Facts

Michael Rom had a business relationship with Philip Steele and Steele's company.

PLAINTIFF'S CONTENTIONS: Rom made several allegations against the respondents, including fraud, unjust enrichment, and conversion against Steele, and breach of the covenant of good faith and fair dealing against Steele's company.

DEFENDANTS' CONTENTIONS: The respondents counterclaimed, seeking declaratory relief and alleging breach of fiduciary duty, fraud, and negligence, among other charges. Steele and his company requested Rom's claims be denied and sought damages along with declaratory relief, and costs.

Damages

Rom requested, among other things, $1.4 million in compensatory damages, an accounting, disgorgement, punitive damages, injunctive relief, and costs. At the hearing, Rom requested $3,421,191, and Steel requested $1,924,197.

Result

The arbitrator decided Rom should receive $1,176,000 in compensatory damages, and be reimbursed $600 for the filing fee Rom paid to the Financial Industry Regulatory Authority.

Other Information

ARBITRATORS: Barbara M. Anscher, presiding chairperson; Douglas W. Oldfield; Jeffrey S. Winaker.