Joseph E. Czarnecki, Nancy S. Czarnecki v. First Allied Securities Inc., Raymond Joseph Lucia Sr., John Joseph Parrillo Jr., Raymond J. Lucia Companies Inc., RJL Wealth Management LLC, Securities America Inc., Michael Sztrom
Published: Feb. 8, 2014 | Result Date: Jan. 14, 2014 | Filing Date: Jan. 1, 1900 |Case number: 12-03610 Arbitration – Expungement
Facts
Joseph Czarnecki, Nancy Czarnecki filed a complaint against First Allied Securities Inc., Raymond Lucia, John Parrillo, Raymond J. Lucia Companies Inc., RJL Wealth Management LLC, Securities America Inc., and Michael Sztrom in connection with various Real Estate Investment Trusts.
The case was settled prior to the expungement hearing.
Contentions
COMPLAINANTS' CONTENTIONS:
Complainants asserted various causes of action including: breach of fiduciary duty, misrepresentation, unsuitability, omission of facts, breach of contract, failure to supervise, violation of the Pennsylvania Unfair Trade Practices and Consumer Protection Law, and negligence.
RESPONDENTS' CONTENTIONS:
Respondents denied claimants' allegations. They also asserted various affirmative defenses. Respondents also requested the dismissal of claimants' complaint. Lucia, Lucia Cos., and RJL requested the expungement of their records, and then later withdrew their requests prior to the expungement hearing.
Damages
Claimants requested $300,000 in compensatory damages.
Result
The FINRA Panel recommended the expungement of Sztrom and Parillo's records. Bickhart did not object to, join in or support the request for expungement.
Other Information
ARBITRATORS: Shelton Seligsohn, Ethan L. Lewis and Laura A. Kaster
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