Litigation Case Results

SLCG's research and testimony frequently results in press coverage and awards, decisions or orders.

 


$5.88 Million Blanco v UBS of Puerto Rico Award

2019-08-19

In August 2019, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $4,250,000 in compensatory damages, plus interest of $1,460,937 and costs of $170,000. You can read the award here. Dr.

$3.3 Million Torres v Morgan Stanley Award

2019-07-16

In July 2019, a FINRA arbitration panel in Miami, FL ordered Morgan Stanley to pay $3,231,421 including $3 million in monetary sanctions for discovery abuse. You can read the award here. Dr. McCann testified on liability and damages over Puerto Rico closed end

$4.8 million Mudafort v UBS Award

2019-07-12

In July 2019, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $4,813,161 in capital losses calculated from February 2013 through March 2019 and $67,969 in expert costs. You can read the

$8.3 million Move.Inc v Citigroup ARS Award

2019-05-20

In May 2019, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay Move.inc $8.3 million as compensation for losses on auction rate securities. The award was made after a hearing wherein the Claimants alleged that Respondents breached fiduciary

$148,000 Aguayo v Santander Securities Award

2019-03-06

In February 2019, a FINRA arbitration panel in San Juan, PR ordered Santander Securities to pay at least $148,000 in compensatory damages, interest and costs. You can read the award here. Dr. McCann testified on liability and damages over Santander's sale of

$343,000 Porter v RMK Award

2019-03-01

In December 2018, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $343,000 in compensatory damages, interest and costs to Claimant. You can read the award here. Dr. O'Neal testified on the risks of structured finance, high yield bonds,

$276,000 Medeiros v Quest Capital Strategies Woodbridge Mortgage Investment Funds Award

2019-02-07

In January 2019, a FINRA arbitration panel in Boca Raton, FL ordered Quest Capital Strategies to pay $235,000 in compensatory damages and $41,226 in costs to Claimant. You can read the award here. Dr. O'Neal testified on private real estate risk, projected

$177,500 Ionta v Mid Atlantic Capital Private Placement Award

2018-12-11

In December 2018, a FINRA arbitration panel in Los Angeles, CA ordered Mid Atlantic Capital Group to pay $177,500 in compensatory damages. You can read the awardhere. Dr. McCann testified on liability and damages over Mid Atlantic's sale of an illiquid loan fund,

$564,559 Pastrana v UBS of Puerto Rico Award

2018-10-29

In October 2018, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay at least $564,559 in compensatory damages, attorney's fees and costs. The panel also ordered UBS to repurchase certain closed

$19 Million Moyett v UBS of Puerto Rico Award

2018-10-19

In October 2018, a FINRA arbitration panel in Atlanta, GA ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $14,909,019 in compensatory damages, plus attorneys' fees of $3,878,345 and costs of $215,557. You can read the award here.

Grimes v Trustmont Financial Group- $1 million non-traded REIT, Annuity Award

2018-08-22

In August 2018, a FINRA arbitration panel in Tampa, FL ordered Trustmont Financial Group to pay $1,041,000 in statutory damages pursuant to FL Section 517, punitive damages, costs and fees. You can read the award here. Dr. McCann testified on liability and damages

$4.3 Million Bender v UBS of Puerto Rico Award

2018-06-22

In June 2018, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $4,20,000.00 in compensatory damages, plus costs of $100,000. You can read the award here. Dr. McCann testified on liability and

$220,000 Nelson v Stifel, Nicolaus Churning / Overconcentration Award

2018-06-06

In June 2018, a FINRA arbitration panel in Omaha, NE ordered Stifel, Nicolaus & Co. to pay the Claimant $144,967 in compensatory damages, $47,839 in attorneys' fees and $23,384 in costs including expert witness costs over the concentration of his accounts in

$1.9 Million Medero-Fernandez v UBS of Puerto Rico Award

2018-03-29

In March 2018, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $1,880,000.00 in compensatory damages. You can read the award here. Dr. McCann testified on liability and damages over UBS

$2.3 million Auguillard IRA et al v IMS Securities et al non-traded REIT Award

2017-11-01

In November 2017, a FINRA arbitration panel in Houston, TX ordered IMS Securities and two individual Respondents to pay at least $2,304,000 in compensatory damages. You can read the award here. Dr. McCann testified on liability and damages over IMS's sale of a

$569,000 Benitone v Hilliard Lyons / Breitburn Energy Award

2017-09-22

In September 2017, a FINRA arbitration panel in St. Louis, MO ordered Hilliard Lyons to pay the Claimants $450,000 in compensatory damages, $100,000 in punitive damages and $18,699 in costs over the concentration of their accounts in Breitburn Energy Partners

$207,000 Hoffman v Gilford Securities et al Award

2017-07-12

In July 2017, a FINRA arbitration panel in New York, NY ordered Gilford Securities and the broker to pay at least $207,000 in compensatory damages and interest. Dr. McCann testified on liability and

Brown v. Morgan Stanley and Citigroup - $150,000 Award

2017-06-22

In June 2017, a FINRA arbitration panel in Detroit, Michigan ordered Morgan Stanley Smith Barney, LLC and Citigroup Global Markets, Inc to pay $150,000 in compensatory damages plus costs and fees. Dr O'Neal testified to the unsuitability of the exchange fund sold

$4.4 million Cummings v UBS of Puerto Rico Award

2017-03-30

In March 2017, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $3,919,359 in compensatory damages, $61,499 in costs and $442,318 in attorneys' fees. In addition, the panel voided debts

$9 million Romero v UBS PR Award

2017-02-17

In February 2017, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $7,983,230 in net compensatory damages and $1 million in punitive damages. You can read the award here. Dr. McCann testified

$600,000 Matus v UBS of Puerto Rico Award

2017-02-14

In February 2017, a FINRA arbitration panel in Aventura, FL ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $339,000 in compensatory damages, $24,500 in expert witness costs, at least $111,870 in interest plus attorney's fees to be

$25 million Gomez v UBS of Puerto Rico Award

2017-01-11

In January 2017, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay at least $18,215,000 in compensatory damages, punitive damages, attorneys' fees and expert witness costs. It also denied

$2 million Interactive Brokers VXX ETN Award

2017-01-10

In January 2017, a FINRA arbitration panel in Richmond, VA ordered Interactive Brokers to pay at least $1,930,000 in compensatory damages, debt cancellation and attorney's fees. You can read the award here. Dr. McCann testified on liability - specifically on

$1 million Bien v Mid Atlantic Capital non-traded REIT Award

2016-12-14

In December 2016, a FINRA arbitration panel in Denver, CO ordered Mid Atlantic Capital Group to pay at least $1,037,000 in compensatory damages, interest, attorney's fees and expert witness costs. You can read the award here. Dr. McCann testified on liability and

$740,000 Condado Motors v UBS of Puerto Rico Award

2016-11-29

In November 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $611,251 in compensatory damages and costs. In addition, the panel ordered UBS to buy back 17,040 shares of Fixed Income

