Results for "arbitration"

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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...

Critics say Finra proposal on unpaid arbitration awards doesn't go far enough

May 22, 2017

Critics say that Finra did not go far enough to remedy unpaid arbitration awards with the recent proposals advanced by the broker-dealer regulator's board. At its May 10 meeting, the Financial Industry Regulatory Authority Inc. authorized a...

Finra advances proposals to crack down on 'high-risk' brokers, unpaid arbitration awards

May 11, 2017

The Finra board moved Wednesday to strengthen sanctions against brokers with disciplinary histories and the firms that hire them, and to increase disclosures from brokers and firms that fail to pay arbitration awards. The Financial Industry...

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...

Finra arbitration panel awards Wilbanks Securities investor $1 million for misleading sales pitch on variable annuity

April 14, 2017

Finra arbitrators awarded an investor more than $1 million for what she alleges was a Wilbank Securities Inc. broker's misleading sales pitch about a variable annuity that over-promised and under-delivered. Grace S. Huitt won a total of $1,073,440...

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...

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...

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