Facts

Funds belonging to Cyrus Tabaz, which were held in an annuity, were traded.

CLAIMANT'S CONTENTIONS: Tabaz contended several causes of action, including breach of fiduciary duty, SEC rule violation, breach of contract, various violations of Financial Industry Regulatory Authority rules, and unauthorized trading under a National Association of Securities Dealers rule.

RESPONDENT'S CONTENTIONS: Multiple defenses were asserted. Respondent denied Tabaz' claims.

Damages

Tabaz requested $220,167.90 plus interest, and slightly reduced the requested amount at the hearing.

Result

The panel entirely denied Tabaz' claims. The panel also recommended that references to the arbitration be expunged as to respondent David Soong Park. Finding the claim false, the panel opined that based on the testimony and evidence the reallocations were authorized by the claimant.

Other Information

ARBITRATORS: George L. Tindall, presiding chairperson; W. Scott Bowersock; Yvonne B. Burke.