Ralph DeRose, Wunderlich Securities Ordered to Pay Investor $1,000,000.
In April, 2017, a three member FINRA arbitration panel sitting in Cleveland, Ohio issued a $1,045,000 binding arbitration award against Ralph DeRose and Wunderlich Securities for violations in their Beachwood, OH office.
The underlying matter involved allegations that Ralph DeRose and Wunderlich Securities mismanaged a customer account, breached fiduciary duties, failed to follow instructions to sell, failed to diversify the account holdings and overly concentrated the account in energy related securities. The causes of action pertained to DeRose and Wunderlich’s violations of industry rules, including failure to supervise DeRose in his handling of the customer’s portfolio.
After a four day arbitration hearing from April 4 – April 7, 2017, the arbitration panel rendered their decision and awarded the customers $1,045,000 in compensatory damages, and assessed all costs and fees of the arbitration against Wunderlich.
As a result of this award The Law Office of David Liebrader has opened an investigation into Ralph DeRose and other brokers at Wunderlich Securities.
Ralph DeRose’s broker check lists three customer complaints over 37 years in the brokerage industry, and one regulatory investigation. He has been registered with Wunderlich Securities since October, 2010.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Ralph DeRose and Wunderlich Securities have thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Ralph DeRose or Wunderlich Securities Equities, please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.