* 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 big dollar award, a customer alleging misrepresentation with respect to his purchase of Tesla stock is awarded nearly $800,000 in total damages. Two Non-Party brokers both lose their respective requests for expungement (with prejudice) of this matter from their CRD records after the unanimous decision of the Panel.
Notes
Big $s. All-Public Panel. Arbitrator Remarks.
People & Entities
Arbitrators
Kevin C. Coleman, JD - Chair; David Handsher; Ranjani Mohana
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: Robert Wayne Pearce & Adam Kara, R.W. Pearce PA, Boca Raton, FL.
Rs: (UBSFSInc) Omar Perez & Mel Gworek, 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
In this small claims arbitration, a customer alleging that her investments in DOGE were misrepresented to her and that errors occurred with respect to her account loses her case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
Arbitrators
Charles Chia-Lin Hsieh
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) William M. Turner, Turner Dhillon LLP, Los Angeles, 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 group of customers (two individual trustees and a corporation) alleging that Respondent broker-dealer did not act in their best interests when it recommended that they take out a line of credit in order to purchase more shares in Cano Health settle their case. Two Non-Party registered representatives are each awarded expungement of this matter from their respective CRD records.
Notes
This is a Stipulated Award. Regulation Best Interest. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Mark A. Jacoby - Chair; S. Ronald Daniels; Sidney Turner
Broker-Dealers Named
Citigroup Global Markets Incorporated
Professionals
Cs: Jeffrey R. Sonn, Sonn Law Group, Aventura, FL.
Rs: (CGMInc) Adam M. Kauff & Jonathan Perrelle, Kauff Laton Miller LLP, New York, NY. OSC and Ronald Tomassi & Harrison Meyers, Leon Cosgrove Jimenez LLP, Denver, 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 Panel awards a registered representative expungement of a customer complaint from her CRD record involving the purchase of a mutual fund investment called the Putnam Ultra Short Duration Income Fund.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Nanci Sondra Landy - Chair; Laura Carraher, Esq.; Robert J. Buchner, Esq.
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: (MS) W. Steven Adams & Cheyenne Moghadam, Jones & Adams, Miami, FL.
Rs: (MSSBLLC) Gina Shlaferman, St. Petersburg, FL. 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 grants Claimant broker's request for expungement of a customer complaint from his CRD record after finding that said request met all three criteria under FINRA Rule 2080 (A), (B), and (C).
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Vincent S. Mezinko - Chair; Carol H. Gold, Esq.; Jeffrey Alan Helewitz, Esq.
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: (PDD) C. Zachary Rosenberg & Harry W. Lipman, Rottenberg Lipman Rich PC, New York, NY.
Rs: (CS&CInc) Gregory M. Scanlon, Lone Tree, CO. 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 non-appearing broker is held liable to Claimant member firm for the amount due and owing on two promissory notes pursuant to the parties' previously executed settlement agreement.
Notes
None.
Arbitrators
Robert H. Putnam, Jr., Esq.
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (MLPFSInc) Andrew M. DeLucia, Rubin Fortunato & Harbison, Wayne, 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 unanimously denies, with prejudice, two brokers requests for expungement of a customer complaint from each of their CRD records after the customers objected to said relief.
Notes
None.
Arbitrators
Michael J. Meeusen, Esq. - Chair; Howard L. Sobel; Marilee Roberg, JD
Broker-Dealers Named
Merrill Lynch Pierce Fenner & Smith Incorporated
Professionals
Cs: (DPW & MSW) Brian R. Luther, FA Expungement Services LLC, Denver, CO.
* 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 raiding case, a broker alleging that Respondent registered representative began soliciting his clients after he left his employ in violation of the parties' Employment Agreement is awarded compensatory damages. Said registered representative loses his Counterclaim for damages relating to Claimant's alleged improper use of his name with respect to client solicitations.
Notes
Raiding case.