$958,000 Ciordia-Robles v UBS of Puerto Rico Award

2016-11-04

In November 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $958,000 in compensatory damages, attorney's fees and expert witness costs. You can read the award here. Dr. McCann

Padilla et al v Royal Alliance - $1.1 million non-traded REIT, Annuity Award

2016-10-05

In October 2016, a FINRA arbitration panel in San Francisco, CA ordered Royal Alliance Associates to pay $1,105,000 in compensatory. You can read the award here. Dr. McCann testified on liability and damages over Royal Alliance's sale of non-traded REITs (Inland

$750,000 Rivera-Rivera v UBS of Puerto Rico Award

2016-09-12

In September 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $750,000 in compensatory damages. You can read the award here. Dr. O'Neal testified on liability over UBS Puerto Rico's

Rovner v Oppenheimer - $115,000 Churning Award

2016-08-24

In August 2016, a FINRA arbitration panel in Philadelphia, PA ordered Oppenheimer & Co. to pay $115,000 in compensatory damages after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts. The award can be downloaded here. Dr.

Zabara v FMS Bonds $218,600 Puerto Rican Bond Award

2016-08-22

In August 2016, a FINRA panel in Boca Raton, FL ordered FMS Bonds to pay the Claimant $218,600 in compensatory damages for breach of fiduciary duty, breach of contract and negligent supervision. The award is available here. The subject investments were individual

$361,629 Ledesma v Popular Securities PR Bond and Fund Award

2016-07-20

In July 2016, a FINRA panel in San Juan, PR ordered Popular Securities to pay the Claimant at least $361,629 including compensatory damages, attorneys' fees, expert witness fees and costs. The award is available here. The subject investments included Puerto Rico

$418,262 De Jesus v UBS of Puerto Rico Award

2016-06-29

In June 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay at least $418,262 in compensatory damages based on a comparison to a portfolio of 80% taxable US bonds and 20% US stocks,

$12.2 Million Judgment in Maybank v BB&T Affirmed

2016-06-20

Last week the Supreme Court of South Carolina affirmed an award of $12,199,306 over the sale of variable prepaid forward (VPF) contracts. The SC Supreme Court Order is available here. The trial court's Order is available here. The jury had awarded $3.1 million

Melton et al v. Morgan Stanley Smith Barney - $3.6 million Award

2016-06-17

In June 2015, a FINRA arbitration panel awarded $3,586,989 in damages plus to the Claimants. The award is available here. Dr. O'Neal testified on liability and damages for the

Polito v Centaurus Financial Nontraded REIT Award

2016-06-06

In June 2015, a FINRA panel in Albuquerque, NM ordered Centaurus Financial, Inc. to pay the Claimant $150,000 plus all hearing fees after reasoned findings that "the investments Hashemian recommended while at Centaurus were not suitable", that Centaurus was

$470,000 Melendez Ramos v UBS of Puerto Rico Award

2016-03-24

In March 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $470,000 in compensatory damages, interest, attorneys' fees and costs.. You can read the award here. Dr. McCann testified on

$1.2 million Ramos v UBS of Puerto Rico Award

2016-03-21

In March 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $1.2 million in compensatory damages and expert costs. The panel also ordered the Claimant to pay $156,433 in connection with a

Wiles v Questar Capital - $135,000 non-traded REIT Award

2016-03-01

In March 2016, a FINRA arbitration panel in Louisville, KY ordered Questar Capital to pay $134,533 in compensatory damages and costs over the sale of Behringer Harvard REIT 1 non-traded REIT. You can read the award here. Dr. Henderson testified on liability

Silipigno v Raymond James - $800,000 Churning Award

2016-02-24

In February 2016, a FINRA arbitration panel in Albany, NY ordered Raymond James to pay at least $791,847 in compensatory damages and interest after a hearing wherein the Claimant alleged Respondent churned the Claimant's accounts. You can read the award here.

Aucoin v VSR Financial Services - $307,000 non-traded REIT / DPP Award

2016-02-23

In February 2016, a FINRA arbitration panel in New Orleans, LA ordered VSR Financial Services to pay $307,000 in compensatory damages over non-traded REITs, promissory notes, limited partnerships and oil drilling programs. You can read the award here. Dr.

$1.45 million Bengoa v UBS of Puerto Rico Award

2016-02-19

In February 2016, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay at least $1,450,000 in compensatory damages, interest, attorneys' fees and expert costs. You can read the award here. Dr.

Ford et al v Royal Alliance - $600,000 non-traded REIT, Annuity Award

2016-02-10

In February 2016, a FINRA arbitration panel in San Francisco, CA ordered Royal Alliance Associates to pay $596,695 in compensatory damages, attorneys' fees and costs. The Claimants were AT&T retirees who took lump sum payouts rather than pensions and invested

Ohio Division of Securities, In the Matter of Timothy K. Fife - Ohio IA Registration to be Revoked

2016-02-02

In February 2016, after evidentiary hearings, the Hearing Examiner recommended that Timothy Fife's investment adviser representative registration be revoked. The Report and Recommendation is available here. Fife's registration is being revoked because he provided

$800,000 Chipi v UBS of Puerto Rico Award

2015-12-25

In December 2015, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $800,000 in compensatory damages, interest, attorneys' fees and expert costs after finding UBS liable for various claims

$1.425 million Roldan Caraballo v UBS of Puerto Rico Award

2015-12-18

In December 2015, a FINRA arbitration panel in Miami, FL ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $1,425,000 in compensatory damages, interest, attorneys' fees and expert costs. You can read the award here. Dr. McCann

Elliott v JP Morgan $1.2 Million Short Treasury Award

2015-10-23

In October 2015, a FINRA panel in Los Angeles, CA ordered JP Morgan to pay the Claimant $1.2 million in compensatory damages, expert witness costs and forum fees after a hearing in which Claimant alleged an unsuitable short Treasury strip strategy increased risk

Schvey v Janney Montgomery Scott - $427,000 Churning Award

2015-08-15

In August 2015, a FINRA arbitration panel in New York, NY ordered Janney Montgomery Scott to pay $427,000 in compensatory damages after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts and invested in unsuitable investments. The

$2.545 million Rodriguez Gonzalez v UBS of Puerto Rico Award

2015-08-11 By SLCG

In August 2015, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $2,545,000 in compensatory damages. Dr. McCann testified on liability and damages over UBS Puerto Rico's sale of UBS Puerto

Gonzalez, Mora and Lewis v Royal Alliance - $1.4 million non-traded REIT, Annuity Award

2015-07-16

In July 2015, a FINRA arbitration panel in San Francisco, CA ordered Royal Alliance Associates to pay $1,401,687 in well-managed account damages measured against a 60% stock, 40% bond benchmark, punitive damages, attorney fees and expert witness fees. The

