P. Anne Giannini v. Raymond Lawrence Lent, William Hall Servis Jr., Joseph Stephen Niederkorn, David Granville McClurg, McClurg Capital Corp., Tracy Anne McClurg, The McClurg Family Trust
Published: Mar. 17, 2012 | Result Date: Feb. 1, 2012 | Filing Date: Jan. 1, 1900 |Case number: 10-03886 Arbitration – $23,000
Facts
P. Anne Giannini filed a complaint against Raymond Lent, William Servis, Joseph Niederkom, David McClurg, McClurg Capital Corp., Tracy McClurg, and The McClurg Family Trust relating to Giannini's investments in livestock commodity funds. Giannini asserted claims for violation of the California Corporate Securities Law; violation of California Consumer Legal Remedies Act; breach of fiduciary duty; lack of supervision; control person liability; breach of contract; and fraudulent misrepresentation.
Damages
Giannini sought investment losses in the amount of no less than $390,000; reimbursement of costs and fees; and punitive damages. Respondents sought dismissal of the action.
Result
The FINRA panel found respondents Lent and Niederkom jointly and severally liable to Giannini for $23,000 in compensatory damages. The Panel recommended expungement of Servis's records. All other expungement requests were denied.
Other Information
ARBITRATORS: Thomas J. LoSavio, Michelle Judy Brant, James D. Murray.
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