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Securities
Negligence
Breach of Fiduciary Duty

Claire F. Goldsmith Living Trust, Claire F. Goldsmith v. Sagepoint Financial Inc., Gary William Vanden Busch

Published: Jun. 9, 2012 | Result Date: May 4, 2012 | Filing Date: Jan. 1, 1900 |

Case number: 10-02683 Arbitration –  $94,780

Court

FINRA


Attorneys

Claimant

Richard M. Layne


Respondent

G. Thomas Fleming III
(Jones, Bell, Abbott, Fleming & Fitzgerald LLP)


Facts

The Claire F. Goldsmith Living Trust and Claire Goldsmith filed an arbitration claim against Sagepoint Financial Inc. and Gary Busch in relation to investments Atel Capital Growth Fund IV LCC and the State of Oregon Public Employee Retirement System Tier 1 Retirement Account.

Contentions

CLAIMANT'S CONTENTIONS:
Claimants alleged negligence, negligent supervision, negligent misrepresentation, breach of fiduciary duty, violation of Oregon Securities Act, and violation of FINRA conduct rules.

RESPONDENT'S CONTENTIONS:
Respondent Sagepoint denied the allegations.

Damages

Claimants sought back payment based on pension rollover amounting to $228,000, $94,780 for statutory violation as to the investment, and $700,00 in damages for a comparable annuity after deducting present value.

Result

The arbitration panel awarded claimants $94,780 plus interest.

Other Information

Gary W. Vanden Busch appeared pro se. ARBITRATORS: Larry T. Coady, Justine Fischer, James H. Ruff.


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