UPDATE : ARBchek

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

New Award Briefs

Report Dated: 2018-12-19

2018-45

Primary Sort

Secondary Sort

Dispute Information

Damages*

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Zilveti v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-01301

Products

VariableAnnuities

Issue Date

2018-11-21

Situs

Phoenix

State

AZ

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 a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

People & Entities

Arbitrators

Merton E. Marks, Esq.

Broker-Dealers Named

UBS Financial Services Incorporated

Professionals

  • Cs: (JAZ) William McC Montgomery & Hillary A. Darnell, Keesal Young & Logan, Long Beach, CA.
  • Rs: (UBSFSInc) Maria Paz Chacon & Craig Vollono, Weehawken, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Yanez v. WaMu Investments

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-00506

Products

VariableAnnuities; CorpDebt

Issue Date

2018-11-23

Situs

San Diego

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 wins expungement of two customer complaints from his CRD record involving variable annuities and corporate bonds.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Mark R. Lee

Broker-Dealers Named

WaMu Investments Incorporated

Professionals

  • Cs: (GY) Dochtor Kennedy & Eric Litow, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (WIInc) Richard B. Davis, JPMorgan Chase Legal Department, Chatsworth, CA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

DiBernardo v. Transamerica Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-00779

Products

NP

Issue Date

2018-11-21

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

Claimant broker wins expungement of a customer dispute (brought by his wife) from his CRD record.

Notes

Panel composition issue. Arbitrator Remarks -- Expungement granted.

Arbitrators

Joseph C. Watson, Esq.

Broker-Dealers Named

Transamerica Financial Advisors Incorporated

Professionals

  • Cs: (AB) Dochtor Kennedy & Michael Bessette, AdvisorLaw LLC, Westminster, CO.
  • Rs: (TFAInc) Susan D. Duff, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD

Short Caption

Maas v. Lincoln Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-00797

Products

NP

Issue Date

2018-11-19

Situs

San Francisco

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 wins expungement of a customer complaint from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Sterling N. Frost

Broker-Dealers Named

Lincoln Financial Advisors Corporation

Professionals

  • Cs: (JRM) Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO. and Owen Harnett, HLBS Law, Westminster, CO.
  • Rs: (LFACorp) Andrew S. Azarmi & Thomas Worger, Dentons US LLP, San Francisco, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Langille v. Berthel Fisher

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

18-01092

Products

DirectInvesmts; REITs

Issue Date

2018-11-20

Situs

San Francisco

State

CA

Clmd Compensatory

1500.0

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 Respondent broker-dealers' Pre-Hearing Motions to Dismiss pursuant to FINRA Rule 12206 (Six-year Eligibility Rule). Customers' claim involved their investment in the Behringer Harvard REIT, among other things.

Notes

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

Arbitrators

Dean J. Dietrich, Esq. - Chair; Clifford A. Threlkeld; Martin Joel Fassler

Broker-Dealers Named

Berthel Fisher & Company Financial Services Incorporated; Royal Alliance Associates Incorporated

Professionals

  • Cs: Richard B. Fosher, Oakes & Fosher, St. Louis, MO.
  • Rs: (BF&CFSInc) Peter J. McElligott, Anthony Ostlund et al., Minneapolis, MN. OSC.
  • Rs: (RAAInc) Bradley A. Fishman, Jersey City, NJ. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Dadlani v. Citigroup Global

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-01497

Products

Equity; Margin

Issue Date

2018-11-20

Situs

Washington

State

DC

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 requesting expungement of two customer complaints from his CRD record is awarded expungement with respect to one complaint but not the other.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Olivia Milbank Farrar, JD

Broker-Dealers Named

Citigroup Global Markets Incorporated

Professionals

  • Cs: (MD) Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (CGMInc) David I. Hantman, Bressler Amery & Ross, New York, NY. OSC.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Castillo Melendez v. Morgan Stanley

Allegation II

Suitability

Forum

FINRA

Allegation III

Misreprestn

Docket No

15-03361

Products

Options

Issue Date

2018-09-25

Situs

Miami

State

FL

Clmd Compensatory

1145.0

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

A customer loses his claim against Respondent broker-dealer and four brokers involving options day trading in his account.

