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Displaying 91-100 out of 224 results

Glen Lyon v Interactive Brokers - $666,618 Margin Liquidation Award

In February 2015, an arbitration panel in Richmond, VA ordered Interactive Brokers to pay its former client $666,618 in compensatory damages, interest and expert witness fees. The Claimant alleged that Interactive Brokers failed to liquidate the portfolio pursuant to a margin call in a commercially reasonable manner. Dr. McCann testified at the final hearing on behalf of the Claimant.

LaBolle v Oppenheimer et al - $300,000 Churning Award

In February 2015, a FINRA arbitration panel in Detroit, MI ordered Oppenheimer & Co. to pay $299,858 in compensatory damages, attorneys' fees, expert witness fees and filing fees after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts. Dr. McCann testified to the egregiousness of the churning and damages on behalf of the Claimant.

Felter v National Planning Corporation - $1.22 Million TIC Award

In February 2015, a FINRA panel in Des Moines, IA ordered Respondents to pay the Claimant $1.22 Million in compensatory damages and expert witness costs after a hearing in which Claimant alleged that the TIC sold did not pass a reasonable basis suitability test. Dr. McCann testified on behalf of the Claimant.

Cerisano v Interactive Brokers - $2.4 Million Negligence Award

In January 2015, an arbitration panel in Newark, NJ ordered Interactive Brokers to pay its former client $2.4 Million in compensatory damages. The case dealt with the risk and other material features of futures contracts on the VIX index. Dr. McCann testified at the final hearing on behalf of the Claimant.

Purdue Avenue Investors LP v Morgan Keegan & Co. and Morgan Asset Management

In December 2014, a Court in Dallas, Texas ordered Morgan Keegan and Morgan Asset Management to pay $2,150,803.60 in compensatory damages and prejudgment interest plus post judgment interest at the rate of 5% accruing from December 19, 2014 in connection with Morgan Keegan's sale of the RMK Advantage Income Fund, RMK High Income Fund and RMK Strategic Income Fund. The Court found violations of the Texas Securities Act because the boilerplate language in the prospectuses did not convey the true risks of the funds. Dr. McCann testified on behalf of the Plaintiffs.

Maybank v BB&T et al - $17.2 Million Variable Prepaid Forward VPF Award

On November 10, 2014, a State Court in Greenville, SC ordered BB&T to pay the Plaintiff $17.2 Million over the Bank's recommendation and sale of two variable prepaid forward contracts. This amount reflected $3.1 Million in actual damages and $5 Million in punitive damages awarded by the jury on June 30, 2014 after a two week trial. The Court found the Defendants' conduct in violation of the Unfair Trade Practices Act was "knowing and willful" and "reprehensible" and "that Defendants acted with malice, trickery, or deceit rather than mere accident," trebled actual damages to $9.3 Million and awarded $3 Million in attorneys' fees and costs. Dr. McCann testified at the hearing that the VPFs were high cost, opaque and not properly characterized in the presentations and provided testimony which the Court found fully supported the jury's award of damages.

State of Illinois v. Richard Van Dyke - $353,500 Fined for Fraudulent Annuity Sales Practices

In April 2014, Illinois Secretary of State Jesse White revoked the investment adviser and investment adviser representative registrations of Richard Lee Van Dyke, who was doing business as Dick Van Dyke Registered Investment Adviser. Additionally, Van Dyke was fined $330,000 and ordered to pay costs of investigation and expert witness fees of $23,500. Van Dyke's registrations were revoked because he defrauded 21 of his clients who were all senior citizens. Dr. O'Neal testified that the advice to surrender existing annuities and purchase new annuities was unsuitable for Van Dyke's clients.

Dulin v UBS - $5.4 Million Intentional Interference Award

In April 2014, an arbitration panel in Phoenix, AZ ordered UBS Financial Services to pay its former broker $4 Million compensatory, $1 Million punitive damages, $250,000 attorneys' fees, $85,000 in costs, $50,000 plus in arbitration fees. Punitive damages were based on injurious falsehood and the Panel specifically stated that as Lehman feel apart, UBS did not properly apprise Financial Advisers. The Panel also expunged all 39 cases and ruled that if, for some reason a court does not approve the expungement, then the broker will get another $4 Million in compensatory damages. Dr. McCann testified at the final hearing on behalf of the broker.

Umstead v National Planning Group - $290,000 Asset Allocation & Concentration Award

In December 2013, an FINRA arbitration panel in Philadelphia, PA ordered National Planning Group to pay Claimants $290,000 including costs and prejudgment interest. Dr. McCann testified that the securities portfolio was poorly diversified and the heavy use of short call options in the portfolio substantially increased the risk beyond what was appropriate for the Claimants.

Lewis v Wells Fargo Advisors $355,000 Asset Allocation & Concentration Award

In December 2013, an FINRA arbitration panel in Philadelphia, PA ordered Wells Fargo Advisors to pay Claimants $355,000 including prejudgment interest. Dr. McCann testified that the securities portfolio was poorly diversified, being concentrated in real-estate and energy related stocks and funds.

224 Results

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