his request for reformation of his Form U5 record for his failure to appear at the hearing and meet his burden of proof and is held liable to Respondent broker-dealer for the amounts due and owing pursuant to a promissory note and representative agreement.

Notes

Arbitrator Remarks.

Arbitrators

John J. Mager, Esq. - Chair; Robert M. Singer; Karen Kim

Broker-Dealers Named

LPL Financial LLC

Professionals

  • Cs: (KJC) None.
  • Rs: (LPLFLLC) Matthew T. Bohenek & Andrew R. Park, Boston, MA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Rimmer v. David Lerner

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

21-02390

Products

DirectInvesmts; MutualFunds

Issue Date

2023-02-16

Situs

Boca Raton

State

FL

Clmd Compensatory

235.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 customer trustees alleging elder abuse and unsuitability with respect to the purchase of the Spirit of America Energy Fund and Energy 11 LP settle their case against Respondent. Non-Party broker is granted expungement of this matter from his CRD record.

Notes

This is a Stipulated Award. Rescission Requested. All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Monica I. Salis, Esq. - Chair; Susan J. Jones; Eric Mealus

Broker-Dealers Named

David Lerner Associates Incorporated

Professionals

  • Cs: August M. Iorio, Iorio Altamirano LLP, New York, NY.
  • Rs: (DLAInc) Michael G. Shannon & Riccardo M. DeBari & Anna K. Stark, Thompson Hine LLP, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Garrette v. First Allied

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

22-00358

Products

DirectInvesmts

Issue Date

2023-02-14

Situs

Tampa

State

FL

Clmd Compensatory

115.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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, without prejudice, Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule) finding that the date of purchase of the subject alternative investments occurred more than 6 years prior to the filing of the Statement of Claim.

Notes

Pre-Hearing Adjudication -- Full Dismissal. All-Public Panel. Arbitrator Remarks.

Arbitrators

Mimi B. Osiason - Chair; Maurice M. Feller, Esq.; Kathy A. Tatone, Esq.

Broker-Dealers Named

First Allied Securities Incorporated

Professionals

  • Cs: Nicholas J. Guiliano, The Guiliano Law Group, Philadelphia, PA.
  • Rs: (FASInc) Benjamin J. Biard & Zachary S. Knoblock, Winget Spadafora Schwartzberg LLP, Miami, FL. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Medeiros v. Centaurus Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

SellingAway

Docket No

22-01019

Products

PrivSecTrans; MutualFunds

Issue Date

2023-02-22

Situs

Tampa

State

FL

Clmd Compensatory

100.0

Total Amt Awarded

97.5

Compensatory Awarded

60.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

37.5

* 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 (Joint Tenants) alleging that they were led to believe the securities they were investing in were safe when in fact they were illiquid are awarded damages against a non-appearing broker. Said customers voluntarily dismissed with prejudice their claims against Respondent broker-dealer as their claims related to activities and sales that occurred outside Respondent broker's employment with Centaurus Financial.

Notes

Rs Centaurus Financial Inc. was not assessed any portion of the awarded amount. Rs Joseph Michael Todd was assessed. Rescission Requested. Selling Away case. All-Public Panel. Arbitrator Remarks.

Arbitrators

Nicholas John Taldone, Esq. - Chair; Joanna Salapska-Gelleri; Lloyd S. Green, Esq.

Broker-Dealers Named

Centaurus Financial Incorporated

Professionals

  • Cs: Mark E. Maddox, Maddox Hargett & Caruso, Fishers, IN.
  • Rs: (CFInc) Chad Weaver & Elizabeth Fellmeth, Freeman Mathis & Gary, Seal Beach, CA. OSC.
  • Rs: (JMT) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Posey v. Morgan Stanley

Allegation II

Forum

FINRA

Allegation III

Docket No

22-01721

Products

NP

Issue Date

2023-02-22

Situs

Tampa

State

FL

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* 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 wins expungement of nine customer complaints from appearing on his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Maurice M. Feller, Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC; Morgan Stanley & Company LLC; Morgan Stanley DW Incorporated

Professionals

  • Cs: (JAP) Stephan Louviere, Louviere Law Firm, Pompano Beach, FL.
  • Rs: (MSSBLLC, MS&CLLC & MSDWInc) Gina Shlaferman, St. Petersburg, FL. ISC.

