Carl Alexen, Suzette Cohen, Kristy Crouch, Gelsomino Living Trust, Mildred Jazmin, Sonia Johnson, Johnson Family Trust, Wesley Kuo, Phyllis Kuo, William Kuzneski, Marianne Kuzneski, Martha Phillips IRA, Luis Mendez, Louis Morales, Verna Papotta, Martha Phillips, Ronald Turner IRA, Ruben Villarreal IRA, Michel Sanner, Sonia Johnson IRA, Sonia Johns
Published: Feb. 4, 2017 | Result Date: Nov. 21, 2016 | Filing Date: Jan. 1, 1900 |Case number: 15-00963 Arbitration – $75,855
Court
FINRA
Attorneys
Claimant
Adam J. Gana
(Gana Weinstein LLP)
Respondent
David L. Aronoff
(Baker & Hostetler LLP)
Facts
Claimants initiated a FINRA arbitration against respondents relating to their investments in VGTel Inc. shares.
Contentions
CLAIMANT'S CONTENTIONS:
Claimant contended that respondents violated the law with respect to the VGTel shares, including by providing unsuitable recommendations, breaching fiduciary duties, and fraudulently or negligently making material misrepresentations and omissions of material information.
RESPONDENTS' CONTENTIONS:
Respondent denied claimant's allegations and asserted various affirmative defenses.
Damages
Claimants sought $6 million in compensatory damages.
Result
The arbitration panel determined that respondent Wilson-Davis was liable to claimant Kristy Crouch for $75,855.16 in compensatory damages. It denied the Kuos', Kuznesis' and Phillips' claims in their entirety.
Other Information
ARBITRATORS: Kenneth E. Owen, Eric Gad Forster, Daniel James Yee.
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