* 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 broker his request for expungement of a customer complaint from his CRD record despite the objection of the authorized representative of the state securities regulator for California.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Chandler R. Bridges, Esq. - Chair; Monica I. Salis, Esq.; Thomas J. Patka, 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
In this small claims arbitration, a customer (as Trustee of the Descendants Trust) alleging Respondents recommended an unsuitable investment in GPB Automotive Portfolio LP settles her case. Respondent broker is granted his request for expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option. Rescission Requested. Arbitrator Remarks -- Expungement granted.
Arbitrators
Leonard Arthur Nelson, Esq.
Broker-Dealers Named
Triad Advisors LLC
Professionals
Cs: Matthew N. Thibaut, Haselkorn & Thibaut, Palm Beach, 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 customer alleging that due to Respondents lack of supervision in completing and investigating the unauthorized transactions that occurred in his account he suffered substantial losses is awarded compensatory damages. Respondent broker loses his request for expungement of this matter from his CRD record with prejudice after the customer opposed said relief. The Panel's decision to deny expungement was unanimous.
Notes
All-Public Panel.
Arbitrators
Steven N. Ainbinder, Esq. - Chair; Nancy J. Cliff, Esq.; Lisa Jane Austein
Broker-Dealers Named
Oppenheimer & Company Incorporated
Professionals
Cs: Pro se.
Rs: (O&CInc & PRN) Donald A. Corbett, New York, NY. 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 a broker his request for expungement of a customer complaint from appearing on his CRD record after finding said request met all three criteria under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Charles Earle Riggs, Esq. - Chair; Barry H. Barnett, Esq.; Dineo Coleman Gary
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (DSP) David I. Hantman, Bressler Amery & Ross, New York, NY.
Rs: (UBSFSInc) Omar Perez, UBS Business Solutions US LLC, Nashville, TN. 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 settles his claims (including ERISA claims) and requests for damages (including deferred compensation) against Respondent broker-dealer and is granted reformation of his Form U5 record.
Notes
Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Robert J. Scafuri, Esq. - Chair; David E. Bailey; Andrew John Powers
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (JDS) Mark E. Maddox, Maddox Hargett & Caruso, Fisher, IN.
Rs: (MLPFSInc) Stuart D. Roberts, 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
A Panel grants Respondents Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13504 (Res Judicata) after finding that the claims presented haven been brought or should have been brought in a previous arbitration proceeding (Docket No. 22-01542 issued 12/22) and are barred by the theory of res judicata.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks.
Arbitrators
Charles A. Palmer, JD - Chair; Valerie Main; Anthony Raymond Paesano, Esq.
Broker-Dealers Named
CIG Securities; CIG Capital Advisors
Professionals
Cs: (YAH) None.
Rs: (CIGSecs, ORM, KGC & CIGCAdvsrs) James V. Garvey, Vedder Price PC, Chicago, IL. OSC and Michelle D. Bayer, Joelson Rosenberg et al., Farmington Hills, 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
A customer alleging that the trades Respondent broker-dealer executed for him were not appropriate and did not align with his investment objectives and risk tolerance loses his case.
Notes
Majority Public Panel.
Arbitrators
James A. McIntosh - Chair; Ellen M. Kelly; Thomas Edward Couch
* 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 Respondents violated the Americans with Disabilities Act and seeking lost compensation as well as deferred compensation loses his case.
Notes
Please Note* This matter was decided by an All-Public Panel pursuant to Rule 13802 of the Code. Rescission Requested. Disability Discrimination case.
Arbitrators
Howard Alan Grinsberg - Chair; Michael H. DuBoff, Esq.; Loretta Yin
Broker-Dealers Named
Ameriprise Financial Services LLC
Professionals
Cs: (RPP) Martin Asatrian, Asatrian Law Group, Hackensack, NJ and Christopher Milazzo, Sichenzia Ross et al., New York, NY.
Rs: (AFSLLC, JL, DCT & MCY) Michael J. Zaretsky, Carlet Garrison et al., West Caldwell, 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 customer loses her case against Respondents on statute of limitations grounds and the theory of res judicata (FINRA Rules 12206 and 12504) as the occurrence or event giving rise to the claim occurred more than 6 years ago and said customer previously brought her claims in FINRA Arbitration Case No. 10-00507. The customer was also assessed monetary sanctions in the form of attorney fees and costs pursuant to FINRA Rule 12212 (Discovery) to be paid to one named Respondent broker.
* 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 two customers over $1 million in compensatory damages and assesses an additional $10,000 against Respondent broker-dealer as a monetary sanction relating to said customers' Motion to Exclude.
Notes
Big $s. Sanctions imposed. Regulation Best Interest. All-Public Panel.
Arbitrators
Julian F. Santos, Esq. - Chair; Mark Stuart Gottlieb; Helayn Cohen, Esq.
Broker-Dealers Named
Stifel Nicolaus & Company Incorporated
Professionals
Cs: Adolfo J. Anzola & Brian B. Pastor & Jeffrey R. Sonn, Sonn Law Group, Aventura, FL.
Rs: (SN&CInc) Edwin A. Zipf, 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 broker-dealer and registered representative are held liable to a customer for damages relating to her investment in American Funds. Respondent registered representative loses his request for expungement of this matter from his CRD record after the customer objected to said relief.
Notes
Majority Public Panel.
Arbitrators
Kenneth Dymond, Esq. - Chair; Ronald Francis Thompson; Francis Xavior Daumen
Broker-Dealers Named
Equity Services Incorporated
Professionals
Cs: Kevin S. Cooman, McConville Considine et al., Rochester, 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 Panel grants a broker's request for expungement of two customer complaints from appearing on his CRD record despite the objection from the authorized representative of the state securities regulator for the State of California Department of Financial Protection.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Edward W. Morris, Jr., Esq. - Chair; Ted M. Rosen, Esq.; John Russell Barlow, II, Esq.
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: (BCP) Peter R. Boutin & Stacy M. Garrett, Keesal Young & Logan, San Francisco, CA.
Rs: (MSSBLLC) Alejandro Schwed, Morgan Stanley Wealth Management, New York, NY. 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 Majority Public Panel denies a customer's case after finding that he failed to provide any credible evidence to corroborate his testimony or satisfy the burden of proof with respect to his allegations asserted in this matter.
Notes
Majority Public Panel. Arbitrator Remarks.
Arbitrators
Kevin Brodar - Chair; Robert J. Scafuri, Esq.; John Martin Kooman
Broker-Dealers Named
E*Trade Securities LLC
Professionals
Cs: Pro se.
Rs: (ETSLLC) Adam M. Kauff & Jonathan Perrelle, Kauff Laton Miller 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
Broker is awarded expungement of two customer complaints from appearing on his CRD record relating to the purchase of AAA rated municipal bonds and placement in Respondent broker-dealer's Yield Enhancement Options Strategy.
* 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 that the money managers assigned to their account suggested an investment strategy that resulted in millions in losses after their position in Nvidia declined and seeking to recover $5 million in damages lose their case against Respondent broker-dealer.
Notes
Rescission Requested. All-Public Panel.
Arbitrators
Heather Gaile Layton - Chair; James Douglas Gaughan, Esq.; Raven Davenport, Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Samuel B. Edwards, Shepherd Smith et al., Houston, TX.
Rs: (FBSLLC) Joel M. Everest, Bressler Amery & Ross., Birmingham, AL. OSC.
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