William Garvey v. Lighthouse Capital Corporation, Mark A. Powell, Robert J. Zamecki
Published: May 26, 2012 | Result Date: May 1, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-01249 Arbitration – $100,000
Court
FINRA
Attorneys
Claimant
Brett A. Alcala
(Alcala Law Firm)
Respondent
Jonathan Schwartz
(Law Office of Jonathan Schwartz)
Facts
William Garvey entered into arbitration against Lighthouse Capital Corporation, asserting breach of contract, breach of fiduciary duty, fraud, negligent misrepresentation, failure to supervise, respondeat superior, violation of state and federal securities laws, and violation of FINRA's rules of fair practice. The causes of action related to Garvey's investments in IMH Secured Loan Fund and Argus Growth/Income LP.
Damages
Garvey sought rescission damages at least equal to his $100,000 IMH Secured Loan investment and his $50,000 Argus Growth/Income LP investment. He also sought punitive damages and attorney fees.
Result
The arbitrators found Powell liable to Garvey for $15,000, and Lighthouse Capital liable to Garvey for $85,000.
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