Facts

Claimant Martha Campbell entered into arbitration with respondents Kevin Williams, North Global Securities Inc. and its related companies, as well as Daniel Guillen, regarding the purchase of units in the Land Entitlement and Opportunities Fund.

The FINRA arbitration lacked jurisdiction over respondent Daniel Guillen and he was, therefore, not a party to this action.

CLAIMANT'S CONTENTIONS:
Campbell alleged breach of fiduciary duty and constructive fraud, financial abuse of a dependent adult, violations of the Securities Exchange Act of 1934, as well as common law fraud, violations of California Corporations Code, and unfair sales practices. Campbell further claimed negligence, breach of contract, and breach of covenant of good faith and fair dealing.

RESPONDENT'S CONTENTIONS:
Williams, North Global, and North Wealth and Asset Management denied the allegations, asserting various affirmative defenses.

Damages

Campbell sought damages of $404,034 as well as disgorgement of commissions received, loss of funds, lost opportunity costs, treble damages, punitive damages, and attorney fees and costs.

Result

The panel found in favor of Campbell, awarding her $397,034 in compensatory damages, as well as punitive damages of $75,000, and $169,018 in attorney fees and costs, against Williams, North Global, and North Wealth and Asset Management.

Other Information

ARBITRATORS: Lester G. Stiel, Daniel A. Seiver, John Goodrich.