Facts

Irving Nast brought an arbitration against Equities Trading Corporation, Global Arena Capital Corp., Brian Joseph Hagerman, Joseph Gunnar & Co. LLC and John Scott Matthews.

CLAIMANT'S CONTENTIONS:
Nast contended that respondents violated the law relating to his investments in allegedly unsuitable, high-risk equities and private placement offerings.

Plaintiff asserted claims of fraud, negligent misrepresentation, breach of fiduciary duty, breach of covenants of good faith and fair dealing, financial elder abuse, and unfair business practices, and violations of federal and state securities law and FINRA Conduct Rules.

RESPONDENTS' CONTENTIONS:
Respondents denied Nast's allegations and asserted various affirmative defenses.

Damages

Nast requested rescission and restitution, or in the alternative, at least $452,000 in compensatory damages. According to defense, Nast also requested punitive or exemplary damages and an award of attorney fees. In the aggregate, the damages sought exceeded $1.3 million.

Result

The arbitration panel denied Nast's claims in their entirety and assessed $24,000, or 83 percent, of the forum fees against Nast. All the hearing fees were assessed against the claimant.

Other Information

ARBITRATORS: Edward J. Costello Jr., Alan M. Rosen, Yvonne B. Burke. FILING DATE: Jan. 3, 2014.