Melvin Dias, Evelyn Dias v. The Concord Equity Group, LLC, John William Pena
Published: Aug. 21, 2010 | Result Date: Jul. 20, 2010 | Filing Date: Jan. 1, 1900 |Case number: 09-03291 Arbitration – $127,000
Facts
Claimants Melvin and Evelyn Dias filed a claim against respondents Concord Equity Group LLC and John Pena, who invested their money in unspecified securities.
Contentions
CLAIMANT'S CONTENTIONS:
The Dias' argued Concord was liable under theories of common law fraud, unauthorized transactions, breach of fiduciary duty, churning/excessive compensation, violations of securities laws, failure to supervise.
Damages
The Dias' claimed $546,000 and $260,000 for two claims of common law fraud, and damages in sums according to proof for the unauthorized transactions, breach of duty, excessive compensation, and failure to supervise. Also, they claimed damages to be calculated by the state securities law. They also sought punitive and exemplary damages and interest.
Result
The panel found Concord liable for $52,000 in fraud compensatory damages and interest at 6% annum. Claimants were also awarded $75,000 in punitive damages.
Other Information
FILING DATE: Robert E. Thompson, Walter J. Huntley III, Richard B. Bullock.
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