John Kari Agamalian, John Kari Agamalian Family Trust, The Adams Family Trust, The Elizabeth Agamalian Family Trust v. Michael P. Farah, Wedbush Securities Inc.
Published: Mar. 10, 2012 | Result Date: Feb. 10, 2012 | Filing Date: Jan. 1, 1900 |Case number: 09-02544 Arbitration – Respondent
Court
FINRA
Attorneys
Claimant
Respondent
Charles B. LaChaussee
(Wedbush Securities Inc.)
David S. Harrison
(Law Offices of David S. Harrison)
Facts
John agamalian, John Agamalian Family Trust, The Adarns Family Trust, and The Elizabeth Agamalian Family Trust filed a complaint against Michael Farah and Wedbush Securities Inc. related to claimants' purchase of investment grade bonds, collateralized mortgage obligations, and other unspecified securities.
Claimants alleged: fraud; negligent misrepresentation; breach of contract; elder financial abuse; and constructive fraud.
Damages
Claimants sought no less than $1 million in actual damages; no less than $4 million in punitive damages' costs; and other relief.
Result
The Panel denied claimants' claims in their entirety. Farah's request for expungement was also denied. Any and all relief were denied.
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