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Case Results - Part 3

FINRA Arbitration Settlement $115,000

This FINRA arbitration against a major broker-dealer in the United States and its off-shore subsidiary involved overconcentration municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $135,000 even though the broker-dealer claimed the clients’ accounts had thousands of dollars in profits.

FINRA Arbitration Settlement $115,000

This FINRA arbitration against the major broker-dealer in the United States and its off-shore subsidiary involved overconcentration of Puerto Rico municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $1.4 million even though the broker-dealer claimed the clients’ accounts had over a millions dollars in profits.

FINRA Arbitration Settlement $114,089

This FINRA arbitration was settled with an individual investor for $114,089 by a major Wall Street firm in 2013 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $112,500

This FINRA arbitration was settled with an individual investor for $112,500 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $112,000

This FINRA arbitration was settled with an individual investor for $112,000 by a major Wall Street firm in 2013 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $111,000

This FINRA arbitration was settled with an individual investor for $111,000 by a major Wall Street firm in 2011 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Award $110,040
Case No. 03-03649
Richard S. Doyle v. Morgan Stanley DW, Inc.

Mr. Brooks knew that Dr. Doyle was a retired physician with conservative investment objectives to preserve his retirement savings. Instead, Mr. Brooks solicited Dr. Doyle and managed his accounts through the execution of transactions in junk bonds and junk bond mutual funds that aggressively traded and/or invested in highly speculative corporate bonds. This was in direct contravention of the fiduciary duties owed by MSDW and its employee to Claimant and was fraudulent and in breach of his other common law tort and contractual duties to abide by the SEC, FDS, and SROs rules and regulations. The Arbitration Panel agreed in 2004 and awarded Dr. Doyle $110,040 in damages.

FINRA Arbitration Settlement $110,000

This FINRA arbitration was settled with an individual investor for $110,000 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Award $108,700
Case No. 89-02929
Koppel v. Shearson Lehman Brothers

This arbitration involved various sales practice violations by a Shearson stockbroker and his assistant who were unlawfully executing transactions in the clients account without being registered under Florida law. Mr. Koppel received a full award for the losses suffered as a result of that misconduct.

FINRA Arbitration Settlement $105,000

This FINRA Arbitration involved Puerto Rico investors who claimed their Puerto Rico broker-dealer overconcentrated their accounts in Puerto Rico municipal bonds and further made an unsuitable recommendation to “hold” those positions when it knew market conditions were perilous. The case settled in 2019.

FINRA Arbitration Settlement $100,000

Prior to meeting this Wall Street financial advisor this investor, a retired physician, was predominantly invested in fixed income oriented investments. He owned some stocks, bonds and mutual funds, but certificates of deposit were the primary investment vehicle. In fact, at the time the account was opened, he owned in excess of one million dollars of certificates of deposit. The securities and certificates of deposit that were held at various brokerage firms and banks were transferred to the financial advisor to safeguard and manage for the retired physician. Shortly after the transfer, many securities were liquidated. The certificates of deposit were held until they became due and paid. The financial advisor exercised his discretion and reinvested the proceeds in the stock market. The retirement portfolio dramatically changed in character from cash, certificates of deposit, municipal bonds and dividend producing “Blue Chip” equity investments for his retirement to a portfolio that became overly concentrated in growth and technology common stocks that crashed in 2002. The mismanagement dispute was settled in 2004 during the FINRA arbitration for $100,000.

FINRA Arbitration Settlement $99,000

This FINRA Arbitration involved a Puerto Rico investor who claimed their Puerto Rico broker-dealer was supposed to switch Puerto Rico municipal bonds but purchased one bond before liquidating the other. The result was ownership of two bonds in an already concentrated margin account. The market dropped and the financial advisor further made an unsuitable recommendation to “hold” those positions when he knew market conditions were perilous. The case settled in 2019 for $99,000.

FINRA Arbitration Award $97,700
Case No. 94-004814
Rhodes v Oppenheimer & Co.

This arbitration was filed by an elderly widow against Oppenheimer and its stockbroker employee for unsuitable recommendations in violation of the Florida securities statutes. The arbitrators made a full award in her favor in the amount of $97,700, including attorney fees and expenses.

