Wrongfully Terminated Officer of Brokerage Firm Awarded $425,863 (Including Her Attorneys’ Fees and Costs) and Expungement of Form U-5 Language

Newport Coast Securities, Inc. v. Deborah Scott (FINRA Arbitration No. 11-03419) After terminating its Chief Compliance Officer (Deborah Scott), Orange County-based brokerage Newport Coast Securities (“NCS”) brought a FINRA arbitration against her, after which she retained the Law Offices of Montgomery G. Griffin. Following the firm’s analysis of the facts and law, the firm filed […]

Ameriprise Advisor Awarded Full Interest in Book of Business Purchased from Former Broker Following Dispute

Ryan P. Romines v. Thomas Gavigan (former Ameriprise broker) (FINRA Arbitration No. 11-00633) Following a lengthy dispute that was eventually decided by a FINRA arbitration Panel in San Francisco after four days of hearings stemming from the purchase of a sizeable book of business at Ameriprise from a departing advisor, the Law Offices of Montgomery […]

$732,000 Awarded by Arbitrators to Group of Retirees

W.L. “Cotton” Gray, Sophie Ratkovich, et al. v. Merchant Banking Services, Inc., et al. (NASD Case No. 98-03752) A group of elderly investors represented by Montgomery Griffin before an NASD arbitration Panel alleged securities fraud violations, the recommendation of unsuitable securities, and a failure to diversify their portfolios by two financial advisors and the brokerage […]

Elderly Investor Receives Recovery from Three Separate Entities and Is Awarded Discovery Sanctions against FINRA Member Firm

Marie and Pat Atake v. Legend Merchant Group (FINRA Arbitration No. 08-00049) Following a hearing before a FINRA arbitration Panel in Los Angeles that addressed a variety of securities industry investment violations, including constructing unsuitable portfolios and failing to diversify, Pat and Marie Atake were awarded $107,895, plus $5,000 for “discovery delay sanctions” (quoting the […]

$311,252 Awarded by FINRA to Small Business Owner, Including $100,000 in Punitive Damages

Dee Ann Phillips v. Lawrence S. Jay (FINRA Case No. 05-01391) The Law Offices of Montgomery G. Griffin’s client, a single woman who owned and ran a small business in Nevada, was awarded $311,252 for her broker’s construction of an unsuitable portfolio, his failure to diversify, and his fraudulent representations to her during the period […]