Results for "arbitration"

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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...

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 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...

Senate Democrats push Finra to create fund to compensate investors for unpaid arbitration claims

March 9, 2017

Senate Democrats want Finra to compensate investors who prevail in arbitration cases but are stiffed by the losing brokerage. In a Senate Banking Committee markup of unrelated bills Thursday, Sen. Elizabeth Warren, D-Mass., offered an amendment...

Rising markets keep advisers out of arbitration

February 23, 2017

Rising markets produce happy investors who are less likely to file arbitration claims against their brokers. Although the total number of arbitration claims rose 7% over the last year — 3,681 cases were filed in 2016 compared to 3,435 in 2015...

Finra arbitration panel hits UBS with $9M award in Puerto Rican bond case

February 17, 2017

A Finra arbitration panel awarded nearly $9 million to an investor who claimed that he was hurt by the purchase of Puerto Rican municipal bonds and closed-end bond funds bonds from UBS Financial Services Inc. The arbitrators found that UBS and...

Finra expels Red River Securities for oil and gas fraud

February 15, 2017

A Finra hearing panel has expelled Red River Securities, a Plano, Texas-based broker-dealer, and barred its CEO Brian Keith Hardwick for fraudulent sales in five oil and gas joint ventures, characterizing the misconduct of both as “egregious.”...

Finra increases arbitrator recruiting, diversity, but other reforms lag

February 8, 2017

Finra has increased arbitrator recruiting, diversified its pool of arbitrators and strengthened arbitrator disclosures in response to a task force's recommendations, the broker-dealer regulator announced Wednesday. In its status report, the...

Robert W. Baird & Co. must pony up $23.5 million to Wells Fargo in raiding case

January 17, 2017

A Finra arbitration panel awarded more than $23 million to Wells Fargo Advisors in case involving what the firm called a “raid” on a regional office by R.W. Baird & Co. The Financial Industry Regulatory Authority Inc. arbitrators ruled that...

Finra arbitration panel awards registered representative $417,000 for wrongful termination, defamation

December 21, 2016

A Finra arbitration panel awarded $417,000 to a registered representative this week after finding she was wrongfully fired and defamed by her former firm. The Financial Industry Regulatory Authority Inc. arbitrators held Southwest Securities...

Galvin claims software developer defrauded investors in trading scheme

November 22, 2016

The head of the state securities department in Massachusetts charged a man and his trading software company with fraudulently taking money to trade in securities, and then failing to execute any trades. Secretary of the Commonwealth William...

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