Daniel L. Villanueva Family Trust v. Wedbush Securities Inc., Javier Rivera Jimenez
Published: Sep. 24, 2011 | Result Date: Jun. 27, 2011 | Filing Date: Jan. 1, 1900 |Case number: 09-05898 Arbitration – $115,397.26
Facts
Daniel L. Villanueva Family Trust (Villanueva) entered into arbitration with Wedbush Securities Inc. and Javier Jimenez, regarding to unauthorized trading in the Trust's account.
Contentions
CLAIMANT'S CONTENTIONS:
Villanueva alleged fraud, negligence, breach of fiduciary duty, churning, failure to supervise, breach of contract, and unsuitable trading.
RESPONDENT'S CONTENTIONS:
Wedbush and Jimenez denied the allegations, asserting various affirmative defenses.
Damages
Villanueva sought disgorgement, as well as damages of $600,000, civil penalties, $600,000 in punitive damages, interest, attorney fees, and costs.
Result
The arbitration panel held Wedbush and Jimenez jointly and severally liable and awarded Villanueva $81,000 plus interest and expert fees, for a total award of $115,397.26.
Other Information
ARBITRATORS: Suzanne V. Chamberlain, Anita Rae Shapiro, David Maurer.
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