Arbitrator Names

Donald R. Bluth - Chair; George W. Klein, Esq.; Richard P. Ryder, Esq.

Award Breakdown

This is a Stipulated Award. On 2/19/02, the parties settled this matter; requested the expungement of Rs Christopher M. Manettas' registration records maintained by the NASD CRD; and agreed to bear their own costs and attorney fees. Expungement recommended by the panel pursuant to a stipulation of the parties.

Remarks

This is a Stipulated Award. Arbr Remarks & Findings -- Expungement recommended by the panel pursuant to a stipulation of the parties.

Professionals

Cs: Jeremiah J. Moryko, Giulietti & Morytko, N Haven CT. Rs: (CMM) None. Previously represented by: Brian J. Neville, Kogan Taubman & Neville, New York, NY.

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Arbitrator Names

Richard P. Ryder, Esq. - Chair; Michael P. Golden; Stephanie Morse-Shamosh, Esq.

Award Breakdown

Cs' claims and request for damages are dismissed in their entirety. Rs' counterclaim is dismissed in its entirety.

Remarks

Professionals

Cs: (CRInc) Anthony Cantone & Christine Cantone, President & VP, Tinton Falls NJ. ISC. Previously represented by: Marc D. Powers, Parker Duryee et al., New York, NY. OSC. Rs: (EBG) Alan Wasserman, Wilentz Goldman & Spitzer, Woodbridge NJ.

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Arbitrator Names

Bernard G. Pressner; Richard P. Ryder, Esq.; Robert L. Seaman, Esq. - Chair

Award Breakdown

Other is post judgmt int @ 9% P/A from 9/26/91 till date of paymt.

Remarks

Professionals

Cs: Walter D'ull; Rs: not present, previously represented by Edwin Kagan.

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Arbitrator Names

Michael J. Shalley, Esq.; Harris Gould, Esq.; Richard P. Ryder, Esq

Award Breakdown

All clms brought by Cs are denied. The Cs requests for punitive damages, atty fees, int, and their motion for sanctions are denied.

Remarks

Notable. Frontrunning involved.

Professionals

Cs: Boris J. Lewyckyj. Rs: (BS&Co, JG & SU) Hartley T. Bernstein, Brandeis Bernstein & Wasserman. OSC.

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Arbitrator Names

James E. Bacon, Chair; Harvey I. Jurist; Richard P. Ryder

Award Breakdown

Rs SBHU and Grabel are J&S liable to Cs for $53.9 in damages. Clms re: churning, punitive damages & atty fees are expressly denied. The "A Other" field reflects that the Cs' request for int is also denied.

Remarks

Professionals

Cs: Brian J. Cooke, Arnstein & Lehr, W Palm Beach FL. Cs Expert: Mary Calhoun, Calhoun Consulting Gp, Watertown MA. Rs: (SLH & JGG) Harry T. Walters, NYC NY. ISC.

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Arbitrator Names

Richard P. Ryder, Esq.; James R. Madan; Herbert Z. Geiger, Esq.

Award Breakdown

Rs Stuart Coleman is liable to Cs for the sum of $0.5, inclusive of int, as comp for Shuffle Master. Cs clms for costs and actual damages are denied. Cs clms against Rs Stuart Voisin are denied and dism'd.

Remarks

Professionals

Cs: (WS) J. Jerome Olitt, Arbn & Mediation Specialists, Stanford CT. Rs: (SC&Co & SV) Victor T. Sicuranza, New York, NY. ISC.

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Arbitrator Names

Jerome H. Levy; Richard P. Ryder, Esq.; Fred Shinagel

Award Breakdown

Cs Silverman clms, including punitive damages and atty fees, are denied. Cs pays Rs $2.8 as partial reimbursemt for atty fees expended by Rs in defense of the clms.

Remarks

Rs' MTD on Statute of Fraud grounds gtd. Cs sanctioned $2,800 as atty fees for bringing action in bad faith.

Professionals

Cs: Pro se. Rs: (RAD) Lloyd S. Clareman, Atty-at-Law, NYC NY.

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Arbitrator Names

Richard P. Ryder, Esq; Thomas A. Turley; Leon Goldsholl

Award Breakdown

Cs request for damages, atty fees, and punitive damages are denied. Other clmd is int. Rs CC, including int and punitive damages dismissed.

Remarks

Professionals

Cs: (F&Co & G&Co) Richard F. Market, NYC, NY, OSC. Cs: (ACGp) Andrew Petrie, Denver, CO, OSC. Rs: (RMK) None.

