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Securities
Suitability
Fraudulent and Negligent Misrepresentation

William Ayers v. James Clarke, Philip Weyhe

Published: Jan. 4, 2014 | Result Date: Dec. 6, 2013 | Filing Date: Jan. 1, 1900 |

Case number: 12-03403 Arbitration –  Respondent

Court

FINRA


Attorneys

Claimant

Arthur S. Leider
(Investors Arbitration Specialists LLC)


Respondent

Victor A. Machcinski Jr.


Facts

William Ayers filed for arbitration against James Clarke and Philip Weyhe.

Contentions

PLAINTIFF'S CONTENTIONS:
Ayers asserted causes of action for misrepresentation, omissions, violation of New Jersey Uniform Securities Law, unsuitability, violation of the National Association of Securities Dealers (NASD) Code of Conduct 2310, and breach of implied covenant of good faith and fair dealing. The causes of action all related to the sale of various securities.

DEFENDANT'S CONTENTIONS:
Defendants denied plaintiff's allegations and asserted various affirmative defenses.

Damages

Ayers requested between $142,784 and $436,563 in damages.

Result

The panel denied Ayers's claims in their entirety, and recommended the expungement of the claims with exception of the fourth and final claim of fraudulent and negligent misrepresentation. The panel didn't find the claim to be without merit and therefore couldn't conclude the claim was false for expungement purposes.

Other Information

ARBITRATORS: Linda T. Pellegrino, Robert J. McDonnell and Gregory Stuart Berke.


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