FINRA
State Regulators Propose Fix to Mounting Unpaid Arb Awards
Plaintiffs’ bar welcomes proposal to revoke licenses of those who fail to pay arbitration awards but stresses growing tally of unpaid awards and fines calls for creation of brokerage-funded pool to pay stiffed investors.
Morgan Stanley Chairman’s Club Broker Clears Record After Two Decades
Jonathan R. Legg, who joined Morgan Stanley in 1999 after being permitted to resign from a B. Riley predecessor firm for alleged violations of firm policies on discretion in client accounts and reporting of customer complaints, was granted expungement of nine related client claims.
UBS Claws Back $1.9-Mln in Notes Case But Owes Broker $300K for His Trouble
A three-person arbitration panel sided with UBS for the majority of the award against a broker who joined Wells in 2017 but also said the firm had misrepresented its loan program and agreed with the broker’s constructive discharge claim.
Former J.P. Morgan Broker Ordered to Pay Ex-Wife $2.5 Million in Unsuitable Trading Case
Barry S. Snyder, who also has an ongoing lawsuit against J.P. Morgan Securities over his 2015 discharge, is mulling asking a court to vacate the award, his lawyer said.
UBS Ordered to Pay $800k in One ‘YES’ Case, But Prevails in Another
One panel awarded two couples who had lost nearly $700,000 on their investments in UBS’ Yield Enhancement Strategy their money back plus prejudgement interest, while the wirehouse notched its ninth YES victory with another panel.
U.S. Supreme Court to Hear Ex-Ameriprise Broker’s Petition to Overturn Arbitration Award
The justices will hear in early November arguments by a Louisiana financial advisor who seeks to have a state court vacate a Finra arbitration panel ruling rather than abide by a federal court’s confirmation.
UBS Claws Back More Than $1 Million in Notes Owed by Two Former Brokers
One broker, Jason L. Seifert, was denied in his counterclaim that UBS made “errors and misrepresentations” prior to his 2011 hire that resulted in damage to his client relationships, reputation, income and “ability to succeed,” according to an arbitration award.
Morgan Stanley Fends Off Former Florida Manager’s $4-Mln Wrongful Termination Claim
A three-person panel also refused to expunge the manager’s record, according to an award, which did not include an explanation.
51-Year Industry Vet Dinged for Receiving $477k Gift from Elderly Client
Jerry Rice resigned from Raymond James’ independent broker unit in 2019 after the firm initiated a review into alleged conflicts of interest related to undisclosed gifts from a client.
Arbitrator Empathizes with Fired Broker over 251-Page Compliance Manual, Erases U5
Bradley R. Thompson, a 22-year broker now with Kovack Securities, was successful in expunging from his record a 2016 violation from LPL Financial over an “infraction of firm policy concerning loans.”
UBS Ordered to Pay Houston Investor $358K in ‘YES’ Case
The award is the first in a Yield Enhancement Strategy case where the claimants won the full amount damages they had requested, their lawyer said.