Arbitrators
James C. Morrow, Esq. - Chair; Angela D. Gupta, Esq.; Brian Leslie Fehr
Broker-Dealers Named
None.
Professionals
Cs: (SM) John W. Shaw & Timothy D. Wallner, Berkowitz Oliver LLP, Kansas City, MO.
Rs: (KB) Kathleen A. DeLaney & Alexander J. Pantos, DeLaney & DeLaney LLC, Indianapolis, IN.
* 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 unsuitability with respect to her investment in Apple Hospitality REIT (a real estate investment trust) settles her case against Respondents. Respondent broker is granted his request for expungement of this matter from his CRD record.
Notes
This is a Stipulated Award. All-Public Panel. Arbitrator Remarks -- Expungement granted.
Arbitrators
Steven Gary Leventhal - Chair; Eric Zaidins; Paula Ellen Berg
Broker-Dealers Named
David Lerner Associates Incorporated
Professionals
Cs: Robert V. Cornish Jr., Law Offices of R.V. Cornish Jr. PC, Jackson, WY.
Rs: (DLAInc & MEK) Gene L. Small & Briana K. Huffer, Eugene L. Small PC, 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
A group of customers are awarded nearly $250,000 in compensatory damages from Respondent broker-dealer relating to their investment in Lucid Group Inc. common stock.
Notes
All-Public Panel.
Arbitrators
Peter E. Gillespie - Chair; Cheryl H. Agris, PhD; Jonathan Blank
Broker-Dealers Named
Interactive Brokers LLC
Professionals
Cs: David R. Allen & Kevin V. Sweeney, Finn Dixon & Herling, Stamford, CT.
Rs: (IBLLC) Jovalin Dedaj & David A. Spector, Greenwich, CT. 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
Broker loses his request for reformation of his Form U5 record after the Arbitrator found that the termination entry was accurate and not defamatory in nature.
* 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 alleging that not only did Respondent broker-dealer wrongfully withheld his funds but also froze his account without authorization loses his case.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code.
Arbitrators
John Warner Lowe, Jr.
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Richard J. Davis, 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 a broker's request for expungement of a customer complaint from appearing on his CRD record relating to the purchase of the PACE municipal bond and the use of margin.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Morris S. Getzels, Esq. - Chair; Richard J. Grahn, Esq.; Karl A. Vogeler, III
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (JFS) David I. Hantman, Bressler Amery & Ross, New York, NY.
Rs: (UBSFSInc) Melissa J. Gworek, 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
An Arbitrator provides factual background and explains why he has decided to grant a broker's request for expungement of eight customer complaints from his CRD record involving the purchase of Puerto Rican securities.
* 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 Claimant broker expungement of two customer complaints from his CRD record after finding said complaints to be false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Stuart K. Furman - Chair; Marvin L. Schuldiner; Mary Kathleen Coleman
* 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 selling away case, a customer alleging that Respondent broker failed to make any payments with respect to a loan (in the form of a promissory note) in which he borrowed $100,000 despite the promise that he would to return the principle and immediately submit an additional $50,000 is awarded compensatory damages, along with attorney fees incurred in this matter.
Notes
Rs PFS Investments Inc. was not assessed any portion of the awarded amount. Rs Michael J. Archimede was assessed. Selling Away case. All-Public Panel. Arbitrator Remarks.
Arbitrators
Thomas Michael Genovese - Chair; Jerry D. McCormack, Esq.; Ira Stephen Epstein, Esq.
Broker-Dealers Named
PFS Investments Incorporated
Professionals
Cs: Lars K. Soreide, Soreide Law Group PLLC, Pompano Beach, FL.
Rs: (PFSIInc) Terry R. Weiss, Duane Morris LLP, Atlanta, GA. OSC.
Rs: (MJA) None.
Any attempt to use robotics to download Awards posted on this WebSite or to gain access to the Awards on this WebSite in contravention of the Terms of Use Agreement is an unauthorized use, an abuse of the privileges extended to users of this WebSite, and, in our view, a violation of federal law.