Probate Court Settlement $95,000

This was a sad case of a financial advisor exercising undue influence over an elderly widow and inserting himself in her financial affairs and assets. After the widow died, the family brought an action for undue influence and interference with testamentary gifts. The financial advisor was caught red-handed and he deeded property and returned assets to the estate in this 2005 Probate Court settlement.

FINRA Arbitration Settlement $92,500

This FINRA arbitration involved a financial advisor who “solicited” two octogenarians to liquidate the mutual funds they owned and reinvest the proceeds into several new mutual funds claiming that these mutual funds would perform better in the so-called “new economy.” The financial advisor misrepresented the mutual funds he recommended as “conservative.” He omitted to tell the clients that the securities owned by the mutual funds he recommended were largely “growth” oriented mutual funds which invested in the more volatile, non-dividend paying companies common stocks. As a result, the Claimants’ securities portfolio dramatically changed in character from a suitable income oriented mutual fund portfolio to an unsuitable growth stock portfolio that was overly aggressive and too speculative for these elderly retirees. Consequently, they suffered losses in the 2000-2002 market crash which were recovered in this 2003 settlement.

FINRA Arbitration Settlement $85,378

This FINRA arbitration was settled with an individual investor for $85,378 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $85,000

In the Spring of 2000, this financial advisor “solicited” another elderly widow to liquidate her investment grade securities and “solicited” her to reinvest the proceeds into several mutual funds claiming again that these mutual funds would perform better in the so-called “current economy.” He misrepresented that these mutual funds were investments in “old-line companies with new technologies.” He misrepresented that the mutual funds he recommended were “conservative.” The widow blindly accepted the recommendations. As a result, her securities portfolio dramatically changed in character from the “Blue Chip” and conservative equity investments for her near term retirement goal to a portfolio that was overly-concentrated in aggressive and speculative high technology equity investments that were too volatile and therefore unsuitable for a widow of her age and financial condition. The FINRA arbitration was settled in 2003 shortly after it was filed for the losses suffered during the 2002 market collapse in the amount of $95,000.

FINRA Arbitration Settlement $83,889

This FINRA arbitration was settled with an individual investor for $83,889 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Award $82,000
Case No. 93-03221
Norko v. Paragon Capital

This arbitration was filed against Paragon and its financial advisor employee for misrepresentations in connection with the risk of trading securities on margin. The Arbitration Panel made a full award in the amount of $82,000, including attorney fees for violation of the Florida securities laws.

FINRA Arbitration Settlement $80,000

These financial advisors exercised de facto control over the Claimants’ account with respect to all investment decisions in the aforementioned accounts. The Respondents excessively traded Claimants’ accounts in highly speculative strategies and investments which they misrepresented as suitable for Claimants’ retirement assets. The asset turn-over rates exceeded 10 times on an annualized basis. The excessive activity could not be justified and the FINRA arbitration settled in 2002 for $80,000.

FINRA Arbitration Settlement $80,000

This FINRA Arbitration involved Puerto Rico investors living in Florida who claimed their Wall Street based broker-dealer overconcentrated their accounts in Puerto Rico municipal bonds and further made an unsuitable recommendation to “hold” those positions when it knew market conditions were perilous. The case settled in 2019 for substantially all of the losses suffered.

FINRA Arbitration Settlement $78,000

This FINRA arbitration was settled with an individual investor for $78,000 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $75,000

This FINRA arbitration arose out of the underwriting for stock ratings scandal involving a major Wall Street firm’s brokerage and investment banking divisions during the 2000-2002 stock market crash. The firm settled in 2006 for $75,000.

FINRA Arbitration Award $73,900
Case No. 87-00975
Shevrin v. Broadchild Securities

This arbitration was filed against multiple brokerages who employed a dishonest broker who hopped from firm to firm and engaged in misconduct wherever he work. He was accused of misrepresentations in violation of the Florida securities statutes and civil theft. Two of the brokerages settled their part of the dispute. The other firm and stockbroker were found liable for violations of the statutes and hit with an award of $73,900 including attorney fees and treble damages.

FINRA Arbitration Settlement $65,000

This FINRA arbitration was settled with an individual investor for $65,000 by a major Wall Street firm in 2013 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $64,954

This FINRA arbitration was settled with an individual investor for $64,954 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Award $62,800
Case No. 93-03135
Hitz v. Merrill Lynch Pierce Fenner and Smith, Inc.

