UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2020-06-02

UA 2020-12

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Lupin v. JP Morgan

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

18-03255

Products

Annuities

Issue Date

2020-03-30

Situs

Los Angeles

State

CA

Clmd Compensatory

36.0

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

A customer alleging elder abuse, among other things, settles her claims against Respondent broker-dealer and two brokers relating to the alleged surrender of an annuity with National Western Life Insurance Company and the purchase of two annuities with Symetra Life Insurance Company. Respondent broker is granted expungement of this matter from his CRD record.

Notes

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

People & Entities

Arbitrators

George L. Tindall - Chair; Annette Gres Shepherd; G. Thomas Fleming, III, Esq.

Broker-Dealers Named

JP Morgan Securities LLC

Professionals

  • Cs: Adrienne R. Hahn, The Hahn Legal Group APC, El Segundo, CA.
  • Rs: (JPMSLLC, PKS & CCS) Neal S. Robb & Cheryl Chang, Keesal Young & Logan, Long Beach, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Tremblay v. Centaurus Financial

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02046

Products

Equity

Issue Date

2020-03-26

Situs

Los Angeles

State

CA

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

A broker is awarded expungement of a customer complaint and a FINRA arbitration from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Joyce L. Hurley

Broker-Dealers Named

Centaurus Financial Incorporated

Professionals

  • Cs: (TNT) Bentley P. Stansbury III, Keesal Young & Logan, Long Beach, CA.
  • Rs: (CFInc) Michael West, Anaheim, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Burkart v. Signator Investors

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02859

Products

VariableAnnuities; MutualFunds

Issue Date

2020-03-31

Situs

Tampa

State

FL

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 a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

John P. Cullem, Esq.

Broker-Dealers Named

Signator Investors Incorporated

Professionals

  • Cs: (KMB) Stephan Louviere, Wolper Law Firm PA, Plantation, FL.
  • Rs: (SIInc) James V. Noblett, Advisor Group, Jersey City, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Covino v. VSR Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

19-02511

Products

NP

Issue Date

2020-04-01

Situs

Boise

State

ID

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 reformation of his Form U5 record.

Notes

Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Craig Charles Beles, Esq.

Broker-Dealers Named

VSR Financial Services Incorporated

Professionals

  • Cs: (PCC) Erica Harris & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (VSRFSInc) Jeremy Carr, Cetera Financial Group, El Segundo, CA. ISC.

TypeDisp

EmployeeEmployee

Allegation I

Defamation

Short Caption

Aiguer v. McAvinn

Allegation II

Fraud

Forum

FINRA

Allegation III

IIED

Docket No

18-01930

Products

NP

Issue Date

2020-04-01

Situs

Boston

State

MA

Clmd Compensatory

3000.0

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

A Panel granted Respondent broker's Motion for Directed Verdict finding that Claimant broker repeatedly lied under oath during his testimony relevant to the elements of the two remaining claims in this case.

Notes

This is a Modified Award. Directed Verdict -- Full Dismissal. Arbitrator Remarks.

Arbitrators

Sandor I. Rabkin, Esq. - Chair; Denise L. Presley, Esq.; Walter John Engels

Broker-Dealers Named

None.

Professionals

  • Cs: (DTA) Richard M. Gelb, Gelb & Gelb, Beverly, MA.
  • Rs: (PJM) Jeffrey A. Sturgeon & Brandon J. Brigham, Morgan Lewis & Bockius, Philadelphia, PA.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Pinto v. MML Investors

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01944

Products

MutualFunds; CDs

Issue Date

2020-04-02

Situs

Boston

State

MA

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

An Arbitrator explains why he has granted Claimant broker's request for expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

John Francis Markuns

Broker-Dealers Named

MML Investors Services LLC

Professionals

  • Cs: (GJP) Stephan Louviere, Wolper Law Firm PA, Plantation, FL.
  • Rs: (MMLISLLC) William P. Thornton Jr., Stevens & Lee, Reading, PA. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hunt v. Merrill Lynch

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02861

Products

NP

Issue Date

2020-04-03

Situs

Boston

State

MA

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

A broker is awarded expungement of a customer complaint from appearing on his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Robert J. Ambrogi, Esq.