Artmire v First Midwest Securities - $850,000 Churning Award

2015-07-02

In July 2015, a FINRA arbitration panel in Dallas, TX ordered First Midwest Securities to pay over $850,000 in compensatory damages, punitive damages, attorney fees, expert witness fees and interest after a hearing wherein the Claimant alleged Respondents churned

Smith v Centaurus Financial, Inc. - $914,650 DPP Award

2015-05-26

In May 2015, a FINRA panel in Los Angeles, CA ordered Respondents to pay the Claimant at least $915,650 in compensatory damages, prejudgment interest, attorney's fees, expert witness costs and rescission of illiquid non-traded REITs still held. The broker had sold

The Lawrence Rosenbloom Charitable Remainder Trust v. Oppenhimer & Co. - $434,000 Award

2015-05-07

In May, 2015, a FINRA arbitration panel awarded $308,000 in compensatory damages plus $102,000 in attorney's fees and a full recovery of $24,000 in expert witness fees to the Claimants. This case involved a Charitable Remainder Trust (CRT) that was heavily

Gilbert v Stifel Nicolaus et al - $1.5 million Churning Award

2015-03-24

In March 2015, a FINRA arbitration panel in Jackson, MS ordered Stifel Nicolaus to pay $1,542,342 in compensatory damages and attorney fees after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts. Dr. McCann testified to the

Williams v MCM - $1,218,969 Hedge Fund Award

2015-03-04

In March 2015, a AAA arbitration panel in Los Angeles, CA ordered Montecito Capital Management to pay the Claimant $1,218,969 over the sale of the hedge funds. The AAA panel found that the Respondent was negligent in its excessive recommendation of hedge funds.

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

2015-02-17 By SLCG

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

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

2015-02-14 By SLCG

In February 2015, a FINRA arbitration panel in Detroit, MI ordered Oppenheimer & Co. to pay $299,858 in compensatory damages, attorney fees, expert witness fees and filing fees after a hearing wherein the Claimant alleged Respondents churned the Claimant's

Felter v National Planning Corporation - $1.22 million TIC Award

2015-02-13 By SLCG

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.

Cerisano v Interactive Brokers - $2.4 million Negligence Award

2015-01-16

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

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

2014-12-22 By SLCG

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

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

2014-11-10

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

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

2014-04-09

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

Dulin v UBS - $5.4 million Intentional Interference Award

2014-04-04

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

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

2013-12-06

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

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

2013-12-04

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

Auto City Service v JP Morgan - $2.4 million Interest Rate Swap Award

2013-11-11

In November 2013, a FINRA panel in Detroit, MI ordered JP Morgan to pay the Claimant $2.4 million in compensatory damages, prejudgment interest, costs and attorneys' fees after a hearing in which Claimant alleged breach of contract and breach of fiduciary duties.

Farah v Wedbush Morgan Securities, Inc. - $4.3 million CMO-related Labor Award

2013-09-25

In September 2013, an FINRA arbitration panel in Los Angeles, CA ordered Wedbush to pay a former broker and his attorneys $4.3 million including $1,334,387 for lost income, $1,439,555.50 in punitive damages, $1,472.005.79 in attorneys' fees, $18,500 in expert

Odessa Fireman's Relief & Retirement Fund v Morgan Keegan - $399,566 (RMA, RHY) Award

2013-09-04

In September 2013, a FINRA arbitration panel in Dallas, Texas ordered Morgan Keegan to pay $399,566 in compensatory damages in connection with Morgan Keegan's sale of the RMK Advantage Income Fund (RMA) and RMK Mult-Sector High Income Fund (RHY). Dr. O'Neal

Berghorst v Citigroup - $2,000,000 MAT, MAT Two, MAT Three and MAT Five Award

2013-06-13

In June 2013, a FINRA arbitration panel in Boca Raton, FL ordered Citigroup to pay Claimant $2,000,000 over the sale of Citigroup's MAT, MAT Two, MAT Three and MAT Five leveraged municipal bond hedge funds. The award was made after a hearing wherein the Claimant

Harwich v Pacific Securities - $5,088,395 TIC Award

2013-06-04

In June 2013, a FINRA panel in Boston, MA ordered Respondents to pay the Claimant $5,088,395 in compensatory damages, punitive damages, attorney fees and costs after a hearing in which Claimant alleged that the TIC sold did not pass a reasonable basis suitability

Texas PGI v Citigroup - $1,057,067 ARS Award

2013-05-17

In May 2013, a FINRA arbitration panel in Dallas, TX ordered Citigroup to pay the Claimant over $1 million as compensation for losses on student loan auction rate securities. The award was made after a hearing wherein the Claimants alleged that Respondents

Asad v ProEquities, Inc. - $588,128 Tenant in Common TIC Award

2013-05-14

In May 2013, a FINRA panel in Los Angeles, CA ordered Respondents to pay the Claimant $588,128 in compensatory damages, prejudgment interest and costs after a hearing in which Claimant alleged that the TIC sold did not pass a reasonable basis suitability test. Dr.

US Airways v Oppenheimer & Co. Inc. - $30 million ARS Award

2013-01-31

In January 2013, a FINRA arbitration panel in New York, NY ordered Oppenheimer to pay US Airways $30 million as compensation for losses on Camber, Capstan and Pivot credit-linked auction rate securities. The award was made after a hearing wherein the Claimants

Gillespie vs Oppenheimer et al - $1.2 million Churning Award

2013-01-17

In January 2013, a FINRA arbitration panel in Houston, TX ordered Oppenheimer & Co. to pay at least $1,214,200 including attorney fees, interest and expenses after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts. Dr. McCann

Golden v Genspring - $4.55 million "Low Volatility" Hedge Fund Award

2012-12-28

In December 2012, a JAMS arbitrator in Miami, FL ordered GenSpring Family Offices to pay the Claimant $4.55 million in out of pocket losses an rescission. The award was made after a hearing wherein the Claimant alleged that the Respondent invested in low

Dale v Morgan Keegan - $1.38 Million (MKIBX) Award

2012-12-17

In December 2012, a FINRA arbitration panel in Dallas, Texas ordered Morgan Keegan to pay $1.38 million in compensatory damages plus interest at the rate of 5% accruing from October 4, 2010 through and including October 1, 2012, attorneys fees and costs in

Straccia et al v Ceros Financial Services - $1.82 million Leveraged and Inverse ETF Award

2012-11-26

In November 2012, a FINRA arbitration panel in Manchester, NH ordered Focus Capital, Inc., Focus Capital Wealth Management, Inc. and Nicholas B. Rowe to pay Claimants $1.82 million including $442,829 in attorneys' fees, $19,836 in costs and $30,000 in expert

Roberts v ThinkEquity - $1.475 million ARS Award

2012-10-19

In October 2012, a FINRA arbitration panel in New York, NY ordered ThinkEquity to redeem at par $1.475 million of auction rate securities remaining in the Claimant's accounts. The award was made after a hearing wherein the Claimant alleged that Respondents

