This is the property of the Daily Journal Corporation and fully protected by copyright. It is made available only to Daily Journal subscribers for personal or collaborative purposes and may not be distributed, reproduced, modified, stored or transferred without written permission. Please click "Reprint" to order presentation-ready copies to distribute to clients or use in commercial marketing materials or for permission to post on a website. and copyright (showing year of publication) at the bottom.

Securities
Breach of Fiduciary Duty
Unauthorized and Unsuitable Trading

Donna Gambee v. David Lloyd Barber v. Madison Avenue Securities LLC

Published: Feb. 2, 2018 | Result Date: Jan. 5, 2018 | Filing Date: May 20, 2016 |

Case number: FINRA: 16-01450 Arbitration –  $2,157,243

Arbitrator

Janice L. Sperow


Attorneys

Claimant

Edward D. Chapin
(Sanford Heisler Sharp LLP)

Charles H. Field Jr.
(Sanford Heisler Sharp LLP)


Respondent

Marc S. Ehrlich
(Winget Spadafora Schwartzberg)

Rachel D. Dardashti
(Winget Spadafora Schwartzberg)


Facts

Donna Gambee sued David Lloyd Barber and Madison Avenue Securities LLC. Gambee invested in Chesapeake Energy and Westport Innovations, among others.

Contentions

CLAIMANT’S CONTENTIONS: Gambee’s causes of action included unauthorized trading, unsuitable trading, breach of fiduciary duty, and failure to supervise.

RESPONDENTS’ CONTENTIONS: The respondents denied Gambee’s claims.

Damages

Gambee sought $833,841.17 in compensatory damages, $833,841.17 in punitive damages, $867,681.65 in attorney fees, and $44,296.90 in costs.

Result

Barber was found liable for $622,032.62, with a 10 percent interest rate, in punitive damages and was liable for $622,032.62 in compensatory damages, with a 10 percent interest rate. MAS was found liable for $211,808.55 in punitive damages, with a 10 percent interest rate, and was liable for $211,808.55 in compensatory damages, with a 10 percent interest rate. Additionally, the respondents were jointly liable for $445,236.50 in attorney fees and $44,296.90 in costs.

Other Information

ARBITRATORS: Janice L. Sperow, presiding chairperson; Deanna J. Johnson; Mitchell L. Lathrop.

Length

al


#128866

For reprint rights or to order a copy of your photo:

Email jeremy@reprintpros.com for prices.
Direct dial: 949-702-5390