Notes

Sanctions imposed. Majority-Public Panel. Arbitrator Remarks -- Expungement granted. Explained Award.

Arbitrators

Martin A. Feigenbaum, Esq. - Chair; Nanci Sondra Landy; Michael T. Williams, CFP

Broker-Dealers Named

Morgan Stanley Smith Barney LLC nka Morgan Stanley

Professionals

  • Cs: V. Michael Arias, V.M. Arias PA, Coral Gables, FL. and Craig Stein, Stein & Stein, Palm Beach, FL.
  • Rs: (MSSBLLC, LMG, MAG & AP) Jorge A. Mestre & Amanda McGovern & Carlos Rodriguez, Rivero Mestre LLP, Miami, FL. OSC.
  • Rs: (JED) Jaime D. Guttman, Scale Law, Miami, FL.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Thomas v. Morgan Stanley

Allegation II

BreachFiducDty

Forum

FINRA

Allegation III

Negligence

Docket No

17-01581

Products

Equity; Options

Issue Date

2018-11-20

Situs

Boca Raton

State

FL

Clmd Compensatory

100.0

Total Amt Awarded

Equity

Compensatory Awarded

Equity

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 customer settles her claim against Respondent broker-dealer relating to the purchase of Amira Nature Foods Ltd., in addition to autocall notes on securities including Apple, Alibaba and American Airlines. Non-Party broker wins expungement.

Notes

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

Arbitrators

William Kent Brown, Esq. - Chair; Diane M. Perry, Esq.; Donald Theodore Ryce, Jr., Esq.

Broker-Dealers Named

Morgan Stanley Smith Barney LLC dba Morgan Stanley

Professionals

  • Cs: Joshua A. Katz, Sallah Astarita & Cox, Boca Raton, FL.
  • Rs: (MSSBLLC) Christopher M. Sacco, Morgan Stanley Wealth Management, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Wiercinski v. Wells Fargo

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-00537

Products

Equity

Issue Date

2018-11-19

Situs

Orlando

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

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

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

John P. Cullem, Esq.

Broker-Dealers Named

Wells Fargo Clearing Services LLC

Professionals

  • Cs: (DRW) Dochtor Kennedy, AdvisorLaw LLC, Westminster, CO. and Armin Sarabi, HLBS Law, Westminster, CO.
  • Rs: (WFCSLLC) Deirdre C. Wolff, Wells Fargo Law Department, St. Louis, MO. ISC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Licchillo v. Ross Sinclaire

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

18-00627

Products

MuniSecs

Issue Date

2018-11-19

Situs

Boca Raton

State

FL

Clmd Compensatory

308.0

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 customer loses his claim relating to his investment in Saint Catharine College Inc. bonds. Non-Party broker is awarded expungement.

Notes

All-Public Panel. Arbitrator Remarks -- Expungement granted.

Arbitrators

Thomas W. Allen - Chair; George G. Kurschner, Esq.; Robin B. Clawson

Broker-Dealers Named

Ross Sinclaire & Associates LLC

Professionals

  • Cs: Charles C. Mihalek, C.C. Mihalek PSC, Nicholasville, KY.
  • Rs: (RS&ALLC) Michael G. Shannon & Riccardo DeBari, Thompson Hine LLP, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Engelstad v. Edward Jones

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-00872

Products

*

Issue Date

2018-11-20

Situs

Indianapolis

State

IN

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 records.

Notes

None.

Arbitrators

Jonathan B. Gilbert, Esq.

Broker-Dealers Named

Edward Jones

Professionals

  • Cs: (MJE) Dochtor Kennedy & Harris Freedman, AdvisorLaw LLC, Westminster, CO.
  • Rs: (EDJ&CLP) Paul Yarns, St. Louis, MO. ISC.

TypeDisp

CustomerMember

Allegation I

Suitability

Short Caption

Ebbe v. Concorde Investment

Allegation II

Misreprestn

Forum

FINRA

Allegation III

Supervision

Docket No

17-02035

Products

*

Issue Date

2018-11-20

Situs

Boston

State

MA

Clmd Compensatory

204.0

Total Amt Awarded

286.1

Compensatory Awarded

286.1

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

The Panel holds two brokers jointly and severally liable to a Claimant alleging unsuitability, mismanagement, among other things. All other named Respondents were either voluntarily dismissed by Claimant pursuant to FINRA Rule 12700 or found not liable.