Burford v JP Morgan Chase Bank - $18 million + Variable Prepaid Forward VPF Award

2012-10-09

In October 2012, the Oklahoma District Court in Tulsa, OK ordered JP Morgan Chase Bank to pay the Burford Trust $18,122,644 plus attorneys' fees and punitive damages to be determined. The award compensates the Trust for the diminution in value resulting from JP

Wagner v Wells Fargo - $2.225 million ARS Award

2012-05-07

In May 2012, a FINRA arbitration panel in Los Angeles, CA ordered Wells Fargo to redeem at par $2.225 million of auction rate securities and to pay Claimants losses on ARS the Claimants had sold at a loss. The award was made after a hearing wherein the Claimants

Zeigon v First Republic - $870,631 TW Tax Advantaged Fund Award

2012-03-27

In March 2012, a FINRA arbitration panel in San Francisco, CA ordered First Republic Securities to pay the Claimants $870,631 over the sale of a collateralized bond obligation (CBO) and the TW Tax Advantaged Fund LLC leveraged municipal bond arbitrage hedge fund.

Rote v Morgan Keegan - $400,000 (MKIBX, RMH) Award

2012-02-18

In February 2012, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay $400,000 in damages to Claimants after a hearing in which Claimants alleged that Morgan Keegan misrepresented the risks of the Select Intermediate Bond Fund (MKIBX) and the

Jenkins v Crowell Weedon - $51,807 Preferred Stock Award

2012-02-05

In February 2012 a FINRA panel in Los Angeles awarded Claimant $51,807 in compensatory damages, the full amount sought. The award was made after a hearing in which the Claimant alleged that the broker's professional obligation to assist clients in setting proper

Hayes v Banc of America Securities - $1.4 million CLO Award

2012-01-31

In January 2012, a FINRA arbitration panel in Reno, NV ordered Banc of America Securities to pay the Claimant $1.375 million including $218,344 in attorneys\' fees and $23,500 in expert witness fees over the sale of the E-1 Notes of LCM VII, a collateralized loan

Perry v Oppenheimer - $6.1 million ARS Award

2012-01-05

In January 2012, a FINRA arbitration panel in New York, NY ordered Oppenheimer to pay Claimants $6.1 million including $134,108 in attorneys\' fees over the sale of auction rate securities. The award was made after a hearing wherein the Claimants alleged that

Callas Foundation, Inc. v Morgan Keegan - $265,000 (RMA, RHY) Award

2012-01-05

In January 2012, a FINRA arbitration panel in Atlanta, GA ordered Morgan Keegan to pay Claimants $231,337 in compensatory damages plus interest at the rate of 7% accruing from November 15, 2009 until the date of payment in connection with Morgan Keegan's sale of

Puglisi v Citigroup - $750,000 MAT Five Award

2011-11-17

In November 2011, a FINRA arbitration panel in Newark, NJ ordered Citigroup to pay Claimant $706,759 plus pre-judgment interest over the sale of Citigroup\'s MAT Five leveraged municipal bond hedge fund. The award was made after a hearing wherein the Claimant

Pelican Holdings et al v Morgan Keegan - $889,340 (MKIBX, RMA) Award

2011-11-14

In November 2011, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay Claimants $889,340 in connection with Morgan Keegan's sale of the RMK Select Intermediate Fund (MKIBX) and the RMK Advantage Income Fund (RMA). Dr. O'Neal testified on behalf

Lett et al v Wells Fargo Advisors, LLC - $130,000 Suitability Award

2011-11-05

In November 2011 a FINRA panel in Atlanta awarded Claimant compensatory damages of $130,000. Mr. Meyer testified about the excessive risk in the Claimant's securities, resulting in an unsuitable portfolio. In an explained award, the panel stated that \"in

Beattie v Merrill Lynch - $230,000 Annuity Award

2011-11-05

In November 2011 a FINRA arbitration panel in Orlando awarded Claimant $230,000 in compensatory damages arising from an exchange of variable annuity contracts recommended by Respondent. Mr. Meyer testified about the suitability issues attendant to annuity

Estate of Margaret Cwirko v Morgan Stanley $241,344 Award

2011-10-16

In October 2011 a FINRA panel in New Jersey awarded Claimant $241,344 in compensatory damages resulting from the embezzlement of funds from her brokerage account by Claimant's son-in-law. Mr. Meyer testified about a broker-dealer's supervisory duty to review

Christian Brothers University v Morgan Keegan - $500,000 (MKHIX) Award

2011-09-22

In September 2011, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay the Christian Brothers University Endowment Fund $432,061 plus interest in connection with Morgan Keegan's sale of the RMK Select High Income Fund (MKHIX). Dr. O'Neal

Young v Deutsche Park Securities - $1 million Aravali Fund Award

2011-08-17

In August 2011, a FINRA arbitration panel in Philadelphi, PA ordered Deutsche Park Securities to pay Claimant at least $955,000 including interest over the sale of the Aravali leveraged municipal bond hedge fund. The award was made after a hearing wherein the

Precaspian Development Corporation v Todd Ficeto and Hunter World Markets - $6.2 million Award

2011-08-03

In August 2011 a California Superior Court jury in Los Angeles awarded the Plaintiff $1.2 million in compensatory damages and $4 million in punitive damages. On behalf of the Plaintiff, Mr. Meyer testified about various techniques Defendants used to manipulate

Robb et al v Neuberger Berman - $5,537,000 Lehman Structured Products / Hedge Fund Award

2011-07-15

In July 2011, a FINRA arbitration panel in Chicago, IL ordered Neuberger Berman to pay $5,052,500 in compensatory damages and costs plus approximately $484,500 in interest. The award was made after a hearing wherein the Claimants alleged Respondents engaged in "a

Croce v UBS Financial Services - $1,770,000 UBS / Lehman Structured Products Award

2011-06-09

In June 2011, a FINRA arbitration panel in Philadelphia, PA ordered UBS Financial Services Inc. to pay $1,520,000 in damages plus approximately $250,000 in interest. The award was made after a hearing wherein the Claimant alleged Respondents breached contractual

US Airways v Hansalik, et al - $15 million ARS Award

2011-05-27

In May 2011, a FINRA arbitration panel in New York, NY ordered three former Lehman Brothers' employees to pay US Airways $15 million over the sale of Asset-Backed Capital Commitment Securities (ABCs), Committed Preferred Custodial Trust Securities (CPS) and

Albertine et al v Morgan Keegan - $881,000 (MKIBX, RHY, RSF, RMA, RMH) Award

2011-04-20

In April 2011, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay the Claimants $881,000 in compensatory damages and expert witness fees in connection with Morgan Keegan's sale of the RMK Select Intermediate Bond (MKIBX), High Income (RMH),

Hosier et al v Citigroup - $54.1 million MAT Finance, MAT Two, MAT Three, MAT Five Award