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Arbitrator Names

Michael E. Curan, Esq. - Chair; Allen D. Sklar; Richard P. Ryder

Award Breakdown

Rs Island Secs is solely liable to Cs for $50.3 as actual damages. Cs requests for punitive damages and pre-judgmt int denied. All clms against Rs Newsome, Lee, Labeck, Bekhor, Duca and Galterio dism'd. Rs Island, Bekhor and Lee's cross-clm dism'd. "C Other" field reflects int clm.

Remarks

Notable. Rs Labeck and Duca dism'd due to fact that they received insufficient notice of this proceeding - jurisdictional issue.

Professionals

Cs: Steven J. Popkin, Sole Practitioner, Brooklyn NY. Rs: (ISecs, JESB & JL) Jeffrey H. Weinberger, Winick & Rich, Hackensack NJ. OSC. Rs: (FD & JJL) * - not served in timely manner and dism'd. Rs: (SN & MG) None.

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Arbitrator Names

James A. Francis, Esq. - Chair; Richard P. Ryder; Robert M. Axelrod

Award Breakdown

Rs Ryan is liable to Cs for $4,000, plus post-judgment int at the rate of 9% p/a from 30 days after the awd till paid. Cs clms for atty fees is denied. Rs CC for punitive damages and attyfees are denied. The "A Other" field reflects int awded in an unspecified amt.

Remarks

Professionals

Cs: (CCaptl) Steven Kevorkian, Chief Finl Officer, Westbury NY. ISC. Rs: (CGR) None.

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Arbitrator Names

Richard W. Vallario, Esq. - Chair; Richard P. Ryder, Esq.; Margaret McQueeney

Award Breakdown

Rs The Harriman Gp and Ditosti are J&S liable to Cs for $10.5 in actual damages, plus pre- and post-judgmt int at 10% P/A, accruing from 1/1/97 until the date the award is satisfied. The "A Other" field reflects int is awarded. The Cs' request for travel expenses is denied.

Remarks

Professionals

Cs: Pro se. Rs: (DMD) Jonathon D. Warner, Warner & Joselson, NYC NY. Rs: (THGp) No-show.

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Arbitrator Names

Peter Byer, Esq.; Richard P. Ryder

Award Breakdown

Cs and Rs agreed to enter into a settlement agreeement. Pursuant to the agreement achieved through mediation, the parties' agreement to file an amended Form U-5 statement on behalf of Cs (reflected in "A Other" field). Rs CC for atty fees is dism'd.

Remarks

Cs and Rs agreed to enter into a settlement agreeement. Pursuant to the agreement achieved through mediation, the parties agreed to file a reformed Form U-5 on behalf of Cs. Rs ANZ is to file a reformed Form U-5 as to Porges setting forth the reasons for Porges' terminations by ANZ to reflect that Porges' departure was a "voluntary resignation by mutual consent." The Form U-5 shall be filed within five days of the panel's approval of said language.

Professionals

Cs: (SRP) Henry G. Burnett, Owen & Davis, NYC NY. Rs: (ANZSecs) Gary H. Glaser, Winston & Strawn, NYC NY. OSC.

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Arbitrator Names

Richard P. Ryder

Award Breakdown

Rs Kareem is liable to Cs for $3,200 in actual damages w/o pre-judgmt int (reflected in the "A Other" field) and $500 in atty fees pursuant to the Assn Agmt and Cs' request. Upon tendering full payment of the $3,700 awarded, Rs shall receive in exchange from Cs, a written assignment of Cs' rights in connection w/ the unsecured debit, designated W492-350707 in the S/Clm, in the amount of $3,200 plus int.

Remarks

Extensive Arbr Remarks & Findings regarding a Specific Performance.

Professionals

Cs: (GKNSecs) Katherine Nathan, Director of Litigation, NYC NY. ISC. Rs: (AK) None.

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Arbitrator Names

Louis H. Miron, Esq. - Chair; Richard P. Ryder, Esq.; John W. Engelskirger

Award Breakdown

Rs SG Cowen Secs and SG Cowen Asset Mgmt are jointly and severally liable to Cs for $78,000 in compensatory damages plus pre-judgment interest of 9% per annum (reflected in the "A Other" field) from 11/9/01 to the date of the Award. Cs' request for attorney fees is denied. Rs' counterclaim for attorney fees is denied.

Remarks

Arbr Remarks & Findings -- Cs' clm for unpaid commission incentive payments is denied as insufficiently proved. The parties' opposing clms for atty fees are denied as insufficiently proved.

Professionals

Cs: (SMM) Steven J. Hyman, McLaughlin & Stern, NYC NY. Rs: (SGCSecs & SGCAMgmt) Lynn E. Judell, Andrews & Kurth, NYC NY. OSC. Judell was previously of Rosenthal Judell & Uchima, NYC NY. OSC.

