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 […]

Citigroup Ordered to Pay Retiree $130,000 (plus forum fees of $8,325 assessed against Citigroup)

Joan Jeffrey v. Citigroup Global Markets (formerly known as Salomon Smith Barney) (FINRA Arbitration No. 06-01388) The Law Offices of Montgomery G. Griffin’s client, a retired woman from the Sacramento area, brought an arbitration against Citigroup Global Markets, Inc. (“CGMI” or “Citigroup”) alleging that Citigroup’s financial advisor had defrauded her, failed to construct a suitable […]

FINRA Finds Form U-5 Language “Defamatory in Nature,” Orders Expungement and Replacement Language by Two FINRA Firms, Including Fidelity Brokerage Services

Patrick Van Hien v. PCBB Capital Markets, LLC (FINRA Arbitration No. 13-00429) Following an arbitration hearing, a Los Angeles FINRA Panel issued an Award recommending the expungement of language on the Law Offices of Montgomery G. Griffin’s client’s Form U-5 at two broker-dealers, Fidelity Brokerage Services and PCBB Capital Markets. The Award specified that the […]

Promissory Note Case: UBS Awarded Less Than 50% of Requested Relief

UBS Financial Services, Inc. v. James S. Cave (FINRA Arbitration No. 10-05701) A San Francisco FINRA Panel reduced the amount sought by UBS against the Law Offices of Montgomery G. Griffin’s client, a former broker, by over 50% following a three-day FINRA arbitration hearing. The Panel also stated in its Award that the firm’s client […]