Kenneth R. Hunt; Kenneth R. Hunt Revocable Trust U/A DTD 11/05/2009; Sharon Poulton; Sharon Poulton Revocable Trust U/A DTD 12/16/2009 v. Jeffrey Michael Fratarcangeli; Merrill, Lynch, Pierce, Fenner & Smith Inc.
Published: Jan. 16, 2016 | Result Date: Dec. 29, 2015 | Filing Date: Jan. 1, 1900 |Case number: 14-03213 Arbitration – Expungement Denied
Court
FINRA
Attorneys
Claimant
Jonathan W. Evans
(Jonathan W. Evans & Associates)
Respondent
Eric A. Herzog
(Locke Lord LLP)
Brandon S. Reif
(Reif Law Group PC)
Facts
Kenneth Hunt, Sharon Poulton, and their respective revocable trusts filed a statement of claim against Jeffrey Michael Fratarcangeli and Merrill, Lynch, Pierce, Fenner & Smith Inc.
Contentions
CLAIMANTS' CONTENTIONS:
Claimants contended that respondents violated the law relating to claimants' investment in a Merrill Lynch security.
Claimants asserted claims of negligence, misrepresentation and fraud, breach of fiduciary duty, violation of state securities laws, failure to supervise, violation of NASD and FINRA Rules of Fair Practice, breach of contract, and loss of investment opportunity.
RESPONDENTS' CONTENTIONS:
Respondents denied claimants allegations and asserted various affirmative defenses.
Damages
Claimants sought $262,255.60 in damages for the losses suffered by Poulton and her trust and an equal amount of damages for the losses suffered by Hunt and his trust.
Result
Claimants dismissed their claims against respondents and the arbitration panel denied Fratarcangeli's motion for expungement of his CRD record.
Other Information
ARBITRATORS: Richard M. Norman, Chester L. Firestein, Susan B. Gans-Smith.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390