Facts

Claimant Ronald Pelley entered into arbitration with respondent Charles Schwab & Co. Inc. to settle disputes relating to transactions in YieldPlus Fund Select shares.

CLAIMANT'S CONTENTIONS:
Pelley alleged negligence, misrepresentation and fraud, breach of fiduciary duty, over-concentration and lack of diversification. He also alleged violation of state securities laws, failure to supervise his account, failure to supervise the registered representative, violation of FINRA Rules of Fair Practice, breach of contract, and loss of investment opportunity.

RESPONDENT'S CONTENTIONS:
Schwab denied all allegations and raised several affirmative defenses.

Damages

Pelley requested compensatory damages of $76,740.39, as well as damages for disgorgement of commissions and fees, loss of opportunity or reasonable return on investments, interest at the rate of 10 percent, punitive damages, attorney fees and costs. At the hearing, Pelley sought rescission damages of $159,177, punitive damages, elder abuse damages, expert fees for $3,475, and $4,500 for assessment of the forum fees.

Result

The arbitration panel denied Pelley's claims.

Other Information

ARBITRATORS: Elizabeth A. Copley, John B. Wells.