Snow E. Jaynes, individually, as trustee of the Snow E. Jaynes Living Trust 09/01/1999, and as the owner and beneficiary of the Snow Jaynes IRA v. Securities America Inc., Randall Ray Talbott, QA3 Financial Corp. and Daniel Dennis Shea
Published: Sep. 14, 2013 | Result Date: Aug. 30, 2013 | Filing Date: Jan. 1, 1900 |Case number: 10-03787 Arbitration – $442,072
Facts
Snow Jaynes filed suit against Securities America Inc., Randall Talbott, QA3 Financial Corp. and Daniel Shea, asserting causes of action for negligence, fraud, suitability, breach of fiduciary duty, violation of California law, failure to supervise, violation of FINRA, and breach of contract. The causes of action related to various investments that Jaynes had made.
The respondents denied Jaynes's allegations and asserted various defenses.
Securities America and Talbott were both dismissed with prejudice prior to the hearing. The action against QA3 Financial Corp. was stayed as of Feb. 11, 2011 when QA3 filed for bankruptcy.
Damages
Jaynes requested $218,000 in compensatory damage from Shea. He sought $100,000 in compensatory damages from Securities America and Talbott.
Result
The arbitration panel found that Shea was liable to Jaynes for $356,476.71 in compensatory damages. The arbitration panel also ordered Jaynes to pay $10,000 in sanctions, $4,000 for expert witness fees, $71,295.34 for attorney fees, and $300 as reimbursement for the initial filing fee.
Other Information
ARBITRATORS: Philip Aaron Tymon, Fern M. Laethem and CarLos Richard Mangum
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