TypeDisp

SmallClms

Allegation I

Suitability

Short Caption

Bergin v. Edward Jones

Allegation II

FailToObey

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

22-01135

Products

*

Issue Date

2023-02-23

Situs

Chicago

State

IL

Clmd Compensatory

35.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

* 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 failed to communicate with her after he purchased securities for her portfolio and placed her in non-transferable accounts loses her case. Respondent broker loses his request for expungement of this matter from his CRD record after a contested hearing on the expungement.

Notes

Please Note* This case was administered under the Special Proceeding option for simplified cases.

Arbitrators

Susanne J. Hollander, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: Pro se.
  • Rs: (EDJ&CLP, DES & SW) Thomas J. McDonell, Quarles & Brady, Chicago, IL. OSC and Jonathan W. Hackbarth, Quarles & Brady, Milwaukee, WI. OSC.

TypeDisp

CustomerMember

Allegation I

Negligence

Short Caption

Holland v. Sofi Securities

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

22-01004

Products

Currencies; ETFs

Issue Date

2023-02-22

Situs

Boston

State

MA

Clmd Compensatory

75.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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

Although a customer loss funds in his retirement account, the Arbitrator determined that Respondent broker-dealer did not violate any FINRA rule or have a duty to monitor said customer's account activities as the account was self-directed. Thus, the customer's claims are denied.

Notes

Arbitrator Remarks -- Explained Award.

Arbitrators

Andrea J. Goldman, Esq.

Broker-Dealers Named

Sofi Securities LLC

Professionals

  • Cs: Pro se.
  • Rs: (SSLLC) William Corey & Andrew Marsh, San Francisco, CA. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Bily v. Cetera Advisors

Allegation II

Misreprestn

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

21-01422

Products

Equity; Commodities; DirectInvesmts; RealEstate; VariableAnnuities

Issue Date

2023-02-22

Situs

Las Vegas

State

NV

Clmd Compensatory

0.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 (on behalf of their respective IRA accounts) alleging they were placed in high-risk investments such as Enerplus Corporation, gold, and variable annuities voluntarily dismiss their claims against Respondents with prejudice (NO SETTLEMENT AGREEMENT). Respondent broker loses his request for expungement of this matter from his CRD record after a contested hearing on the request.

Notes

All-Public Panel.

Arbitrators

Barbara M. Zak, Esq. - Chair; Avery B. Goodman, Esq.; Ann H. Nevers

Broker-Dealers Named

Cetera Advisors LLC

Professionals

  • Cs: Richard S. Frankowski, The Frankowski Firm LLC, Birmingham, AL.
  • Rs: (CALLC & RAP) Edwin A. Barkel, Lewis Roca et al., Phoenix, AZ. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Worldscale Association v. UBS Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

19-01015

Products

Options

Issue Date

2023-02-23

Situs

New York

State

NY

Clmd Compensatory

401.2

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 it was unsuitably placed in Respondent broker-dealer's Yield Enhancement Options Strategy loses its case.

Notes

Rescission Requested. All-Public Panel.

Arbitrators

Edmund Timothy Donovan - Chair; Clarence Smith, Jr., Esq.; Sofia Balile

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: Samuel B. Edwards & Ryan Cook, Shepherd Smith et al., Houston, TX.
  • Rs: (UBSFSInc) Kuan Huang, Latham & Watkins, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

BreachContract

Short Caption

Seoane v. Aegis Capital

Allegation II

Fraud

Forum

FINRA

Allegation III

Compensatn

Docket No

20-03946

Products

PromissoryNote

Issue Date

2023-02-22

Situs

New York

State

NY

Clmd Compensatory

133.3

Total Amt Awarded

186.6

Compensatory Awarded

133.3

Punitive Damage Awarded

0.0

Attorney Fees Awarded

53.3

* 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 damages on his breach of contract claim while Respondent broker-dealer loses its Counterclaim seeking the alleged amounts due and owing on a promissory note agreement.

Notes

Arbitrator Remarks.