2011-04-11

In April 2011, a FINRA arbitration panel in Denver, CO ordered Citigroup to pay Claimants $54.1 million including $17 million in punitive damages and $3 million in attorneys\' fees over the sale of Citigroup\'s MAT Finance, MAT Two, MAT Three, MAT Five, ASTA

Coleman v Citigroup - $230,667 ASTA Five Award

2011-02-25

In February 2011, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay Claimants $230,667 over the sale of Citigroup's ASTA Five leveraged municipal bond hedge fund. The award was made after a hearing wherein the Claimants alleged that Respondent

Karrels v Morgan Keegan - $373,135 (MKIBX) Award

2011-02-11

In February 2011, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay the Claimant $373,135 in compensatory damages, attorneys' fees and expert witness fees pursuant to the Tennessee Securities Act in connection with Morgan Keegan's sale of the

Liles v Morgan Keegan - $81,291 (RHY) Award

2011-02-09

In February 2011, a FINRA arbitration panel in Houston, TX ordered Morgan Keegan to pay the Claimant $81,291 in compensatory damages and costs including expert witness fees in connection with Morgan Keegan's sale of the RMK Multi-Sector High Income Fund (RHY). Dr.

Beard v Citigroup - $336,000 ASTA Five Award

2010-12-13

In December 2010, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay Claimants $336,000 including $31,629 in fees and costs over the sale of Citigroup's ASTA Five leveraged municipal bond hedge fund. The award was made after a hearing wherein

Barnett et al v Citigroup - $2,428,000 MAT Five Award

2010-12-01

In December 2010, a FINRA arbitration panel in Memphis, TN ordered Citigroup to pay Claimants $2,428,000 over the sale of Citigroup's MAT Five leveraged municipal bond hedge fund. The award was made after a hearing wherein the Claimants alleged that Respondent

Chapman v Citigroup - $3,000,000 Concentrated Stock Award

2010-11-29

In November 2010 a FINRA arbitration panel in San Francisco, CA ordered Citigroup to pay $3,000,000 to the Claimant who alleged, among other claims, breach of fiduciary duty, breach of contract and failure to supervise. Dr. McCann testified on behalf of the

Flautt v Morgan Keegan - $2,138,805 (MKHIX, RSF, RHY) Award

2010-11-19

In November 2010, a FINRA arbitration panel in Boca Raton, FL ordered Morgan Keegan to pay at least $2,138,805 in damages and prejudgment interest to Claimants. The award was $1,825,517 in capital losses and at least $313,288 in prejudgment interest. The panel

Quiros v Merrill Lynch - $500,000 Award

2010-11-18

In November 2010, a FINRA arbitration panel in Los Angeles ordered Merrill Lynch to pay compensatory damages of $500,000 to Claimant William Quiros. Claimant alleged that Merrill Lynch failed adequately to supervise the securities-related activities of two

Lesmir et al v Wedbush - $3.1 million Nuveen ARPS ARS Award

2010-11-15

In November 2010, a FINRA arbitration panel in Seattle, WA ordered Wedbush Morgan to redeem at par $2,825,000 in auction rate preferred securities plus $2245,865 in attorneys' fees and costs. The award was made after a hearing wherein the Claimants alleged

Mercer v Morgan Keegan - $444,978 (RSF, RMA, RHY) Award

2010-11-03

In November 2010, a FINRA arbitration panel in Orlando, FL ordered Morgan Keegan to pay $444,978 in damages plus attorneys' fees and costs to be determined. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and

Hagman v Citigroup - $11,558,127 Award

2010-10-06

In October 2010 a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay a total of $11,558,127, including punitive damages of $10 million, attorneys\' fees, and costs. Claimants alleged breach of fiduciary duty, fraud, and failure to supervise. On

Garrett et al v Morgan Keegan - $9.2 million (RMH, RSF, RMA, RHY)

2010-10-05

In October 2010, a FINRA arbitration panel in Houston, TX ordered Morgan Keegan to pay $9.2 million in damages including $1.1 million in attorneys' fees and $78,000 in costs. The award was made after a hearing wherein the Claimants alleged Respondents breached

Silk v Citigroup - $1,000,000 MAT Three and MAT Five Award

2010-08-23

In August 2010, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay Claimants $1,000,000 over the sale of Citigroup's MAT Three and MAT Five leveraged municipal bond hedge funds. The award was made after a hearing wherein the Claimants alleged

East Tennessee Neurology, PC v Morgan Keegan - $484,357 (RMH, RSF, RMA, RHY) Award

2010-08-06

In August 2010, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $484,357 in damages including $115,689 in attorneys' fees and $52,413 in costs. The award was made after a hearing wherein the Claimants alleged Respondents breached

Kazma v Citigroup - $1,817,000 ASTA Three and ASTA Five Award

2010-08-03

In August 2010, a FINRA arbitration panel in Boca Raton, FL ordered Citigroup to pay Claimants $1,817,000 over the sale of Citigroup's ASTA Three and ASTA Five leveraged municipal bond hedge funds. The award was made after a hearing wherein the Claimants alleged

Levinthal v First Republic - $2,178,153 TW Tax Advantaged Fund Award

2010-07-06

In July 2010, a AAA arbitration panel in San Francisco, CA ordered First Republic to pay the Claimants $2,178,153 over the sale of the TW Tax Advantaged Fund LLC leveraged municipal bond arbitrage hedge fund. The AAA panel found that First Republic was

Miller v Citigroup - $489,877 MAT Three Award

2010-06-24

In June 2010, a FINRA arbitration panel in Seattle, WA ordered Citigroup to pay Claimants $489,877 including attorney's fees over the sale of Citigroup's MAT Three leveraged municipal bond hedge fund. The award was made after a hearing wherein the Claimants

Miniaci v Morgan Keegan - $1,080,000 (MKIBX, RMA, RHY) Award

2010-06-09

In June 2010, a FINRA arbitration panel in Ft. Lauderdale, FL ordered Morgan Keegan to pay $1,080,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest

Christianson v Morgan Keegan - $247,557 (RHY, MKHIX) Award

2010-06-04

In June 2010, a FINRA arbitration panel in Denver, CO ordered Morgan Keegan to pay $247,557 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimants'

Selan v Citigroup - $550,505 MAT Three Award

2010-05-26

In May 2010, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay Claimants $550,505 and costs over the sale of Citigroup's MAT Three leveraged municipal bond hedge fund. The award was made after a hearing wherein the Claimants alleged that

Abramson v Citigroup - $1,710,000 MAT V Award

2010-05-11

In May 2010, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay $1,710,000 including $25,000 in costs and interest on the award at the rate of 10%. The panel also assessed $18,000 in forum fees to the Respondent. The award was made after a

Roe Green Foundation v Charles Schwab - $310,000 (SWYSX) Award

2010-04-27

In April 2010, a FINRA arbitration panel in Cleveland, OH ordered Charles Schwab to pay the Claimants $310,000. The award was made after a hearing wherein the Claimants alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to