Notes

Damage Anomaly. Rs Concorde Investment Services LLC, Westminster Financial Securities Inc., Jason Patrick Kavanaugh, Kimberlee Elizabeth Levy, Paul M. Mallory and Westminster Financial Advisory Corporation were not assessed any portion of the awarded amount. Rs Richard Grant Cody and Jill M. Cody were assessed. Pre-Hearing Adjudication -- Party Dismissal. Majority Public Panel.

Arbitrators

Mary E. Bassett - Chair; James R. Collins, Esq.; Christine R. Fitzgerald

Broker-Dealers Named

Concorde Investment Services LLC; Westminster Financial Securities Incorporated; Westminster Financial Advisory Corporation

Professionals

  • Cs: Blake Godbout & John Mangones, Godbout Law PLLC, Boston, MA.
  • Rs: (CISLLC, JPK, KEL & PMM) Gerry J. Kowalski, Marshall Dennehey et al., Philadelphia, PA. OSC.
  • Rs: (WFACorp & WFSInc) Joseph S. Simms, Reminger Co. LPA, Cleveland, OH. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Meekins v. Kovack Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-01269

Products

Annuities

Issue Date

2018-11-19

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 wins expungement of two customer complaints from his CRD record involving annuities.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Gerard S. Marsan, Esq.

Broker-Dealers Named

Kovack Securities Incorporated

Professionals

  • Cs: (LGM) John Mangones, Godbout Law PLLC, Boston, MA.
  • Rs: (KSInc) Amy Towle, Pompano Beach, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Shull v. Pruco Securities

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-00462

Products

Annuities

Issue Date

2018-11-19

Situs

Kansas City

State

MO

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

An Arbitrator awards Claimant broker expungement of a customer complaint from his CRD record involving an annuity investment.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

John R. Loss, Esq.

Broker-Dealers Named

Pruco Securities LLC

Professionals

  • Cs: (MTS) Jason M. Kueser, The Kueser Law Firm, Lees Summit, MO.
  • Rs: (PSLLC) Alan S. Brodherson, Law Office of A.S. Brodherson, New York, NY. OSC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Foran v. LPL Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-00179

Products

NP

Issue Date

2018-11-19

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

A broker wins expungement of two customer complaints from his CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Michael H. DuBoff, Esq.

Broker-Dealers Named

Raymond James Financial Services Incorporated; LPL Financial LLC

Professionals

  • Cs: (DTF) Christopher Cummins, AdvisorLaw LLC, Westminster, CO.
  • Rs: (LPLFLLC) Jon Kaplon, Boston, MA. ISC.
  • Rs: (RJFSInc) Stanton Fears, St. Petersburg, FL. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Nydick v. Cambridge Investment

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-01019

Products

NP

Issue Date

2018-11-21

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 wins expungement of a customer complaint from his CRD record involving trades with respect to a pension plan.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Catherine Stewart, Esq.

Broker-Dealers Named

Cambridge Investment Research Incorporated

Professionals

  • Cs: (HSN) Dochtor Kennedy, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (CIRInc) Andrea Shafer, Fairfield, IA. ISC.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Meyers v. UBS Financial

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-01332

Products

*

Issue Date

2018-11-19

Situs

Reno

State

NV

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 denies Claimant broker's request for expungement of two customer complaints from his CRD records.

Notes

None.

Arbitrators

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

Broker-Dealers Named

UBS Financial Services Incorporated; Wells Fargo Clearing Services LLC

Professionals

  • Cs: (KJM) Dochtor Kennedy & Erica Harris, AdvisorLaw LLC, Broomfield, CO.
  • Rs: (UBSFSInc) Simon M. Levy, Keesal Young & Logan, San Francisco, CA. OSC.
  • Rs: (WFCSLLC) Timothy N. Will, Albert & Will, Torrance, CA. OSC.