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: (THH) Dochtor Kennedy & Jessica Calloway, AdvisorLaw LLC, Westminster, CO.
  • Rs: (MLPFSInc) Sarah K. Yates, Bressler Amery & Ross, Birmingham, AL. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Trower v. LPL Financial

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

18-01725

Products

Options

Issue Date

2020-04-03

Situs

Newark

State

NJ

Clmd Compensatory

5000.0

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

A customer seeking $5 million in compensatory damages and alleging unsuitable investments settles his claims against two Respondent broker-dealers. Non-party broker is granted expungement of this matter from his CRD record. The customer's claims involved a hedging strategy.

Notes

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

Arbitrators

Robert E. Anderson, Esq. - Chair; Suzanne M. Carter, Esq.; Linda Frances Spiegel

Broker-Dealers Named

LPL Financial LLC; Moors & Cabot Incorporated

Professionals

  • Cs: Brian A. Carlis, Stark & Stark, Lawrenceville, NJ.
  • Rs: (LPLFLLC) George D. Sullivan & Timothy E. Di Dormeniso, Greenberg Traurig LLP, New York, NY. OSC.
  • Rs: (M&CInc) Robert A. Giacovas, Lazare Potter et al., New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Supervision

Short Caption

Dubinett v. Merrill Lynch

Allegation II

Negligence

Forum

FINRA

Allegation III

BreachFiducDty

Docket No

18-04026

Products

Equity

Issue Date

2020-03-31

Situs

Newark

State

NJ

Clmd Compensatory

6000.0

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

Two customers alleging negligence and seeking $6 million in compensatory damages, settle their claims against Respondent broker-dealer relating to their investment in common stocks. 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

Louis H. Miron, Esq. - Chair; F. Peter Phillips, Esq.; Jonathan Proman

Broker-Dealers Named

Merrill Lynch Pierce Fenner & Smith Incorporated

Professionals

  • Cs: Lars Soreide, Soreide Law Group PLLC, Pompano Beach, FL.
  • Rs: (MLPFSInc) David G. Buffa & Robert E. Goldberg, Bressler Amery & Ross, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Hennion v. Hennion & Walsh

Allegation II

Forum

FINRA

Allegation III

Docket No

19-03100

Products

MuniSecs

Issue Date

2020-04-03

Situs

Newark

State

NJ

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 expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Robert E. Anderson, Esq.

Broker-Dealers Named

Hennion & Walsh Incorporated

Professionals

  • Cs: (WH) Jennifer Woods Burke, Hennion & Walsh Incorporated, Parsippany, NJ.
  • Rs: (H&WInc) Mitra E. Niknam, Parsippany, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Allan v. Windsor Street

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02186

Products

NP

Issue Date

2020-04-01

Situs

New York

State

NY

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 broker loses his request for expungement of two customer complaints from his CRD record.

Notes

None.

Arbitrators

Brian John Gallagher

Broker-Dealers Named

Windsor Street Capital Limited Partnership

Professionals

  • Cs: (NAA) Dochtor Kennedy & Jessica Calloway, AdvisorLaw LLC, Westminster, CO.
  • Rs: (WSCLP) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kolta v. National Securities

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02228

Products

Equity; CorpDebt; REITs

Issue Date

2020-03-31

Situs

New York

State

NY

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

An Arbitrator awards Claimant broker expungement of three customer complaints from his CRD record.

Notes

Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Expungement granted.

Arbitrators

Robert E. Anderson, Esq.

Broker-Dealers Named

National Securities Corporation

Professionals

  • Cs: (MSK) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (NSCorp) Emily Hayes, New York, NY. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Ackerhalt v. Chase Investment

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02597

Products

MutualFunds

Issue Date

2020-04-02

Situs

New York

State

NY

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

Please Note * This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Expungement granted.

Arbitrators

Albert Rizzo

Broker-Dealers Named

Chase Investment Services Corporation

Professionals

  • Cs: (RA) Tosh D. Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (CISCorp) Thomas J. Cahill, Duane Morris LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Azulay v. JP Morgan

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02995

Products

ARS

Issue Date

2020-04-03

Situs

New York

State

NY

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

An Arbitrator grants Claimant broker's request for expungement of three customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Richard W. Vallario, Esq.