This investor filed a claim against Merrill Lynch for unsuitable recommendations and overconcentration of his portfolio in real estate limited partnerships. The arbitrators made an award in the amount of $62,800 in his favor and against the firm.

Florida State Court Settlement $55,000

This lawsuit was filed against an unregistered investment advisor who fraudulently offered and supposedly sold securities that were never issued by the company whose stock this investor thought he purchased. This was a slam dunk and the investor recovered his investment, $55,000, during the resulting 2010 criminal investigation.

FINRA Arbitration Award $54,800
Case No. 95-01720
Murphy v. Noble Investments, Inc.

This arbitration was filed by an unsophisticated and inexperienced investor who was recently widowed for unsuitable investment recommendations by a Noble Investment company employee who recommended speculative investments in companies underwritten by the broker dealer. The arbitrators made a full award to the widow for violations of the Florida securities laws in the amount of $54,800, including attorney fees.

FINRA Arbitration Award $53,500
Case No. 15-00696
Sondra A. Steinberg v TD Ameritrade, Inc.

This FINRA arbitration is a sad story of a mother being taken advantage by her son who unlawfully gained access to her TD Ameritrade (TDA) account. The TDA customer account asset protection features were overstated as this family member easily breached the system. The Arbitration Panel made an Award but not the full amount she was entitled, $53,500.

Florida State Court Settlement $50,000

This lawsuit was filed by an investor whose accountant recommended an investment in “Letters of Protection” which was really a Ponzi Scheme. The CPA settled in 2016 for $50,000.

FINRA Arbitration Award $48,000
Case No. 17-00948
Helane Stein v UBS Financial Services Inc.

This FINRA arbitration involved another sad story of financial abuse of an elderly women with dementia while the broker dealer UBS Financial Services, Inc. stood by and watched. In fact, it enabled the husband to withdraw his wife’s account through a line-of-credit opened when she was incompetent to do so. Although the Arbitration Panel made an award, it only awarded the amount UBS benefited in receiving the interest payments on the line-of-credit, $48,000.

FINRA Arbitration Settlement $46,420

This FINRA arbitration was settled with an individual investor for $46,420 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $45,000

This FINRA arbitration against the major broker-dealer in the United States and its off-shore subsidiary involved overconcentration of Puerto Rico municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $1.4 million even though the broker-dealer claimed the clients’ accounts had over a millions dollars in profits.

FINRA Arbitration Settlement $41,500

This arbitration proceeding involved a simple issue but the most important in the industry, that is, the duty to execute a customer’s order promptly. In this case the firm failed to execute a sell order and settled in 2009 for the losses suffered by the investor for the delay in executing that sell order.

FINRA Arbitration Award $40,900
Case No. 96-03332
Enid Dampf v. Ruan Securities

This arbitration claim involved misrepresentations about the risks associated with an option strategy mismanaged by a Ruan Securities stockbroker. The arbitrators found violations of the Florida securities laws and awarded Ms. Dampf $40,900, including attorney fees and expenses.

FINRA Arbitration Settlement $39,848

This FINRA arbitration was settled with an individual investor for $39,848 by a major Wall Street firm in 2013 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $39,000

This FINRA arbitration against a Puerto Rico broker-dealer involved overconcentration of Puerto Rico municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $39,000 even though the broker-dealer claimed the clients’ accounts had thousands of dollars in profits.

FINRA Arbitration Award $35,000
Case No. 99-02821
Frankie Thomas v. Citicorp Investments, Inc.

This investor claimed that the brokerage failed to execute his order to sell 3Com stock in a timely manner. The Arbitration Panel agreed but only made a partial award of the damages suffered in the amount of $35,000.

FINRA Arbitration Settlement $35,000

This FINRA arbitration against a major broker-dealer in the United States and its off-shore subsidiary involved overconcentration municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $35,000.

FINRA Arbitration Award $35,000
Case No. 96-03069
Olivia v. Shearson Lehman Hutton, Inc.

This investor alleged that the Shearson Lehman stockbroker misrepresented the risks of investing in a Macy’s zero coupon bond and failed to disclose that the retailers true financial condition. The arbitrators made a partial award for the damages suffered without explanation.