Pomeroy v Charles Schwab - $850,000 (SWYCX) Award

2010-04-20

In April 2010, a FINRA arbitration panel in San Francisco, CA ordered Charles Schwab to pay the Claimants $850,000 including $150,000 in attorneys' fees, $14,850 in costs including expert witness fees and interest on the award at the rate of 7%. The award was made

Mauney v Charles Schwab - $246,560 (SWYSX) Award

2010-04-09

In April 2010, a FINRA arbitration panel in Seattle, WA ordered Charles Schwab to pay the Claimant $246,560 including $53,359 in attorneys' fees. The award was made after a hearing wherein the Claimants alleged that Schwab misrepresented its YieldPlus (SWYSX)

Cobb et al v Morgan Keegan - $1,100,000 (MKHIX, RMH, RMA, RSF, RHY) Award

2010-02-23

In February 2010, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $1,100,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest

Stein et al v Morgan Keegan - $2,500,000 (MKHIX, RMA, RSF, RHY) Award

2010-02-19

In February 2010, a FINRA arbitration panel in Boca Raton, FL ordered Morgan Keegan to pay $2,500,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest

Flanagan v UBS Financial Services - $200,000 Structured Products Award

2009-11-20

In November 2009, a FINRA arbitration panel in Columbia, SC ordered UBS Financial Services Inc to pay $165,000 in damages which includes the interest per annum at the state of South Carolina statutory rate of 8.75%. The panel also awarded Claimant costs in the

Wade et al v Morgan Keegan - $370,000 (MKHIX, MKIBX, RMH, RSF, RHY) Award

2009-11-19

In November 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $370,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest

Smythe et al v Morgan Keegan - $1,000,000 (MKIBX, RSF, RMA, RHY) Award

2009-11-11

In November 2009, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay $803,000 in damages including $20,000 in expert witness fees and pre-judgment interest at the rate of 6% per annum. The panel also assessed $195,160 in attorneys' fees. The

Rivkin v Charles Schwab - $327,245 (SWYSX) Award

2009-10-01

In October 2009, a FINRA arbitration panel in San Diego, CA ordered Charles Schwab to pay the Claimant $327,245. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to

Eliot v Charles Schwab - $96,000 (SWYSX) Award

2009-09-30

In September 2009, a FINRA arbitration panel in Los Angeles, CA ordered Charles Schwab to pay the Claimant $96,000 including $16,000 in expert witness fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus

Nasatir v Charles Schwab - $125,729 (SWYSX) Award

2009-09-25

In September 2009, a FINRA arbitration panel in Los Angeles, CA ordered Charles Schwab to pay the Claimant $125,729. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk

Crow et al v Morgan Keegan - $148,000 (MKIBX) Award

2009-09-16

In September 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $148,000 in damages including expert witness fees. The panel also assessed $30,825 in forum fees to the Respondents. The award was made after a hearing wherein the

Chang v Charles Schwab - $88,245 YieldPlus (SWYSX) Award

2009-09-11

In September 2009, a FINRA arbitration panel in Los Angeles, CA ordered Charles Schwab to pay the Claimant $88,245 including $13,500 in expert witness fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus

Kelly v Charles Schwab - $103,000 YieldPlus (SWYSX) Award

2009-09-09

In August 2009, a FINRA arbitration panel in Reno, NV ordered Charles Schwab to pay the Claimant $103,000 including interest and fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a

Mayes v Charles Schwab - $116,000 YieldPlus (SWYSX) Award

2009-08-12

In August 2009, a FINRA arbitration panel in Houston, TX ordered Charles Schwab to pay the Claimant $116,000 including $16,000 in expert witness fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus

Bach v Citigroup - $250,000 MAT V Award

2009-08-07

In August 2009, a FINRA arbitration panel in Miami, FL ordered Citigroup to pay $250,000 in damages after a hearing wherein the Claimant alleged that Respondents breached contractual and fiduciary duties and negligently misrepresented MAT V, a leveraged municipal

Ross v Charles Schwab - $173,498 YieldPlus (SWYSX) Award

2009-07-14

In July 2009, a FINRA arbitration panel in San Diego, CA ordered Charles Schwab to pay the Claimant $173,498 including $16,000 in expert witness fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX)

Lanfear v Global Crown Capital - $1,688,000 Award

2009-07-06

In July 2009, a FINRA arbitration panel in San Francisco, CA ordered Global Crown Capital and its principal to pay the Claimant $1,688,000. The award was made after a hearing wherein the Claimant alleged that Global Crown churned Claimant's securities accounts

United Prison Ministries v Morgan Keegan - $220,000 (MKHIX) Award

2009-06-22

In June 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $220,000 in damages including $20,000 in expert witness fees. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary

Klosky v Morgan Keegan - $134,000 (RMH, RSF, RMA, RHY, MKHIX, MKIBX) Award

2009-06-05

In June 2009, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay $134,000 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, violated Tennessee Blue Sky Laws and the Tennessee Consumer

Richardson v Morgan Keegan - $431,000 (MKHIX, MKIBX) Award

2009-06-03

In June 2009, a FINRA arbitration panel in Boca Raton, FL ordered Morgan Keegan to pay $431,000 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably diversify Claimants' accounts and

Velez v Morgan Keegan- $75,000 RMH, RHY, RSF, RMA Award

2009-05-01

In May 2009, a FINRA arbitration panel in Little Rock, AR ordered Morgan Keegan to pay $75,000 in damages after a hearing wherein the Claimants alleged Morgan Keegan breached contractual and fiduciary duties, failed to suitably diversify Claimants' accounts and

CASE Credit Union v Prudential - $1,028,443 Interest-Only CMO Award

2009-05-01

In May 2009, a FINRA arbitration panel in Detroit, MI ordered Prudential to pay $1,028,443 in damages and interest after a hearing wherein the Claimant alleged Respondents sold the Claimant an unsuitable, overpriced Interest-Only CMO strip. Dr. McCann testified on

Humphries v Morgan Keegan- $285,222 (MKIBX) Award

2009-05-01

In May 2009, a FINRA arbitration panel in Jackson, MS ordered Morgan Keegan to pay $285,222 in damages, interest and attorneys' fees after a hearing wherein the Claimants alleged Respondents misrepresented the RMK Select Intermediate Bond Fund (MKIBX). Dr. McCann

Ackerman, et al v Morgan Keegan - $81,169 (MKHIX) Award

2009-04-01

In April 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $81,169 in damages and interest after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably diversify Claimants'

Brezden et al v Associated Securities - $8.9 Million Hedge Fund Award

2009-03-23

In March 2009, a FINRA Dispute Resolution panel, in an explained decision, awarded $8.9 million to a group of Claimants who invested in an speculative options trading vehicle called APEX Equity Options Fund, LP. The panel concluded that the broker, who was also a

Willingham et al v Morgan Keegan - $187,215 (RHY, MKIBX) Award

2009-03-01

In March 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $187,215 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably diversify Claimants' accounts and

