Results

Our research and testimony frequently result in awards, decisions and orders. See what our experts have been working on.

Displaying 10 out of 15 results

$800,000 Chipi v UBS of Puerto Rico Award

In December 2015, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $800,000 in compensatory damages, interest, attorneys' fees and expert costs after finding UBS liable for various claims including breach of contract, breach of a broker's duty to supervise, negligent and intentional misrepresentation, fraud and deceit and violations of FINRA's Rules of fair practice over UBS Puerto Rico's sale of UBS Puerto Rico municipal bond closed end funds. Dr. McCann testified on liability and damages.

$1.425 Million Roldan Caraballo v UBS of Puerto Rico Award

In December 2015, a FINRA arbitration panel in Miami, FL ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $1,425,000 in compensatory damages, interest, attorneys' fees and expert costs. Dr. McCann testified on liability and damages over UBS Puerto Rico's sale of UBS Puerto Rico municipal bond closed end funds.

Elliott v JP Morgan $1.2 Million Short Treasury Award

In October 2015, a FINRA panel in Los Angeles, CA ordered JP Morgan to pay the Claimant $1.2 Million in compensatory damages, expert witness costs and forum fees after a hearing in which Claimant alleged an unsuitable short Treasury strip strategy increased risk and caused losses. Dr. McCann testified on behalf of the Claimant.

Schvey v Janney Montgomery Scott - $427,000 Churning Award

In August 2015, a FINRA arbitration panel in New York, NY ordered Janney Montgomery Scott to pay $427,000 in compensatory damages after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts and invested in unsuitable investments. The award is the well-managed account damages based on a 40% stock, 60% bond portfolio. Dr. McCann testified to the egregiousness of the churning and damages on behalf of the Claimant.

$2.545 Million Rodriguez Gonzalez v UBS of Puerto Rico Award

In August 2015, a FINRA arbitration panel in San Juan, PR ordered UBS Financial Services and UBS Financial Services of Puerto Rico to pay $2,545,000 in compensatory damages. Dr. McCann testified on liability and damages over UBS Puerto Rico's sale of UBS Puerto Rico municipal bond closed end funds.

Gonzalez, Mora and Lewis v Royal Alliance - $1.4 Million non-traded REIT, Annuity Award

In July 2015, a FINRA arbitration panel in San Francisco, CA ordered Royal Alliance Associates to pay $1,401,687 in well-managed account damages measured against a 60% stock, 40% bond benchmark, punitive damages, attorneys' fees and expert witness fees. The Claimants were three AT&T retirees who took lump sum payouts rather than pensions and invested with Royal Alliance. Dr. McCann testified on liability and damages over Royal Alliance's sale of non-traded REITs (Inland American Real Estate Trust and Dividend Capital Diversified Property Fund) and variable annuities to the Claimants for their retirement portfolio.

Dr. McCann's "Fiduciary Duties and Non-traded REITs" and SLCG's blog posts on non-traded REITs can be found on our website.

Artmire v First Midwest Securities - $850,000 Churning Award

In July 2015, a FINRA arbitration panel in Dallas, TX ordered First Midwest Securities to pay over $850,000 in compensatory damages, punitive damages, attorneys' fees, expert witness fees and interest after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts. Dr. McCann testified to the egregiousness of the churning and damages on behalf of the Claimant. First Midwest Securities was bought this spring by Royal Alliance, part of the AIG Advisor Group.

Smith v Centaurus Financial, Inc. - $914,650 DPP Award

In May 2015, a FINRA panel in Los Angeles, CA ordered Respondents to pay the Claimant at least $915,650 in compensatory damages, prejudgment interest, attorney's fees, expert witness costs and rescission of illiquid non-traded REITs still held. The broker had sold the Claimant nine non-traded REITs, three oil & gas partnerships, one equipment leasing partnership and one TIC. Dr. McCann testified on behalf of the Claimant.

The Lawrence Rosenbloom Charitable Remainder Trust v. Oppenhimer & Co. - $434,000 Award

In May, 2015, a FINRA arbitration panel awarded $308,000 in compensatory damages plus $102,000 in attorney's fees and a full recovery of $24,000 in expert witness fees to the Claimants. This case involved a Charitable Remainder Trust (CRT) that was heavily margined. Dr. O'Neal testified on behalf of the claimant that the use of margin in a CRT cannot be suitable or prudent because of the 100% federal excise tax on debt-financed income. Dr. O'Neal also testified on damages.

Gilbert v Stifel Nicolaus et al - $1.5 Million Churning Award

In March 2015, a FINRA arbitration panel in Jackson, MS ordered Stifel Nicolaus to pay $1,542,342 in compensatory damages and attorneys' fees after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts. Dr. McCann testified to the egregiousness of the churning and damages on behalf of the Claimant.

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