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Arbitrator Names

Richard P. Ryder, Esq. - Chair; Gilbert F. Bach, Sr., Esq; Preston V. Pumphrey

Award Breakdown

Rs Dorman is liable to Cs for $14,600 in compensatory damages plus pre-judgment interest at the rate of 9% per annum from 11/15/02 through the date of Award and post-award interest at the legal rate commencing thirty days after the date of the Award if not paid in full (reflected in the "A Other" field). Cs' requests for punitive damages and attorneys' fees are denied. Rs' counterclaim based upon the frivolous nature of the claim and for sanctions in the form of attorneys' fees is denied.

Remarks

Arbr Remarks & Findings -- In an industry where many of us make transactions each and every working day valued in the tens of thousands of dollars to millions of dollars on our word alone, this industry is truly one where it is expected that "your word is your bond." Thus, if an oral agreement existed between the securities industry parties in this case, it is a valid binding agreement. If Rs did not believe an oral agreement existed, he should have so stated at the time the first draft contract was presented to him. In this case, whether the oral agreement was reduced to writing or not is no more a test of whether it was a binding agreement than whether a written confirmation of a trade was issued in a timely manner.

Professionals

Cs: (HDB&Co) Robert A. Giacovas & Spencer Mazyck, Lazare Potter et al., NYC NY. OSC. Rs: (AD) M. David Sayid & Edward J. DeParma, Sayid & Assocs, NYC NY.

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Arbitrator Names

Richard P. Gitter, Esq. - Chair; Melvin Lyon; Richard P. Ryder, Esq.

Award Breakdown

On or about 7/12/2004, NASD was notified that the Cs settled with Rs Cassese. On or about 11/2/2004, NASD was notified that the Cs settled with Rs Morgan Wilshire Securities, Fennan, Speranza, Carrillo and Maher. Rs Metelkin is solely liable to Cs for $40,000 in compensatory damages, which is inclusive of interest (reflected in the "A Other" field). Cs' request for punitive damages is denied. Rs' counterclaim request for damages is denied.

Remarks

Professionals

Cs: Theodore M. Davis, Attorney-at-Law, Brooklyn, NY. Previously pro se. Rs: (MWSInc, MJF, RJS, CC & ECM) Charles Carrillo, Chief Compliance Officer, Westbury, NY. ISC. Previously represented by: David B. Dyer, Secore & Waller, Dallas, TX. OSC. Rs: (DM) Pro se. Previously reperesented by: David B. Dyer, Secore & Waller, Dallas, TX. Rs: (BFC) No-show.