Arbitrators

Julian F. Santos, Esq. - Chair; Veronica Ann Williams; Jennifer Lupo, JD

Broker-Dealers Named

Aegis Capital Corporation

Professionals

  • Cs: (JAS) Michael S. Hill, Menzer & Hill, Boca Raton, FL.
  • Rs: (ACCorp) Michael P. Gilmore, Moss & Gilmore, Mineola, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Watkins v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

WrongTerm

Docket No

21-00109

Products

NP

Issue Date

2023-02-22

Situs

New York

State

NY

Clmd Compensatory

1760.7

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

0.0

Attorney Fees Awarded

0.0

* 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 wrongful termination and seeking reformation of alleged defamatory information from his Form U5 record loses his case against Respondent broker-dealer and registered representative.

Notes

None.

Arbitrators

Daniel Robbins, Esq. - Chair; Charlane Brown; Carole R. Bernstein, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (DRW) Jeffrey L. Liddle, The Liddle Law Firm PLLC, New York, NY.
  • Rs: (UBSFSInc & CCA) Lloyd B. Chinn, Proskauer Rose LLP, New York, NY. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Sagepoint Financial v. Weiss

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

22-01649

Products

PromissoryNote

Issue Date

2023-02-16

Situs

Syracuse

State

NY

Clmd Compensatory

97.2

Total Amt Awarded

97.2

Compensatory Awarded

97.2

Punitive Damage Awarded

Attorney Fees Awarded

0.0

* 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 is held liable to Claimant for the amount due and owing pursuant to a promissory note agreement.

Notes

None.

Arbitrators

Michael J. Meeusen, Esq.

Broker-Dealers Named

Sagepoint Financial Incorporated

Professionals

  • Cs: (SFInc) James V. Noblett, Advisor Group Incorporated, Jersey City, NJ. ISC.
  • Rs: (FCW) None.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Pacella v. Sanford C Bernstein

Allegation II

Forum

FINRA

Allegation III

Docket No

22-01958

Products

NP

Issue Date

2023-02-14

Situs

New York

State

NY

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* 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 wins expungement of a customer complaint from appearing on his CRD record after the Arbitrator found the occurrence to be factually impossible and false.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Andrew M. Schmertz

Broker-Dealers Named

Sanford C Bernstein & Company LLC

Professionals

  • Cs: (DJP) Eric A. Bensky, Davis Wright Tremaine LLP, Washington, DC.
  • Rs: (SCB&CLLC) Sarah Zimmer, AllianceBernstein Limited Partnership, Nashville, TN. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kobak v. Citigroup Global

Allegation II

Forum

FINRA

Allegation III

Docket No

22-00176

Products

Equity; MutualFunds; DirectInvesmts; RealEstate

Issue Date

2023-02-17

Situs

Philadelphia

State

PA

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 three customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Fred W. Miller, Esq. - Chair; Kathleen Jones Spilker; Buzz Adelman

Broker-Dealers Named

Citigroup Global Markets Incorporated; Coastal Equities Incorporated

Professionals

  • Cs: (DLK) Avinoam Rosenfeld, The Rosenfeld Law Office PLLC, Lawrence, NY.
  • Rs: (CGMInc) Adam Kauff, Kauff Laton Miller LLP, New York, NY. OSC.
  • Rs: (CEInc) Francis J. Skinner, Wilmington, DE. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Peiffer v. Voya Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

22-00712

Products

NP

Issue Date

2023-02-15

Situs

Philadelphia

State

PA

Clmd Compensatory

0.0

Total Amt Awarded

0.0

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 deny Claimant broker's request for reformation of his Form U5 record finding that said entry is accurate.

Notes

Arbitrator Remarks -- Explained Award.

Arbitrators

James W. (Jim) Geiger - Chair; George Aleman; Lisette Lazinger Tarragano (fka Lisette Lazinger Young)

Broker-Dealers Named

Voya Financial Advisors Incorporated

Professionals

  • Cs: (SJP) Jon-Jorge Aras, Warren Law Group, New York, NY.
  • Rs: (VFAInc) Denis Dice, Winget Spadafora & Schwartzberg LLP, Philadelphia, PA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rauch v. Wells Fargo

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02423

Products

NP

Issue Date

2023-02-20

Situs

Pittsburgh

State

PA

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* 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 expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

James T. Carney - Chair; William L. White, Jr.; John Joseph Neely

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (JPR) Sandra D. Grannum & Emmanuel L. Brown, Faegre Drinker et al., Florham Park, NJ.
  • Rs: (WFCSLLC) Theodore R. Bynum III, St. Louis, MO. ISC.
  • Rs: No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Rojas v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-02279

