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

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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.

Williams v MCM - $1,218,969 Hedge Fund Award

In March 2015, a AAA arbitration panel in Los Angeles, CA ordered Montecito Capital Management to pay the Claimant $1,218,969 over the sale of the hedge funds. The AAA panel found that the Respondent was negligent in its excessive recommendation of hedge funds. Dr. McCann testified on behalf of the Claimant.

Glen Lyon v Interactive Brokers - $666,618 Margin Liquidation Award

In February 2015, an arbitration panel in Richmond, VA ordered Interactive Brokers to pay its former client $666,618 in compensatory damages, interest and expert witness fees. The Claimant alleged that Interactive Brokers failed to liquidate the portfolio pursuant to a margin call in a commercially reasonable manner. Dr. McCann testified at the final hearing on behalf of the Claimant.

LaBolle v Oppenheimer et al - $300,000 Churning Award

In February 2015, a FINRA arbitration panel in Detroit, MI ordered Oppenheimer & Co. to pay $299,858 in compensatory damages, attorneys' fees, expert witness fees and filing 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.

Felter v National Planning Corporation - $1.22 Million TIC Award

In February 2015, a FINRA panel in Des Moines, IA ordered Respondents to pay the Claimant $1.22 Million in compensatory damages and expert witness costs after a hearing in which Claimant alleged that the TIC sold did not pass a reasonable basis suitability test. Dr. McCann testified on behalf of the Claimant.

Cerisano v Interactive Brokers - $2.4 Million Negligence Award

In January 2015, an arbitration panel in Newark, NJ ordered Interactive Brokers to pay its former client $2.4 Million in compensatory damages. The case dealt with the risk and other material features of futures contracts on the VIX index. Dr. McCann testified at the final hearing on behalf of the Claimant.

Purdue Avenue Investors LP v Morgan Keegan & Co. and Morgan Asset Management

In December 2014, a Court in Dallas, Texas ordered Morgan Keegan and Morgan Asset Management to pay $2,150,803.60 in compensatory damages and prejudgment interest plus post judgment interest at the rate of 5% accruing from December 19, 2014 in connection with Morgan Keegan's sale of the RMK Advantage Income Fund, RMK High Income Fund and RMK Strategic Income Fund. The Court found violations of the Texas Securities Act because the boilerplate language in the prospectuses did not convey the true risks of the funds. Dr. McCann testified on behalf of the Plaintiffs.

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