Securities
Breach of Contract
Breach of Fiduciary Duty
Carol Marini v. Marcelle Long, James Parker, Portfolio Advisors Alliance Inc.
Published: Aug. 4, 2012 | Result Date: Jun. 25, 2012 | Filing Date: Jan. 1, 1900 |Case number: 10-03003 Arbitration – $254,700
Facts
Claimant brought an action related to the purchase of USA Capital First Trust Deed Fund Notes and Medical Capital Notes, alleging breach of contract, breach of fiduciary duty, negligence and gross negligence, violations of state and federal securities laws, misrepresentations and omissions, violations of NYSE, NASD and/or FINRA Rules, and control person liability.
Damages
Claimants sought $150,000 in damages, plus attorney fees, costs, and punitive damages.
Result
Respondents Long and Parker are jointly and severally liable for $125,000 in compensatory damages, $125,000 in punitive damages, and $300 in costs, with Parker solely liable for an additional $4,400 in discovery sanctions.
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