Muhlbauer v Morgan Keegan - $125,000 (RHY, RSF, RMA) Award

2009-03-01

In March 2009, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay $125,000 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably diversify Claimants' accounts and

McCarver v Morgan Keegan - $100,000 (RMH, RHY, RSF, RMA, MKHIX) Award

2009-02-01

In February 2009, a FINRA arbitration panel in Tampa, FL ordered Morgan Keegan to pay $100,000 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably diversify Claimants' accounts and

Misha v Stone & Youngberg - $250,000 Leveraged Municipal Bond Arbitrage Award

2009-01-01

In January 2009, a FINRA arbitration panel in San Francisco, CA ordered Stone & Youngberg to pay $250,000 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties and negligently misrepresented a leveraged

Coutant and Goheen v Morgan Stanley Dean Witter et al - $1.016 Million Concentration Award

2008-02-15

In February 2008, a FINRA arbitration panel in San Francisco, CA ordered Morgan Stanley to pay $1,015,875 after a hearing wherein the Claimants alleged Respondents failed to provide competent hedging advice with respect to the Claimants' concentrated stock

Lackey v Casimir Capital and James Ahern - $94,500 Churning Award

2007-12-10

In December 2007, a FINRA arbitration panel in Dallas, TX ordered Casimir Capital and James Ahern to pay $94,500 including expenses and attorney fees after a hearing wherein the Claimants alleged Respondents churned the Claimants' accounts. Dr. McCann testified to

Riley v Associated Securities - $605,000 Asset Allocation Award

2007-11-19

In November 2007, a FINRA arbitration panel in Reno, NV ordered Associated Securities and Patricia Meidell to pay $605,000 in damages and interest after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties and failed to

McKinney v Merrill Lynch - $3.321 Million Concentration / Variable Prepaid Forward Award

2007-10-18

In October 2007, a FINRA arbitration panel in Indianapolis, IN ordered Merrill Lynch to pay $3.321 million to a Claimant. Claimant alleged that Merrill Lynch recommended that she purchase investments on margin despite holding a concentrated single-stock position

Piscevich et al v Associated Securities - $450,000 Asset Allocation Award

2007-07-02

In July 2007, an NASD arbitration panel in Reno, NV ordered Associated Securities and Patricia Meidell to pay $460,000 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties and failed to suitably diversify

Rayburn et al v HSBC Securities - $775,000 Structured Products Award

2007-05-04

In May 2007, an NASD arbitration panel in Los Angeles, CA ordered HSBC Securities to pay $775,000 in damages after a hearing wherein the Claimants alleged Respondents misrepresented features and omitted material facts in the sale of structured "snowball" notes to

Schunmann v Donald Sowa - Misrepresentation $314,000 Award

2007-04-07

In April 2007 an NASD Arbitration panel in Hartford, CT ordered Donald Sowa, an RIA, to pay Mr. and Mrs. Schunmann compensatory damages of $314,000. Dr. O'Neal testified that the RIA misrepresented and completely misunderstood the risk of the Schunmann's

Almquist at al v Merrill Lynch - $1.5 million Award

2007-02-01 By SLCG

In February 2007, an NASD arbitration panel in Seattle, WA ordered Merrill Lynch to pay $1.5 million to a couple after a hearing wherein the Claimants alleged Merrill Lynch breached contractual and fiduciary duties and failed to make suitable recommendations to

Nolan v Merrill Lynch - $1.775 Million Concentration Award

2006-10-13

In October 2006, an NASD arbitration panel in San Francisco, CA ordered Merrill Lynch to pay $1.775 million to a Claimant. Claimant alleged that Merrill Lynch failed to provide suitable recommendations for hedging or diversifying a concentrated Dell stock

Cherry et al v Raymond James Annuity - $577,000 Award

2006-10-01 By SLCG

In October 2006, an NASD arbitration panel in Birmingham, AL ordered Raymond James to pay seven Claimants $577,000 in out of pocket losses plus attorney fees, expert witness fees and interest over the sale of annuities into IRA

Bouse et al v Wedbush Morgan Securities, Inc. - $3.8 million CMO Award

2006-05-01 By SLCG

In May 2006, an NASD arbitration panel in Los Angeles, CA ordered Wedbush to pay 22 clients of its Newport Beach branch and their attorneys $3.8 million. Wedbush sold Claimants lower tranche manufactured housing CMOs as good substitutes for bank CDs, suitable for

Yellen et al v Citigroup Global Markets (SSB) - $536,500 Award

2006-05-01 By SLCG

In May 2006, an NASD arbitration panel in Tampa, FL ordered Citigroup to pay Barry Yellen and his advisory clients $462,500 in compensatory damages, plus at least $74,000 in prejudgment interest. Dr. McCann testified that Jack Grubman manipulated his valuation

Stockhausen v Citigroup Global Markets (SSB), Jack Grubman - $452,363 Award

2006-05-01 By SLCG

In May 2006, an NASD arbitration panel in Chicago, IL ordered Citigroup to pay Joseph and Karen Stockhausen $325,000 in compensatory damages, $97,500 in attorneys' fees and $29,863.64 in costs. Dr. McCann testified that the exercise and hold strategy for handling

Carruthers v Citigroup Global Markets (SSB) - $900,000 Award

2006-02-01 By SLCG

In February 2006, an NASD arbitration panel in Cleveland, OH ordered Citigroup to pay Suzanne and Joseph Carruthers $900,000. The Carruthers had alleged that SSB provided flawed and biased proposals designed to influence them to choose a more risky asset mix than

Bauer v Raymond James Annuity - $453,210 Award

2005-10-01 By SLCG

In October 2005, an NASD arbitration panel in Philadelphia, PA order Raymond James to pay a Claimant $151,070 in out of pocket losses plus $302,140 in punitive damages - plus attorney fees, expert witness fees and prejudgment interest over the sale of Equitable

AG Edwards Exercise and Hold - $931,000 Award

2005-05-04

In May 2005, a Pacific Stock Exchange arbitration panel in San Francisco, CA ordered AG Edwards to pay four Claimants $931,000 plus plus costs over the unsuitable recommendation to exercise employee stock options on margin and to hold the aquired Cisco Systems and

Desrosiers v Robert W. Baird, Inc. - Account Mismanagement $400,000 Award

2005-04-07

In April 2005 an NASD Arbitration panel in Tampa, FL ordered Baird to pay Ms. Desrosiers compensatory damages of $400,000 plus interest. Dr. O'Neal testified that the risk of the portfolio was inappropriate for Ms. Desrosiers and that Baird disregarded its own

Salomon Smith Barney Exercise & Hold Case - $2.5 Million Award

2005-03-01 By SLCG

In March 2005, an NASD arbitration panel in Washington, DC awarded a Claimant $2.5 million including $500,000 in punitive damages arising out of claims against Salomon Smith Barney over the exercise of non-qualified employee stock options by a former MCI Worldcom

