* 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 Respondent broker-dealer was negligent when it failed to supervise Respondent registered representative and seeking $225,000 in damages settle their case. Respondent registered representative loses his request for expungement of this matter from his CRD record with prejudice.
Notes
This is a Stipulated Award. All-Public Panel.
People & Entities
Arbitrators
David S. Eisenberg - Chair; Loren Scott Buell; David Alun Moody
Broker-Dealers Named
MML Investors Services LLC
Professionals
Cs: Lars K. Soreide, Soreide Law Group, Pompano 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
Registered representative is awarded expungement of a customer complaint from his CRD record after the Panel found said complaint to be clearly erroneous and false under FINRA Rule 2080.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Patricia Ann Tracey, Esq. - Chair; Stephany Adriene Watson, Esq.; Peter A.P. Dunlop
Broker-Dealers Named
Centaurus Financial Incorporated
Professionals
Cs: (OKW) Jeremy L. Bartell, Bartell Law PLLC, Washington, DC.
* 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 Respondent broker-dealer engaged in unauthorized trading and mismanaged his account regarding his investment in CFTC-regulated derivatives/futures.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code. Cs did not request a hearing.
* 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 Respondent broker-dealer mishandled her account by placing her in an inappropriate investment strategy when it recommended she invest in illiquid and high-risk securities such as CPG Vintage Access Fund II, Blackstone REIT, to name a few, wins her case and is awarded compensatory damages. Non-Party broker loses, with prejudice, his request for expungement of this matter from his CRD record after the objection of said customer.
Notes
Rescission Requested. All-Public Panel.
Arbitrators
Christopher J. Klein, Esq. - Chair; Anthony Richard Sanchez, III; Lloyd S. Green, Esq.
Broker-Dealers Named
Morgan Stanley
Professionals
Cs: Michael C. Bixby, Bixby Law PLLC, Pensacola, FL.
Rs: (MSSBLLC) Kendra S. Canape & Rachel 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
Registered Rep is granted his request for expungement of a customer complaint from his CRD record by unanimous decision of the Panel after raising the question of eligibility under FINRA Rule 13206 (Six-year Eligibility Rule for Industry Disputes), finding that the rule does not prohibit submission of his claim.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
F. Guthrie Castle, Jr., Esq. - Chair; Adam Michael Porter; Peter M. Cosel
Broker-Dealers Named
Robert W Baird & Company Incorporated
Professionals
Cs: (JDR) Chelsea Bauer, HLBS Law, Broomfield, CO.
Rs: (RWB&CInc) Todd A. Holleman, Miller Johnson et al., Detroit, MI. OSC and Nicole D. Blanchard, Miller Johnson et al., Grand Rapids, 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
Claimant broker and Respondent member firm enter into a Settlement Agreement resolving a claims in this matter. As part of the parties' Settlement Agreement, Respondent member firm agrees to amend said broker's Form U-5 record.
Notes
This is a Stipulated Award. Arbitrator Remarks -- Reformation U-5 granted.
Arbitrators
Edith M. Novack, Esq. - Chair; Robert Elliot Harrison; Mark Cuccaro
Broker-Dealers Named
Charles Schwab & Company Incorporated
Professionals
Cs: (MTB) Kevin Thomas Hoffman, Law Offices of K.T. Hoffman, Greenwich, CT.
Rs: (CS&CInc) Christopher F. Robertson, Seyfarth Shaw LLP, Boston, MA. 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 provides factual background and detail and explains why he has decided to grant Claimant broker's request for expungement of four customer complaints from his CRD record finding the complaints to be misleading, vague, and ambiguous. The Customers' complaints involved 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 explains in detail why it has decided to grant a broker's request for expungement of a customer complaint from his CRD record unanimously finding the complaint to be clearly erroneous and false under FINRA Rule 2080. The customers' complaint involved the purchase of Puerto Rican securities.
Notes
Arbitrator Remarks -- Expungement granted.
Arbitrators
Mark Thomas Risner - Chair; Roger C. Benson, Esq.; Sherry R. Wetsch, Esq.
Broker-Dealers Named
UBS Financial Services Incorporated
Professionals
Cs: (RE) Leany P. Prieto-Rodriguez & Roberto C. Quinones-Rivera, McConnell Valdes LLC, San Juan, PR.
Rs: (UBSFSInc) Rey F. 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
Despite being a victim of fraud by a third-party scammer, a customer loses her case after the Arbitrator found that Respondent broker-dealer had nothing to do with the perpetrated fraud and could not reverse the loss of her investments as her account was self-directed.
Notes
Please Note* This matter proceeded pursuant to Rule 12800 of the Code under the Special Proceeding option. Arbitrator Remarks -- Explained Award.
Arbitrators
Stephany Adriene Watson, Esq.
Broker-Dealers Named
Robinhood Financial LLC
Professionals
Cs: Pro se.
Rs: (RFLLC) Benjamin A. Schloss, Turner Dhillon LLP, Los Angeles, CA. OSC.
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.
