William Condon v. Kovack Securities Inc., Yaron Reuven, Reuven Enterprises Securities Division, LLC
Published: Jun. 23, 2012 | Result Date: May 3, 2012 | Filing Date: Jan. 1, 1900 |Case number: 10-05367 Arbitration – Expungement
Facts
William Condon filed an arbitration claim against Kovack Securities Inc., Yaron Reuven, and Reuven Enterprises Securities Division LLC in relation to investments in Nextel Partners Inc., Sirius Satellite Radio Inc., Advanced Micro Devices, Flagstar Bancorp. Inc., Nasdaq 100, Sunopta Inc., and Sun Microsystems.
Contentions
CLAIMANT'S CONTENTIONS:
Claimant alleged wrongful conduct, breach of written contract, fraud by misrepresentation, failure to supervise and control, violation of securities laws, violation of FINRA and NYSE's rules of fair practice, and elder abuse.
RESPONDENTS CONTENTIONS:
Reuven and Reuven Enterprises denied the allegations.
Damages
Claimant sought $1,268,336 in compensatory damages.
Result
The arbitration panel recommended expungement of reference to Reuven's registration records, finding that Claimant had extensive investment experience and understood the use of margin and his trades were made while knowing and according to a stated written financial objective of capital prevention and high risk.
Other Information
ARBITRATORS: Hon. Anita Rae Shapiro, Robert W. Vernon, James M. Goldberg.
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