* 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 settling his monetary claims asserted in this matter, Claimant broker is granted his request for reformation of defamatory information from his Form U5 record.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
People & Entities
Arbitrators
Barry D. Kaye - Chair; Gecole L. Harley; Thomas E. Shuck, Esq.
Broker-Dealers Named
JP Morgan Securities LLC
Professionals
Cs: (WC) Tosh Grebenik, Judex Law LLC, Broomfield, CO.
Rs: (JPMSLLC) Sarah Henderson, UB Greensfelder 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 foreign investor alleging that Respondent broker-dealer over charged it for management fees relating to its purchase of a Cerberus Limited Partnership Fund loses its case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Shawn Ridgell
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: Pro se, through Staffan Lofgren, Hong Kong, Hong Kong.
Rs: (MSSBLLC) Olaniyi Solebo, Morgan Stanley Legal and Compliance Division, San Francisco, 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 customer alleging that she incurred tax liabilities after Respondent broker-dealer failed to reverse a transaction in which her entire portfolio of AMC stock was sold instead of purchasing more shares of said stock loses her case.
Notes
All-Public Panel.
Arbitrators
Theodore W. Wrobleski, Esq. - Chair; Frances P. Kao; Antonia Lynn Wesselink
Broker-Dealers Named
Robinhood Financial LLC; Robinhood Securities LLC
Professionals
Cs: Andrew J. Mytelka & Jose A. Vega, Greer Herz & Adams LLP, Galveston, TX.
Rs: (RFLLC & RSLLC) Peter S. Fruin & Shruti Jaishankar, Maynard Nexsen PC, Birmingham, AL. 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 explains why he has decided to award Claimant broker-dealer damages relating to the amounts due and owing under three promissory note agreements. With respect to Respondent broker's Counterclaim, although voluntarily withdrawn with prejudice, the Arbitrator found that said broker is not entitled to an offset in this award with respect to the promissory notes or deferred compensation relating to his 401K and IRA accounts.
* 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 registered representative is awarded reformation of his Form U5 record after the Panel found the Termination Entry to be defamatory in nature.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Andrew M. Schmertz - Chair; Adam B. Lass; Alida D. Camp, JD
Broker-Dealers Named
Lehman Brothers Incorporated
Professionals
Cs (JE) Liam O'Brien & Harry J. Delagrammatikas, McCormick & O'Brien LLP, New York, NY.
* 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 (Individually and as Trustees) alleging that their investment in the Allianz Flexible Purchase Payment Variable Deferred Annuity Contract was inappropriate for their objectives and seeking $12.5 million in damages lose their case on statute of limitation grounds (FINRA Rule 12206 - Six-year Eligibility Rule).
Notes
Pre-Hearing Adjudication -- Full Dismissal. All-Public Panel. Arbitrator Remarks.
Arbitrators
David A. Schuler - Chair; Jon Richard Catten; Charles McGarry
Broker-Dealers Named
Centaurus Financial Incorporated; Allianz Life Financial Services LLC; Allianz Life Insurance Company of North America; Estate Concepts Incorporated
Professionals
Cs: Robert W. Buchholz, The Law Office of R.W. Buchholz, Dallas, TX.
Rs: (CFInc) Kendra S. Canape & Rachel A. Weitzman, 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
A customer alleging that because of Respondents actions, her Hartford Universal Life Policy substantially changed in nature and that the policy protection rider to the Policy was underfunded due to Respondent broker's alleged failure to make payments on her life insurance premiums is awarded compensatory damages.
Notes
Majority Public Panel.
Arbitrators
Rosemary Christina Crawford - Chair; Thomas J. Zahren, Esq.; David M. Panko
Broker-Dealers Named
LPL Financial LLC
Professionals
Cs: Gary T. Vanasdale, Gilliland Vanasdale Law Office LLC, Cranberry Township, PA.
Rs: (LPLFLLC & BCD) Bentley P. Stansbury III, Stradley Ronon et al., Long Beach, 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
An investor alleging that he lost his retirement savings after he invested in a Puerto Rican closed-end bond fund called PR AAA Portfolio Bond Fund settles his case against Respondent broker-dealer. The Panel describes in detail why it has decided to grant Non-Party registered representative's request for expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Seth L. Finkel, Esq. - Chair; Pedro Jose Fornaris; Ricardo Aponte-Parsi
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: Osvaldo Carlo Linares, Klayman & Toskes, Boca Raton, FL.
Rs: (UBSFSInc) Rey Medina-Velez, Sanchez/LRV LLC, San Juan, PR. 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 disability discrimination under the Americans with Disabilities Act Title III, 42 USC §12182 relating to Respondent broker-dealer's alleged failure to accommodate his hearing impairment and for financial losses as a result of failures on its online trading platform loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing. B&D case.
Arbitrators
Michael A. Meyer, Esq.
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: Pro se.
Rs: (CS&CInc) Frank J. Cuccio, 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 a broker's request for reformation of alleged defamatory information from his Form U5 record as a sanction (pursuant to FINRA Rule 13212(c) - Discovery Sanctions for Industry Disputes) for his failure to comply with various discovery requests and/or produce documents pursuant to the Panel's Orders in response to Respondent broker-dealer's Motion to Compel.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Sanctions imposed. Arbitrator Remarks.
Arbitrators
Stephanie E. Simmons - Chair; Jacqueline R. Fox, Esq.; Sylvia Ann Mayer, Esq.
* 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
By unanimous decision, a Panel grants Claimant broker's request for expungement of two customer complaints from appearing on his CRD record after finding said complaints to be factually impossible and false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Thomas A. Martin, Esq. - Chair; Benjamin F. Breslauer; Leo G. Stern, Esq.
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