Peter Douglas Prescott v. Financial Network Investment Corp. now known as Cetera Advisor Networks LLC and The Leader Board LLC
Published: May 18, 2013 | Result Date: May 1, 2013 | Filing Date: Jan. 1, 1900 |Case number: 10-05097 Arbitration – $36,568
Court
FINRA
Attorneys
Claimant
David S. Harrison
(Law Offices of David S. Harrison)
Respondent
Erwin J. Shustak
(Shustak, Reynolds & Partners PC)
Facts
Peter Prescott filed suit against Financial Network Investment Corp. and others, asserting causes of action for breach of contract, promissory estoppel, concealment, breach of fiduciary duty, unjust enrichment, imposition of constructive trust, intentional interference, and unlawful and unfair business practices. The causes of action related to Financial Network's alleged promise to Prescott of a transition allowance after Prescott transitioned his business to Financial Network.
Damages
Prescott requested compensatory damages of $2,094,810 and punitive damages of $5,000,000.
Result
The arbitration panel found that The Leader Board LLC was liable to Prescott for $9,127.30. The panel found that all the respondents were jointly and severally liable to Prescott for $27,441. All other relief was denied.
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