TypeDisp

CustomerMember

Allegation I

Misreprestn

Short Caption

Gold v. Wells Fargo

Allegation II

Supervision

Forum

FINRA

Allegation III

Negligence

Docket No

16-02302

Products

*

Issue Date

2018-11-23

Situs

New York

State

NY

Clmd Compensatory

0.0

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 group of customers settle their claims against Respondent broker-dealer and three named brokers. Two named brokers win expungement of this matter from their CRD records.

Notes

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

Arbitrators

Peter A. Goldman, Esq. - Chair; Bernard Lieberman; James A. Blalock, III, Esq.

Broker-Dealers Named

Wells Fargo Advisors LLC

Professionals

  • Cs: Ari Feldman, Guerriera Feldman & Williams, Brooklyn, NY.
  • Rs: (WFALLC, JRD & JPC) Nuviah Shirazi, St. Louis, MO. ISC.
  • Rs: (JSC) No-show.

TypeDisp

EmployeeMember

Allegation I

Reformation(U-5)

Short Caption

Rusk v. First Republic

Allegation II

Defamation

Forum

FINRA

Allegation III

WrongTerm

Docket No

16-03411

Products

PromissoryNote

Issue Date

2018-11-21

Situs

New York

State

NY

Clmd Compensatory

203.9

Total Amt Awarded

1059.8

Compensatory Awarded

776.2

Punitive Damage Awarded

0.0

Attorney Fees Awarded

256.7

* 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 Arbitration Panel finds that Claimant broker was wrongfully terminated by Respondent broker-dealer and is awarded over $1 million dollars in damages and expungement of his Form U-5 relating to his defamation claim. Respondent broker-dealer's Counterclaim for amounts due and owing on a promissory note are ordered forgiven.

Notes

Big $s. Damage Anomaly. Arbitrator Remarks -- Reformation U-5 granted.

Arbitrators

Richard E. Castiglioni - Chair; Patricia Kathleen Costello; Myron Samuel Glucksman

Broker-Dealers Named

First Republic Securities Company LLC

Professionals

  • Cs: (CHR) Brian J. Neville & Mary Grace White, Lax & Neville, New York, NY.
  • Rs: (FRSCLLC) Mauricio S. Beugelmans, Schiff Hardin LLP, San Francisco, CA. OSC.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Domanski v. Rothschild Lieberman

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

17-00518

Products

NP

Issue Date

2018-11-15

Situs

New York

State

NY

Clmd Compensatory

0.0

Total Amt Awarded

671.4

Compensatory Awarded

621.6

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 Claimant brokers win over $600,000 on their compensation claims against Respondent broker-dealer. Claimants' claims against Respondent brokers are voluntarily dismissed and/or denied.

Notes

Big $s. Rs Rohan O. Barnett, Jeffrey Kenneth Galvani, Randy Scott Beller, Frank John Cannarozzo, Robert William McGrath, Ian Parker, Adrian Andrew Campbell and Weldon Maddan were not assessed any portion of the awarded amount. Rs Rothschild Lieberman LLC was assessed.

Arbitrators

Betty Chen - Chair; Laura Wong-Pan; Roger J. Hawke, Esq.

Broker-Dealers Named

Rothschild Lieberman LLC

Professionals

  • Cs: (GJD, LFH, WZ & MWB) Gregory Noble, O'Connor Parsons et al., Westfield, NJ.
  • Rs: (RLLLC) Jeffrey Galvani, Hoboken, NJ. ISC.
  • Rs: (ROB & AAC) David Bowen, Attorney-at-Law, New York, NY.
  • Rs: (JKG, RSB, FJC, RWM & IP) Jeremy M. Iandolo, Attorney-at-Law, Brooklyn, NY.
  • Rs: (WM) Talia L. Haynes, Law Office of T. Haynes, Bronx, NY.

TypeDisp

CustomerMember

Allegation I

Churning

Short Caption

Voss v. Legend Securities

Allegation II

UnauthTdg

Forum

FINRA

Allegation III

Suitability

Docket No

17-00910

Products

*

Issue Date

2018-11-23

Situs

New York

State

NY

Clmd Compensatory

375.0

Total Amt Awarded

1075.0

Compensatory Awarded

375.0

Punitive Damage Awarded

700.0

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 churning, unauthorized trading, among other things is awarded over $1 million in damages, inclusive of $700,000 in punitive damages (pursuant to the Federal Arbitration Act and case law) against Respondent broker-dealer and two brokers. Customer's claims against remaining brokers are stayed due to bankruptcy and/or settled.

