* 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 granted her request for expungement of a FINRA arbitration case and a customer complaint from her CRD record but loses her request for expungement of a second customer complaint.
* 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 granted Respondent broker-dealer's Pre-Hearing Motion to Dismiss without prejudice pursuant to FINRA Rule 12206 (Six-year Eligibility Rule). The customers' claims involved their investments in non-traded real estate investment trusts (REITs) among other things.
Notes
Pre-Hearing Adjudication -- Full Dismissal. All-Public Panel. Arbitrator Remarks.
Arbitrators
Jonathan B. Gilbert, Esq. - Chair; Ray J. Grzebielski, Esq.; Edward Louis Koven
Broker-Dealers Named
Berthel Fisher & Company Financial Services Incorporated
Professionals
Cs: Bruce D. Oakes & Richard B. Fosher, Oakes & Fosher, St. Louis, MO.
Rs: (BF&CFSInc) Vincent D. Louwagie & Cory D. Olson & Peter J. McElligott, Anthony Ostlund et al., Minneapolis, MN. 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 three Respondent brokers lose their respective claims and Counterclaims against either other involving raiding of records and client information along with alleged defamation on the part of said broker-dealer. However, said parties agreed to a Stipulated Injunction.
Notes
PHL -- TRO Granted. Raiding Case -- Preliminary Injunction Granted.
Arbitrators
Susan L. Walker, Esq. - Chair; Laurel Robin Klapper Gilchrist, Esq.; Eugene G. Ziobron
Broker-Dealers Named
JP Morgan Securities LLC; Raymond James & Associates Incorporated
Professionals
Cs: (JPMSLLC) Leonard Weintraub & Steven Castaldo, Paduano & Weintraub, New York, NY. OSC.
Rs: (RJ&AInc, NDS, MVO & JMS) David W. Erb & Jeffrey M. Csercsevits, Fisher & Phillips, Philadelphia, PA. 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 Respondent broker-dealer's Pre-Hearing Motion to Dismiss pursuant to FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes) thus denying Claimant's request for reformation of his Form U5 record.
Notes
Pre-Hearing Adjudication -- Full Dismissal. Arbitrator Remarks.
Arbitrators
Gregory G. Gocek - Chair; Paul Lansing, Esq.; Keith Lorenzo Griffin
* 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 his claims against Respondent broker-dealer regarding the alleged switching his self-directed account to a separately managed account. Non-Party broker is awarded expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. Arbitrator Remarks -- Expungement granted.
Arbitrators
Alain Frecon, Esq.
Broker-Dealers Named
Fidelity Brokerage Services LLC
Professionals
Cs: Kyle M. Kulzer & Daniel A. Ross, Alan L. Frank Law Associates PC, Jenkintown, PA.
Rs: (FBSLLC) Joel M. Everest, Bressler Amery & Ross, 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
Respondent broker is held liable, pursuant to the Representative Agreement, to Claimant broker-dealer for the amount it paid to said broker's customer in defense and settlement of an arbitration case.
Notes
Please Note* This matter proceeded pursuant to Rule 13800 of the Code.
Arbitrators
Steven M. Bialick
Broker-Dealers Named
Capital Financial Services Incorporated
Professionals
Cs: (CFSInc) Gordon D. Dihle, Corporate Legal LLC, Centennial, CO. 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 trust loses its claims against Respondent broker-dealer and two Non-Party brokers are granted expungement of this matter from their respective CRD records. One Arbitrator dissents with respect to the granting of expungement and would have awarded the customer damages.
* 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 settle their claims against Respondent broker-dealers relating to investments in closed-end and open-end bond funds with the use of margin. 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; Langfred W. White, Esq.; Susan Ruth Levin
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated; Popular Securities LLC
Professionals
Cs: Walter J. Mathews, Mathews Giberson LLP, Fort Lauderdale, FL.
Rs: (MLPFSInc) Tanya Lambrechts & A. Garcia, Bressler Amery & Ross, Fort Lauderdale, FL. OSC.
Rs: (PSLLC) Alan M. Wolper, Ulmer & Berne, Chicago, IL. 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 is awarded nearly $500,000 in damages inclusive of attorney fees pursuant to Tex. Civ. Prac. & Rem. Code § 38.001 against Respondent broker-dealer and broker relating to his investment in leveraged exchange traded funds.
Notes
All-Public Panel. Arbitrator Remarks.
Arbitrators
Mark L. Williams, Esq. - Chair; Robert L. Chisolm; Donald Gene Miller
Broker-Dealers Named
Clifton Myers Financial Advisory Incorporated
Professionals
Cs: Jason Albin & Tyler Talbert, ChapmanAlbin LLC, Cleveland, OH.
Rs: (CMFAInc) Clifton Myers, President, Round Rock, TX. ISC.
Rs: (WFILLC) Geoffrey S. Beckham, Wells Fargo Legal Department, San Francisco, CA. ISC.
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