Products

MuniSecs

Issue Date

2023-02-17

Situs

San Juan

State

PR

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* 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

Broker wins expungement of two customer complaints from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Louis David Huss

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (DLR) Sonia Lopez del Valle, McConnell Valdes LLC, San Juan, PR.
  • Rs: (UBSFSInc) Rey F. Medina Velez, San Juan, PR. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Ameriprise Financial v. Schaefer

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

22-00678

Products

PromissoryNote

Issue Date

2023-02-21

Situs

Providence

State

RI

Clmd Compensatory

596.9

Total Amt Awarded

787.5

Compensatory Awarded

596.9

Punitive Damage Awarded

Attorney Fees Awarded

59.0

* 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 is held liable for the amounts due and owing pursuant to an executed promissory note and loses his Counterclaim for wrongful termination.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

John James McGovern, Jr., Esq. - Chair; Jud Perkins; Peter Svorinic

Broker-Dealers Named

Ameriprise Financial Services Incorporated

Professionals

  • Cs: (AFSInc) Scott A. La Porta, Shumaker Loop & Kendrick, Sarasota, FL. OSC.
  • Rs: (KGS) None.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Rose v. Merrill Lynch

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

22-01476

Products

NP

Issue Date

2023-02-17

Situs

Nashville

State

TN

Clmd Compensatory

0.0

Total Amt Awarded

Equity

Compensatory Awarded

0.0

Punitive Damage Awarded

Attorney Fees Awarded

* 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 granted his request for reformation of his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Robert H. Putnam, Jr., Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (MLR) Kyle Johnson & Niel Prosser, Prosser Clapper & Johnson, Memphis, TN.
  • Rs: (MLPFSInc) Brendan T. Killeen, Morgan Lewis & Bockius, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

BreachFiducDty

Short Caption

Elizondo Altamirano Estate v. Sun Life

Allegation II

Misappropriatn

Forum

FINRA

Allegation III

Docket No

21-02603

Products

Annuities

Issue Date

2023-02-16

Situs

Houston

State

TX

Clmd Compensatory

1000.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

0.0

Attorney Fees Awarded

* 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 personal representative (on behalf of the customer estate) settles her case against Respondents after alleging that they failed to determine and/or investigate the customer's mental state after she gave control of her assets to her daughter, thus causing loses in the account. Respondent broker is granted expungement of this matter from his CRD record despite the objection of the customer.

Notes

This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Brian James Tagtmeier - Chair; Stephen Andrew McCarthy; John Donahue Sullivan

Broker-Dealers Named

Sun Life Institutional Distributors LLC; LPL Financial LLC

Professionals

  • Cs: Robert H. Rex, Dickenson Murphy et al., Austin, TX and Chetan Patil, Patil Law, Los Angeles, CA.
  • Rs: (SLIDLLC) Michael G. Brown, Figari + Davenport LLP, Dallas, TX. OSC.
  • Rs: (LPLFLLC & JJC) Jack D. Ballard, Bressler Amery & Ross, Houston, TX. OSC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Pinkston

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

22-01992

Products

PromissoryNote

Issue Date

2023-02-15

Situs

Dallas

State

TX

Clmd Compensatory

134.4

Total Amt Awarded

134.4

Compensatory Awarded

134.4

Punitive Damage Awarded

Attorney Fees Awarded

0.0

* 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 amount due and owing on a promissory note agreement.

Notes

None.

Arbitrators

Nicole T. LeBoeuf, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Valerie Holder, San Francisco, CA. ISC.
  • Rs: (PSP) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Burkett v. UBS Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

22-01078

Products

Annuities

Issue Date

2023-02-17

Situs

Cheyenne

State

WY

Clmd Compensatory

Equity

Total Amt Awarded

Equity

Compensatory Awarded

Equity

Punitive Damage Awarded

Attorney Fees Awarded

* 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 granted expungement of a customer complaint from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Frederick Ramos, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (JPB) Zachary Morse, HLBS Law, Westminster, CO.
  • Rs: (UBSFSInc) John Murphy, J. Murphy & Associates, New York, NY. OSC.
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