Broker-Dealers Named

JP Morgan Securities LLC

Professionals

  • Cs: (BA) David E. Robbins, Kaufmann Gildin & Robbins, New York, NY.
  • Rs: (JPMSLLC) Thomas J. Cahill, Duane Morris LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Tarjanyi v. Bankers Life

Allegation II

Forum

FINRA

Allegation III

Docket No

19-01362

Products

NP

Issue Date

2020-04-01

Situs

Cincinnati

State

OH

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

An Arbitrator explains why he has denied a broker's request for expungement of a customer complaint from his CRD record.

Notes

Please Note* This case was administered under the Special Proceeding option for simplified cases. Arbitrator Remarks -- Explained Award.

Arbitrators

Joseph R. Soraghan, Esq.

Broker-Dealers Named

Bankers Life Securities Incorporated

Professionals

  • Cs: (ROT) Tosh Grebenik, FA Expungement LLC, Denver, CO.
  • Rs: (BLSInc) Steven K. Huffer & Adam Cotter, S.K. Huffer & Associates PC, Carmel, IN. OSC.

TypeDisp

SmallClms

Allegation I

Misappropriatn

Short Caption

Mesaros v. Charles Schwab

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Docket No

19-02229

Products

NP

Issue Date

2020-04-02

Situs

PP

State

PP

Clmd Compensatory

30.0

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 case, an Arbitrator explains in detail why she has denied a customer's claims relating to an Individual Retirement Account (IRA).

Notes

Arbitrator Remarks -- Explained Award.

Arbitrators

Laura A. Kaster

Broker-Dealers Named

Charles Schwab & Company Incorporated

Professionals

  • Cs: Pro se.
  • Rs: (CS&CInc) Brandon K. Hemley, San Francisco, CA. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Carroll

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

19-03473

Products

PromissoryNote

Issue Date

2020-03-30

Situs

PP

State

PP

Clmd Compensatory

706.9

Total Amt Awarded

715.6

Compensatory Awarded

706.9

Punitive Damage Awarded

Attorney Fees Awarded

7.4

* 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 former employee is held liable to Claimant broker-dealer for over $700,000 in damages representing the amounts due and owing on a promissory note agreement.

Notes

Big $s. Arbitrator Remarks.

Arbitrators

James W. (Jim) Geiger

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (WFCSLLC) Thomas Lewis, Stevens & Lee, Lawrenceville, NJ. OSC.
  • Rs: (KJC) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Uribe

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

19-03609

Products

PromissoryNote

Issue Date

2020-04-03

Situs

PP

State

PP

Clmd Compensatory

464.3

Total Amt Awarded

468.5

Compensatory Awarded

464.3

Punitive Damage Awarded

Attorney Fees Awarded

4.2

* 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 his former employer for the amounts due and owing on a promissory note.

Notes

Arbitrator Remarks.

Arbitrators

Raymond C. Kerr, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC dba Wells Fargo Advisors LLC

Professionals

  • Cs: (WFCSLLC) Jack D. Ballard & Mary Jo Cantu, Ballard & Littlefield, Houston, TX. OSC.
  • Rs: (JU) No-show.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Kleinmann

Allegation II

BreachContract

Forum

FINRA

Allegation III

UnjustEnrichment

Docket No

20-00118

Products

PromissoryNote

Issue Date

2020-04-03

Situs

PP

State

PP

Clmd Compensatory

276.4

Total Amt Awarded

276.4

Compensatory Awarded

276.4

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 broker is held liable to Claimant broker-dealer for the amounts due and owing on three promissory notes.

Notes

None.

Arbitrators

Susan L. Walker, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC dba Wells Fargo Advisors LLC

Professionals

  • Cs: (WFCSLLC) Miles D. Hart & Kristine R. Thomson & Colleen M. Kwiatkowski, Saretsky Hart et al., Birmingham, MI. OSC.
  • Rs: (CK) No-show.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Kramer v. BC Ziegler

Allegation II

Forum

FINRA

Allegation III

Docket No

19-02297

Products

CorpDebt

Issue Date

2020-03-30

Situs

Milwaukee

State

WI

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 four customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Leon Fox, JD

Broker-Dealers Named

BC Ziegler & Company

Professionals

  • Cs: (MAK) Michael O'Gara & Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO.
  • Rs: (BCZ&Co) Jonathan W. Hackbarth, Quarles & Brady, Milwaukee, WI. OSC.
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