Facts

Jahanguir Azodi managed various portfolios under Berthel Fisher & Co. Financial Services Inc. and Cetera Advisors LLC. On four separate occasions, Azodi managed investments and annuities on behalf of customers. In turn, the customers brought claims against Azodi based on his investment decisions while managing their portfolios.

CLAIMANT'S CONTENTIONS: Claimant contended that he met with each of the the three customers to discuss the risks and returns associated with their annuities and investments. Claimant further contended that due diligence was conducted before supplying customers with recommendations. Claimant also contended that at least one customer was an investor capable of assessing the risks involved in his decision and that in at least two cases the customers independently executed an investment decision based on conversations with claimant.

RESPONDENT'S CONTENTIONS: Respondent denied the contentions and did not participate in the expungement hearing.

Result

The arbitrator found the claims and allegations to be false, factually impossible or clearly erroneous. The arbitrator recommended expungement was appropriate because claimant did not have any input into the decision to settle.

Other Information

ARBITRATOR: John R. Loss.