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Arbitrator Names

Richard P. Ryder, Esq. - Chair; James J. Noone; Richard V. Adams

Award Breakdown

By Order to Show Caused dated 3/4/98, this arbitration case was stayed against Rs Ladenburg Thalman & Company Inc. On 1/7/98, Rs Rickel & Associates Inc. filed for a bankruptcy under the United States Bankruptcy Code. In accordance with these filings, all claims against Rs Rickel & Associates Inc. are indefinitely stayed. Therefore, the Panel made no determination with respect to the claims against Rs Rickel & Associates Inc. On 7/23/08, Cs withdrew his claims with prejudice against Rs Rickel Securities Inc., Rickel & Associates Inc., and Ladenburg Thalmann & Company Inc. On 7/24/08, Cs withdrew his claims with prejudice against Rs David Netkin. On 9/10/08, Cs withdrew his claims with prejudice against Rs Michael Belsky, Coleman Carven, Arnold Cohen, Edward McWilliams, Joseph Fair and Steven Nadler. The Panel did not decide the merits of Rs Cross-Claim, deeming them either resolved in the bankruptcy litigation or withdrawn by default after the settlement of their claims with Cs. Rs Sabo, the only individual Rs besides Rs Kenneth Rickel to participate in the hearing, neither mentioned, nor pursued the Cross-Claim during the arbitration hearings. This matter was stayed by an Order of the New York federal bankruptcy court in 1/99, just prior to the commencement of hearings. The stay, while issued in the bankruptcy proceedings against Rs Rickel & Associates Inc., was specifically extended through a preliminary injunction to include virtually all of the Rs. As a result, the 1/99 hearing was canceled and the matter remained stayed. In late 2007, the Panel was notified by FINRA staff that Cs reported that his claims had been dismissed from consideration by the federal bankruptcy court and that he wanted to reinstate these proceedings. This long delay was not occasioned by Cs' lack of diligence in seeking reinstatement, but by staff delays, the Panel found and it permitted the reinstatement of the claims. Mr. Adams was appointed as a replacement Arbitrator and a pre-hearing conference was scheduled, which took place in 6/08. A discovery schedule and five-day hearing schedule was established by the attending parties. Rs Sachs and Rickel were among those Rs who did not attend the pre-hearing conference. The three entity Rs, Rickel & Associates Inc., Rickel Securities and Ladenburg Thalman - were dismissed with prejudice by Cs thereafter. Cs similarly dismissed all claims against Individual Rs, except Rs Sabo, Sachs and Rickel during the pre-hearing phase, reporting that those claims had been settled. At the pre-hearing conference in 6/08, Rs joined in a Motion to Dismiss the arbitration proceedings, arguing that the arbitration case had been dismissed by the Panel, rather than stayed back in 1999. At the Panel's request FINRA staff performed a search of the correspondence in the file relating to that period. The papers from the bankruptcy court, relating to the preliminary injunction, were not in the files, but the Panel concluded on other evidence that the matter was only stayed, not dismissed. Rs Kenneth Rickel filed a Motion one month before the scheduled hearings in 12/08, indicating that he had just learned of the reinstatement of the case and requesting a telephonic conference to consider postponement. Rs Sabo joined in that Motion. The Panel denied the postponement request, but agreed to allow Rs Rickel to demonstrate at the first day of the hearings the reason a postponement was justified. Rs Rickel appeared by counsel only on the first day of the hearings and submitted his plea for a postponement. The Panel deliberated, denied the postponement request and after the first hearing session, Rs Rickel's counsel chose not to participate further. Nevertheless, the Panel proceeded with Cs and Rs Sabo present, heard the case against remaining Rs Sabo, Sachs and Rickel, and heard Rs Sabo's defense. Two days of hearings ensued, at the close of which the Panel issued an Order granting Rs Sabo's request to submit additional documentation and extending a conditional offer to Rs Rickel to appear at a subsequent date to give testimony. Rs Rickel appeared with counsel at a hearing on 1/28/09, where Rs Rickel gave testimony and answered questions from the parties and Panel. Before that, however, Rs Rickel's counsel produced documents from the bankruptcy proceedings, which showed why the staff had stayed the 1999 proceedings, i.e. the preliminary injunction regarding Cs' claims, as they applied to Rickel & Associates Inc. and the Individual Rs. No documents were adduced subsequent to the bankruptcy court's Order of dismissal making the injunctive order permanent or otherwise extending it to the current proceedings. Counsel maintained that the documents demonstrated two things: (1) that the bankruptcy court stayed all of Cs' claims against all Rs, because they constituted claims that were derivative and could only be brought on behalf of the corporation Rickel & Associates Inc. and that therefore, all current claims were similarly derivative in nature; and (2) that the bankruptcy court's order dismissing Cs' claims from bankruptcy acted as res adjudicata to all claims Cs might make against the Individual Rs, as well as Rickel & Associates Inc.. The Panel deliberated upon this Motion at hearing, denied it, and the case proceeded to conclusion. Damages Revised -- At the close of the hearing, Cs requested $160,000 in compensatory damages (originally $100,000). Cs Robert J. O'Brien's claims against Rs Kenneth Rickel are sustained, to the extent described above, but due to the explanation above, Cs takes nothing from Rs Rickel. Cs O'Brien's claims against Rs John Sabo are dismissed with prejudice and on the merits. Cs O'Brien's claims against Rs Deborah Krill Sachs are dismissed for lack of personal jurisdiction. The Panel cannot find sufficient evidence that Rs received either constructive or actual notice of the reinstatement of the arbitration or of the hearing. Cs' claims against Rs Rickel Securities Inc., Ladenburg Thalman & Company Inc., Arnold Cohen, Steven Nadler, Michael Belsky, Coleman Carven, Edward McWilliams, David Netkin and Joseph Fair, having been voluntarily withdrawn, are dismissed with prejudice. Cs' requests for damages including pre-award interest (reflected in the "C Other" field) are denied. Rs Cross-Claim and requests for damages are rendered moot due to the bankruptcy filing indefinitely staying all claims against Rs Rickel & Associates Inc. and Kenneth Rickel.

Remarks

Involves Bankruptcy stay. Panel composition issue. Arbitrator Remarks -- Explained Award.

Professionals

Cs: (RJO) None. Rs: (R&AInc, EM, JF, KR & DKS) Leonard F. Lesser, Schneck Weltman & Hashmall, New York, NY. OSC. Rs: (RSInc, AC, SN, MB, CC & DN) Ruthann G. Niosi, Law Offices of R.G. Niosi, New York, NY. OSC. Rs: (JS) Represented himself at the hearings. Previously represented by Ruthann G. Niosi, Law Offices of R.G. Niosi, New York, NY. Rs: (KR) Derek Wolman, Davidoff Malito & Hutcher, New York, NY.

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