Cornerstone Wealth Management hit with FINRA award. In June, 2015, a three member FINRA arbitration panel sitting in San Diego, CA issued a $176,500 binding arbitration award against Cornerstone Wealth Management and Chris Meacham, which included $90,000 in punitive damages. The underlying matter involved an investment in Scripps Investment Mortgage…
In February, 2016, a three member FINRA arbitration panel issued a $450,000 binding arbitration award against Unionbanc Investment Services for conduct related to one of their former registered representatives Cynthia Higgins. The underlying matter involved allegations that Higgins made unsuitable investments, over concentrated the accounts’ assets, and failed to disclose…
In July, 2015, a three member FINRA arbitration panel issued a $61,000 binding arbitration award against Legend Securities for conduct related to two of their registered representatives Michael Mariani and Jason Klabal. The underlying matter involved allegations that Legend Securities permitted a customer’s account to be churned, breached its fiduciary…
In March, 2015, a three member FINRA arbitration panel sitting in Jackson, Mississippi issued a $1,292,000 binding arbitration award against Lanis Noble and Stifel Nicolaus & Co. for violations in their Ridgeland, MS office. The underlying matter involved allegations that Lanis Noble and Stifel Nicolaus mismanaged a customer account, breached…
In July, 2015, a three member FINRA arbitration panel sitting in Detroit Michigan issued a $40,000 binding arbitration award against Tony Manaia and Intervest International Equities for violations in their Bloomfield Hills Michigan office. The underlying matter involved allegations that Tony Manaia and Intervest International mismanaged a customer account, breached…
In July, 2015, a three member FINRA arbitration panel sitting in Jackson, MS issued a $2,382,851 binding arbitration award against Fred Brister and Morgan Stanley for violations in their Ridgeland, MS office. The underlying matter involved allegations that Fred Brister and Morgan Stanley mismanaged several customer’s accounts, breached fiduciary duties,…
In October, 2015, a sole public arbitrator convened a FINRA arbitration proceeding, and after receiving evidence issued an award against Kevin Fifer and Regis Asset management and Capital City Securities in the amount of $32,312. The underlying matter involved claims for breach of contract; breach of fiduciary duty; and excessive…
In January, 2016, a three member FINRA arbitration panel issued a $346,881 binding arbitration award against Wells Fargo Advisors LLC for conduct related to one of its registered representatives, Zak Chivi. The underlying matter involved claims by one of Zak Chivi’s customers that between 2011 and 2013 there were an…
In February, 2016, a three member FINRA arbitration panel issued a $450,000 binding arbitration award against Unionbanc Investment Services for conduct related to one of their former registered representatives Cynthia Higgins. The underlying matter involved allegations that Higgins made unsuitable investments, over concentrated the accounts’ assets, and failed to disclose…
A FINRA arbitration panel issued a $444,000 securities arbitration award against Woodbury Financial Services as a result of the conduct of one of its registered representatives, “JG” of “G” Wealth Management out of Culver City, CA. Counsel for the Claimant was The Law Office of David Liebrader. The award, issued…