FINRA Arbitration Settlement $34,500

This FINRA arbitration was filed by a recently widowed and elderly investor whose financial advisor recommended that she rollover the assets she inherited in a 401K Plan and deposit them in an IRA Rollover Account at Citigroup. He transferred the mutual funds to the investor’s new accounts and began to make investments for her. The investments made for the widow were preferred stocks of companies in the financial sector such as Wachovia, Merrill Lynch, Lehman and Fannie Mae. In a short time the broker invested forty-five (45%) percent of the widow’s assets in preferred stocks of several financial companies on the brink of bankruptcy. It was no coincidence his employer was one of the underwriters for each of these company’s preferred stock offerings to the public. The broker dealer settled in 2009 for the loss suffered.

FINRA Arbitration Settlement $27,500

This FINRA arbitration against a major broker-dealer in the United States and its off-shore subsidiary involved overconcentration municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $27,500.

FINRA Arbitration Settlement $26,500

This FINRA arbitration against a major broker-dealer in the United States and its off-shore subsidiary involved overconcentration municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $26,500.

FINRA Arbitration Settlement $23,119

This FINRA arbitration was settled with an individual investor for $23,119 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Settlement $18,000

This FINRA arbitration against a major broker-dealer in the United States and its off-shore subsidiary involved overconcentration municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2015 for $18,000.

FINRA Arbitration Settlement $13,542

This FINRA arbitration was settled with an individual investor for $13,542 by a major Wall Street firm in 2012 for losses arising out of a complex leveraged municipal arbitrage structured product which was allegedly misrepresented and mismanaged during the 2008 municipal bond financial crisis.

FINRA Arbitration Award $13,500
Case No. 93-01973
Moss v Prudential Securities, Inc.

This investor alleged that the Prudential Securities stockbroker misrepresented the risks of investing in a Macy’s debenture and failed to disclose that the retailers true financial condition. The arbitrators made a partial award for the damages suffered without explanation.

FINRA Arbitration Settlement $10,000

This FINRA arbitration against the major broker-dealer in the United States and its off-shore subsidiary involved overconcentration municipal bonds and closed-end funds and unsuitable “hold” recommendations when the broker-dealer knew market conditions were perilous. The case settled in 2019 for $10,000.

FINRA Arbitration Award $7,100
Case No. 91-02194
Manwell v. Paine Webber, Inc.

This small claim arose in connection with an unsuitable switch of mutual funds resulting in an award of the fees incurred due to the switch and costs amounting to $7,100.

<< Case Results - Part 2

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Robert Pearce is part of that unusual breed of lawyers that are able to create empathy with clients and thoroughly adopt their cause. No half efforts here. He and his group of professionals are outstanding strategists that can execute with precise fervor and unyielding determination. Theirs is a huge wave of facts, research, precedents and preparation, that has impressed me in its thoroughness and creativity, and most importantly with the results. No stone goes unturned and no effort is ever spared. In my book, he and they are those of a very rare kind that one wants to keep for a very long time. Ramon F.
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This law firm is the real deal. We were so lucky that they took our case as they have so much experience in securities and all the wrongdoing that happens in these investment companies where they mislead you and your money (as in our case) into schemes that are not what you think they are. Mr. Robert Pearce is one of the best lawyers around, a truly professional who will fight for you and will tell you as it is all the time. Astrid M.
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Mr. Pearce is a great professional and attorney. He led me through every step of the process in a clear, direct and straightforward manner. I highly recommend him as a securities attorney. Rey S.
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Just like the song from HAMILTON, it's so nice to have Bob Pearce on your side. He is the consumate plaintiff's lawyer: smart. dedicated, fully able to try a case but a great negotiator in a mediation. He did a wonderful job for us, fully supporting us through the process and more than holding his own against a large national law firm. Maurice Z.
★★★★★
No lawyer except Bob said I had a chance of winning. When Ubs lawyers laughingly offered me zero to settle the dispute, Bob became even more determined to prove everybody wrong. Bob was extremely prepared, and always a step ahead of the opposing attorneys throughout the arbitration. In the end, Bob and I had the last laugh when the arbitrators awarded me almost 6 million dollars. J. Blanco