Ernest C. Coneen, The Coneen Family Trust DTD 06-16-82 v. Philip Bresnick Morgan Stanley Smith Barney LLC, Morgan Stanley & Co. LLC, Morgan Stanley Commercial Financial Services
Published: Jul. 4, 2014 | Result Date: Jan. 29, 2014 | Filing Date: Jan. 1, 1900 |Case number: 12-02504 Arbitration – Expungement
Court
FINRA
Attorneys
Claimant
Michael J. Aguirre
(Aguirre & Severson LLP)
Respondent
Paul J. Schumacher
(Greenberg Traurig LLP)
Scott E. Rahn
(RMO LLP)
Jason R. Lindsay
(Greenberg Traurig LLP)
Facts
Ernest Coneen and the Coneen Family Trust filed for arbitration against Philip Bresnick and Morgan Stanley Smith Barney LLC.
Contentions
PLAINTIFF'S CONTENTIONS:
Coneen asserted causes of action for improper acts, breach of duty, constructive fraud, concealment, breach of fiduciary duty, margin abuse, excessive trading and churning, elder abuse, and false lending. The causes of action related to various investments Coneen made in stocks.
DEFENDANT'S CONTENTIONS:
The respondents denied Coneen's allegations, and asserted various affirmative defenses.
Damages
Coneen sought $10,587,721 in compensatory damages.
Result
The arbitration panel recommended the expungement of all references to this arbitration matter from Bresnick's registration records. Otherwise, it found that Coneen's claims were false and denied them.
Other Information
ARBITRATORS: Michael D. Briggs, Presiding Chairperson, Vytas Albert Tarulis, Gino Dante Serpe.
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