Results for "arbitration"

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Finra: More than a quarter of arbitration awards go unpaid

February 8, 2018

More than a quarter of arbitration awards have gone unpaid in most of the last several years, according to Finra data released Thursday. In a 24-page report and supplemental information, the Financial Industry Regulatory Authority Inc., the...

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....

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...

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...

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...

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 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....

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...

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...

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...

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...

Fired Ameriprise broker on the hook for $675,000 after losing arbitration

September 22, 2017

An adviser fired by Ameriprise Financial Services Inc. in 2015 is on the hook for $675,000 after a Finra arbitration panel decided against the broker in a dispute with Ameriprise and a client of the broker. The former broker, Li-Lin Hsu, was...

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 panel awards Edward Jones $340,000 in estate dispute

September 1, 2017

A Finra arbitration panel in Memphis, Tenn. has found that a military man acting as power of attorney for a client of Edward Jones should reimburse the firm for the damages it paid to the client, who is deceased. In its award, the Financial...

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...

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...

Northeast Securities to pay $1.8 million in Finra arbitration claim

July 11, 2017

An all-public Finra arbitration panel has awarded a former customer of the firm $1.76 million in compensatory damages in a case involving bond transactions. The claimant, Timothy McLaughlin, had sought damages of $3 million. Mr. McLaughlin charged...

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...

UBS loses $793,000 in Puerto Rico bond arbitration case

June 28, 2017

A Finra all-public arbitration panel has awarded claimants $793,077.61 in a case involving the sale of Puerto Rico municipal bonds by UBS. The claimants — Madeleine Carrero, individually and as trustee of Fideicomiso Ulises Barros and Ulises...

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