Notes

Big $s. Punitive Damages Awarded. Rs Salvatore Charles Caruso, Anthony Fusco and Michael Salvatore Stanton were not assessed any portion of the awarded amount. Rs Legend Securities Inc., Danard Warthen Brown and Frank Philip Fusco were assessed. PHL -- Involves bankruptcy stay. All-Public Panel. Arbitrator Remarks -- Case law cited.

Arbitrators

Michele S. Riley - Chair; Benjamin L. Anderson; Wallace Anthony Showman, Esq.

Broker-Dealers Named

Legend Securities Incorporated

Professionals

  • Cs: Timothy J. Dennin, T.J. Dennin PC, Northport, NY.
  • Rs: (LSInc) No-show.
  • Rs: (DWB) None.
  • Rs: (SCC) No-show.
  • Rs: (FPF) None.
  • Rs: (AF) None.
  • Rs: (MSS) Michael C. Farkas, M.C. Farkas PLLC, New York, NY.

TypeDisp

EmployeeMember

Allegation I

Expungement(CRD)

Short Caption

Silverman v. Raymond James

Allegation II

Defamation

Forum

FINRA

Allegation III

Docket No

18-01804

Products

*

Issue Date

2018-11-19

Situs

New York

State

NY

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

Claimant broker wins her request for expungement of a customer complaint from her CRD record.

Notes

Arbitrator Remarks -- Expungement granted.

Arbitrators

Roger B. Jacobs

Broker-Dealers Named

Raymond James & Associates Incorporated

Professionals

  • Cs: (CAS) Joseph E. Gasperetti, Law Offices of J.E. Gasperetti, New York, NY.
  • Rs: (RJ&AInc) Brandy Pinkus, St. Petersburg, FL. ISC.

TypeDisp

MemberEmployee

Allegation I

LoanDefault

Short Caption

Wells Fargo v. Norton

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

18-02334

Products

PromissoryNote

Issue Date

2018-11-21

Situs

PP

State

PP

Clmd Compensatory

160.5

Total Amt Awarded

183.5

Compensatory Awarded

160.5

Punitive Damage Awarded

Attorney Fees Awarded

8.1

* 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 found liable for breach of four promissory notes.

Notes

Arbitrator Remarks.

Arbitrators

Jonathan H. Krotinger, Esq.

Broker-Dealers Named

Wells Fargo Advisors Financial Network LLC

Professionals

  • Cs: (WFAFNLLC) Timothy N. Will, Albert & Will, Torrance, CA. OSC.
  • Rs: (RTN) No-show.

TypeDisp

EmployeeMember

Allegation I

Compensatn

Short Caption

Karaffa v. Capital Guardian

Allegation II

BreachContract

Forum

FINRA

Allegation III

Docket No

18-01499

Products

NP

Issue Date

2018-11-19

Situs

Richmond

State

VA

Clmd Compensatory

29.1

Total Amt Awarded

29.1

Compensatory Awarded

29.1

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

Cs alleged that Rs and Non-Members did not compensate him for his service as a Financial and Operations Principal with Rs and a financial consultant with CG Holding and CG Wealth for the period between 9/17 ad 12/17.

Notes

Rs Capital Guardian Holding LLC, Capital Guardian Wealth Management LLC, Capital Guardian Group LLC and Justin Lowe were not assessed any portion of the awarded amount. Rs Capital Guardian LLC was assessed.

Arbitrators

Donald B. Vaden, Esq.

Broker-Dealers Named

Capital Guardian LLC; Capital Guardian Holding LLC; Capital Guardian Wealth Management LLC; Capital Guardian Group LLC

Professionals

  • Cs: (JEK) None.
  • Rs: (CGLLC) Sandro L. Ramos, CRCP, ISC.
  • Rs: (CGHLLC, CGWMLLC, CGGLLC & JL) Neil S. Baritz, Baritz & Colman, Boca Raton, FL. OSC.
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