Cox v Bush - $630,000 Asset Allocation Award

2005-01-04

In January 2005, an NASD arbitration panel in Washington, DC ordered J. Bush & Co. to pay Claimants $630,000 in damages. Claimant alleged J. Bush & Co. invested their retirement assets in an unsuitably risky manner. Dr. McCann testified on behalf of the

Salomon Smith Barney/Spartis/Elias Exercise & Hold Case - $448,000 Award

2005-01-01 By SLCG

In January 2005, an NASD arbitration panel in Lexington, KY awarded a Claimant $448,000 arising out of claims against Salomon Smith Barney, Philip Spartis and Amy Elias over the exercise of non-qualified employee stock options by a Worldcom

Brush et al v Merrill Lynch - $1.1 Million 72(t) Award

2004-12-15

In December 2004, an NASD arbitration panel in Indianapolis, IN ordered Merrill Lynch to pay $1.1 million including $450,000 in punitive damages to a group of Claimants in a 72(t) case. The panel found that Merrill Lynch failed to properly train and supervise

Rooney v Wachovia Securities, LLC - Fraud, Breach of Fiduciary Duty $567,000 Award

2004-11-07

In November 2004 an NASD Arbitration panel in Los Angeles, CA ordered Wachovia to pay Mr. and Mrs. Rooney compensatory damages of $189,000, and an additional $378,000 in punitive damages. Dr. O'Neal testified on the use of inappropriate mutual fund share classes

Berry et al v Merrill Lynch - $752,000 72(t) Award

2004-09-22

In September 2004, an NASD arbitration panel in Indianapolis, IN ordered Merrill Lynch to pay $752,000 including $191,000 in punitive damages to a group of Claimants in a 72(t) case. The Claimants alleged that Merrill Lynch failed to properly train and supervise

Hatch v H&R Block Financial Advisors - $507,937 Churning Award

2004-09-22 By SLCG

In September 2004, an NASD arbitration panel in Southfield, MI ordered H&R Block Financial Advisors to pay the Claimant $507,937 in compensatory damages and costs. Dr. McCann testified on behalf of the Claimant that the Claimant's securities portfolio was churned

Bokan v Merrill Lynch, Pierce, Fenner & Smith, Inc. - Suitability $405,000 Award

2004-03-07

In March 2004 an NASD Arbitration panel in Boca Raton, FL ordered Merrill Lynch to pay Mr. Bokan compensatory damages of $366,000 plus interest. The panel also awarded Mr. Bokan $39,000 in travel costs and expert witness fees

District Court Grants Defendants' Motion for Summary Judgment in WAXS Class Action

2004-03-01 By SLCG

In March 2004, the United States District Court for the Northern District of Georgia granted the Defendants' motion for summary judgment in what was left of twenty-three class actions against World Access (WAXS). The Court found that WAXS's statements concerning a

Lopez v Merrill Lynch - $6.4 Million Exercise & Hold Award

2004-02-01 By SLCG

In February 2004 an NASD arbitration panel in Dallas awarded four Claimants $6.4 million arising out of claims against Merrill Lynch over the exercise of non-qualified employee stock options by Allegiance Telecom employees.

Wendling v Merrill Lynch - $1.73 Million Exercise & Hold Award

2003-10-01 By SLCG

In October 2003 an NASD arbitration panel in Seattle awarded a husband and wife $1.73 million arising out of claims against Merrill Lynch over the exercise of Ariba non-qualified employee stock

Cote v Edward Jones - $90,367 Exercise & Hold Award

2003-08-28 By SLCG

In August 2003, an NASD arbitration panel in Dallas, TX ordered Edward Jones to pay Claimant $90,367 including costs and prejudgment interest. Dr. McCann testified that the exercise and hold strategy was deeply flawed and should never have been

Bauer v Morgan Stanley Dean Witter - $175,000 NYSE Award

2002-08-14 By SLCG

In August 2002, an NYSE arbitration panel in Memphis, TN ordered Morgan Stanley Dean Witter to pay Claimant $175,000. Dr. McCann testified for the

Millar v Merrill Lynch - $7.74 Million JAMS Award

2002-07-01 By SLCG

In July 2002 a JAMS arbitration panel awarded a couple $7.74 million arising out of claims of breach of contract, negligence and fraud against Merrill Lynch. The panel found that Merrill Lynch breached duties to formulate and implement suitable investment

District Court Affirms $7.74 Million Award Against Merrill Lynch

2002-07-01 By SLCG

The award in Millar v Merrill Lynch was noteworthy, and not only for its size. The panel decided Merrill Lynch breached a contract to provide suitable investment advice to the Millars. Merrill Lynch appealed the award. The District Court in affirming the award

Garcia v AG Edwards - $571,159 Churning Award

2001-12-27 By SLCG

In December 2001, an NASD arbitration panel in Boca Raton, FL ordered AG Edwards to pay the Claimant at least $571,159 including compensatory damages and prejudgment interest. Dr. McCann testified that the securities portfolio was churned and estimated

Wolfe v Considine - $424,183 Award

2001-12-21

In December 2001, an NASD arbitration panel in Baltimore, MD ordered the Respondent to pay the Claimant $424,183 in damages after a hearing wherein the Claimant alleged that Respondents churned Claimant's account and invested in unsuitable securities. Dr. McCann

Stanton v Cendant - $18.8 Million Securities Fraud Award

2001-02-15

In February 2001, a AAA arbitration panel in New York, NY ordered Cendant to pay $18.8 million to Claimants who sold their closely-held business, Dine-a-Mate, to Cendant for shares of stock during a pervasive accounting fraud. Dr. McCann testified on behalf of the

Mueller v Gaines Berland - $372,922 Texas Securities Act Award

2001-02-07 By SLCG

In February 2001, an NASD arbitration panel in Dallas, TX ordered Gaines Berland to pay Claimant $392,922 including attorney's fees and expert witness costs for violation of the Texas Securities Act and the Texas Deceptive Trade Practices Act. Dr. McCann testified

Johnson v Ryan, Lee & Co. - $385,000 Award

2000-12-09 By SLCG

In December 2000, an NASD arbitration panel in Washington, DC ordered Ryan, Lee to pay the Claimant $385,000. Dr. McCann testified on behalf of the

Maderazo v Piper Jaffray - $139,500 Award

2000-10-06 By SLCG

In October 2000, an NASD arbitration panel in Scottsdale, AZ ordered Piper Jaffray to pay Claimants $139,500 including attorneys' fees and expert witness costs. Dr. McCann testified on behalf of the

Haaz v Oppenheimer - $491,707 Churning Award

1998-11-10 By SLCG

In November 1998, an NASD arbitration panel in Philadelphia, PA Oppenheimer to pay Claimant $454,293 in compensatory damages and at least $37,414 in prejudgment interest. Dr. McCann testified that the account was churned and the trading costs should be adjusted to