Results for "arbitration"

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Finra panel awards investor $1.67 million in churning case

January 8, 2018

An all-public Finra arbitration panel has awarded a San Diego, Calif., investor the entire amount of her claim — $1.67 million in compensatory and punitive damages — against broker David Lloyd Barber and his firm, Madison Avenue Securities....

Report: Arbitrations handled by non-lawyers can harm investors

December 18, 2017

A report by the Public Investors Arbitration Bar Association charges that investors using a non-attorney representative in a mandatory arbitration may suffer "sometimes severe consequences." PIABA, whose member attorneys represent investors...

LPL loses $462,000 arbitration claim stemming from broker who ran Ponzi scheme

December 20, 2017

LPL Financial lost a $462,000 arbitration claim on Tuesday involving a former broker who is in jail for running a Ponzi scheme. A three-person Finra Dispute Resolution panel ruled that LPL was liable to pay three sets of clients $332,000 in...

Finra would have special arbitrators make expungement decisions

December 8, 2017

Arbitrators specifically qualified to determine whether brokers should have customer disputes removed from their online profiles would decide such cases under a Finra proposal. The Financial Industry Regulatory Authority Inc. would establish...

Former LPL broker loses $30 million claim against old firm

November 2, 2017

A one-time star broker with LPL Financial lost a securities arbitration decision last month in which he sought $30 million in damages claiming that the company ruined his career. The three-person Financial Industry Regulatory Authority Inc....

Finra's fine money whets appetites of investor advocates, experts, industry representatives

October 23, 2017

The $176.3 million in total fines Finra levied last year has mouths watering like a succulent burger coming off the grill. Investor advocates, members of Congress, scholars and industry representatives all want to take a bite. In the last couple...

Fross brothers must pay fired partner $1 million

November 28, 2017

Arbitrators awarded a former partner at an adviser marketing firm more than $1 million and found fault in the way the other partners fired him, but both sides claimed victory in the case. In a Nov. 27 decision, an American Arbitration Association...

Former broker wins $1.8 million arbitration award against PNC Investments for wrongful firing, defamation

April 19, 2017

A former broker won an $1.8 million arbitration award against PNC Investments in a dispute over her termination from the firm. The Financial Industry Regulatory Authority Inc. arbitration panel in an April 18 decision gave Adrienne M. Mennemeyer...

Client wins $357K clawback in arbitration from Wells Fargo over unsuitable investments

March 13, 2017

An investor won a $357,000 arbitration award against Wells Fargo Advisors for unsuitable energy and housing investments. The case summary in the March 9 award cited "investments in unspecified energy and housing products, and use of a margin...

Dawn Bennett loses $1 million arbitration claim

March 22, 2017

Dawn Bennett, a former star adviser who was thrown out of the securities industry, has lost a $1 million Finra arbitration claim for making unsuitable investment recommendations for one of her clients. The plaintiff, Steven Santagati, is to...

Client wins $433,000 through Finra arbitration claim, but will likely see no payment

August 21, 2017

A client of a small broker-dealer that sold her high risk private placements and nontraded real estate investment trusts won a $433,000 arbitration claim last week but, because the broker-dealer is defunct, she will likely see no payment from...

Fidelity wins arb case against wine mogul but earns a rebuke from Finra

August 18, 2017

Fidelity Brokerage Services won a muted victory in an arbitration against one of its wealthiest clients, wine mogul Peter Deutsch. Deutsch lost his claim for compensation from the giant brokerage, which he accused of mishandling his account...

PIABA selects Andrew Stoltmann as new president

October 23, 2017

Chicago attorney Andrew Stoltmann has been selected as president of the Public Investors Arbitration Bar Association, replacing outgoing Ohio attorney Marnie Lambert. PIABA is a not-for-profit, voluntary bar association of lawyers who represent...

Jailed broker Mark David Holt loses $477,000 Finra arbitration

September 12, 2017

Mark David Holt, a former broker currently in prison, has lost a $477,000 Finra arbitration decision to two former clients who had alleged he mismanaged their accounts. The claimants, Peter Izmirian and Sandra Ingwaldson, filed their arbitration...

Finra seeks to raise pressure on firms hiring rogue brokers, avoiding arbitration payments

July 19, 2017

The Finra board has advanced proposals that would give it more opportunities to put pressure on financial firms that hire brokers with checkered disciplinary histories or avoid paying arbitration claims. In a meeting Tuesday, the board authorized...

Supreme Court could put pressure on Finra class-action policy

July 7, 2017

If the Supreme Court sides with the Trump administration on the question of class-action litigation in arbitration agreements, it could cause Finra to rethink its policy banning waivers. In a series of pending cases the court will hear next...

Finra rule would let investors take arb claims to court if broker goes bankrupt during proceeding

October 19, 2017

Finra is seeking to allow investors in arbitration to take their claim to court if the brokerage or broker involved goes out of business during the proceedings. The regulator claims it will help plaintiffs collect their awards but a critic asserts...

Finra's arbitration process: Challenging the system to find the right answers

September 6, 2016

“That's the way we've always done it.” In business, this simple but dismissive mindset — if it becomes ingrained throughout an organization — can keep a company mired in the past, resistant to change and unresponsive to its customers'...

Borg puts cybersecurity, unpaid arbitration claims on NASAA agenda

October 3, 2017

When Joe Borg first headed the North American Securities Administrators Association in 2001, online protection of client information was not a major issue. As he takes the NASAA helm for the third time, a potential cybersecurity regulation is...

Finra arbitrators add more detail to expungement decisions

April 10, 2017

Some of the mystery surrounding the removal of client complaints from brokers' records is being cleared up by more detailed expungement explanations from Finra arbitrators. The greater transparency can be seen in recent arbitration awards. The...

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