Michael Armstrong, Michael Armstrong IRA v. Madison Avenue Securities Inc., David L. Carlson
Published: Sep. 24, 2011 | Result Date: Jun. 22, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-00477 Arbitration – $193,163
Court
FINRA
Attorneys
Claimant
Respondent
Alvin L. Fishman
(JRA Law Partners LLP)
H. Thomas Fehn
(Fields Fehn & Sherwin)
Facts
Michael Armstrong and Michael Armstrong, IRA filed a complaint against Madison Avenue Securities Inc. and David Carlson related to an alleged Ponzi scheme involving investment in unregistered securities issued by Diversified Lending Group Inc. (DLG). Claimant asserted: breach of fiduciary duty; fraud and misrepresentation; negligence; and violations of California Securities Laws.
Damages
Claimant sought rescission or compensatory damages of no less than $198,000; consequential damages; disgorgement and restitution; punitive and exemplary damages; interest; and attorney fees and costs.
Result
Carlson was found liable for $183,163 in damages plus $10,000 to be paid to Madison Avenue, who was voluntarily dismissed by claimant prior to the hearing. Carlson was also liable for prejudgment interest and attorney fees in the amount of $25,000. All other relief were denied.
Other Information
ARBITRATORS: Neil S. Jasper, Royal D. Heisser, Ronald F. Rybandt.
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