Award NASD Regulation, Inc.

Transcription

1 Award NASD Regulation, Inc. In the Matter of the Arbitration Between: Broker Dealer Financial Services Corp., (Claimant) vs. Charles Bridel a/k/a/ Ronald Charles Bridle, (Respondent). Case Number: Hearing Site: New York, New York REPRESENTATION OF PARTIES Claimant, Broker Dealer Financial Services Corp., hereinafter referred to as "Claimant": David W. Dunn, Esq., David W. Dunn Law Firm, PLC, Eldora, Illinois. Respondent, Charles Bridel a/k/a Ronald Charles Bridle, hereinafter referred to as "Respondent": David S. Frankel, Esq., Kramer Levin Naftalis & Frankel LLP, New York, New York. CASE INFORMATION Statement of Claim filed on or about: April 3, Claimant, signed the Uniform Submission Agreement: April 2, Statement of Answer filed by Respondent, on or about: July 8, Respondent, did not file a Uniform Submission Agreement. CASE SUMMARY In the Statement of Claim, Claimant alleged that Respondent incurred margin debt in connection with several purchases of Equisure, Inc., made in June and July, It is further alleged that the margin debt was not paid by Respondent despite requests for payment. Respondent maintained that he is not liable for the alleged margin debt since starting June 13, 1997, Claimant and Richard Paritz, without authorization, placed all the trades made in his account. Respondent also maintained that any alleged damages are speculative and resulted entirely from Claimant's own wrongdoing and therefore should be denied. RELIEF REQUESTED Claimant requested: Compensatory Damages $229, Interest 8% per annum accruing from December 31, Attorneys' Fees Specified Other Costs Specified

2 Award Page 2 of 5 OTHER ISSUES CONSIDERED AND DECIDED Respondent did not file with the NASD Regulation, Inc. Office of Dispute Resolution a properly executed submission to arbitration but is required to submit to arbitration pursuant to the Code and, {having answered the claim, appeared and testified at the hearing,} is bound by the determination of the Panel on all issues submitted. The parties have agreed that the Award in this matter may be executed in counterpart copies or that a handwritten, signed Award may be entered. AWARD After considering the pleadings, the testimony and evidence presented at the hearing, the Arbitrator has decided in full and final resolution of the issues submitted for determination as follows: 1. Respondent is hereby liable and shall pay Claimant the sum of $254, in compensatory damages. 2. The parties shall bear their own costs, including attorneys' fees. 3. Respondent is hereby liable and shall pay Claimant 8% interest on the award accruing from May 6, 1999, until the award is made in full. 4. All other claims are hereby dismissed. Pursuant to the Code, the following fees are assessed: Filing Fees NASD Regulation, Inc. will retain the non-refundable filing fees for each claim: Initial claim filing fee = $ Member Fees Member fees are assessed to each member firm that is a party in these proceedings or to the member firm that employed the associated person at the time of the event giving rise to the dispute. In this matter, the member firm is a party. Member surcharge = $1, Pre-hearing process fee = $ Hearing process fee = $2,500.00

3 NASD Regulation, Inc.-Office of Dispute Resolution Award Page 3 of 5 and Assessments The Panel assesses forum fees for each hearing session conducted. A hearing session is any meeting between the parties and the arbitrators, including a pre-hearing conference with the arbitrators, that lasts four (4) hours or less. Fees associated with these proceedings are: Eight (8) Pre-hearing sessions with Full Panel x $ Pre-hearing conferences: September 29, 1998 October 12, 1998 November 2, 1998 December 1, 1998 February 4, 1998 March 1, 1999 March 10, 1999 May 5, 1999 July 26, 1999 = S6, Eleven (11) Hearing sessions x $ Hearing Dates: March 12, 1999 May 10, 1999 May 12, 1999 May 27, 1999 June 9, sessions = $8, Total = $14, The Panel has assessed $7, of the forum fees to Claimant. 2. The Panel has assessed $7, of the forum fees to Respondent. Administrative Costs Administrative costs are expenses incurred due to a request by a party for special services including, but not limited to, additional copies of arbitrator awards beyond those provided without charge, copies of audio transcripts, retrieval of documents from archives, interpreters, and security. 1. Respondent, requested twenty (20) copies of audio transcripts x $15.00 = $ Fee Summary 1. Claimant, be and hereby is solely liable for: Initial Filing Fee Member Fees Pre-Hearing Processing Fee = $ = $1, = $7, = $600.00

4 Award Page 4 of 5 Hearing Processing Fee = $ Total Fees -$12, Less payments = $5, Respondent, be and hereby is solely liable for: Special Services = $ = S7, Total Fees =$7, Less payments = $ All balances are due to NASD Regulation, Inc. and are payable within 30 days of the service date of this Award.

5 Award Page 4 of 4 = S Total Fees Less payments = $12, = S Respondent, be and hereby is solely liable for: Administrative Costs. = $ \ =$ Total Fees. = $7, pay mcl'its = S>_ Balance Due NASD Regulation, Inc. = $ All balances are due and payable to NASD Regulation, Inc. Concurring Arbitrators' Signatures I, the undersigned arbitrator, do hereby affirm, pursuant to article 7505 of the Civil Practice Law and Rules, that I am the individual described herein and who executed this instrument which is my award. Martin Budd, Esq. Public Arbitrator, Presiding Chair Camille S. Cooper, Esq. Public Arbitrator Robert A, Vaccaro Industry Arbitrator Sienature Date Date of Service (For NASD office use only)

6 Award Page.4 of 4 = S Total Fees =$12, Less payments = $ Respondent, be and hereby is solely liable for: Administrative Costs = $ = Total Fees =57, Less payments = All balances are due and payable to NASD Regulation, Inc. Concurring Arbitrators' Signatures I, the.undersigned arbitrator, do hereby affirm, pursuant to article 7505 of the Civil Practice Law and Rules, that J am the individual described herein and who executed this instrument which is my award. Martin Budd, Esq. Public Arbitrator, Presiding Chair Camille S. Cooper, Esq. Public Arbitrator v Robert A. Vaccaro Industry Arbitrator Date of Service (For NASD office use only)

7 CongurrtpLE Arbitrators' Signatures I, the undersigned arbitrator, do heruhy iiffinn, pursuant to artu Je 7505 of rhe Civji practice I,aw and Rules, lh:i(! urn the individual described terein and who executed this instrument whkh Is my awurd, V^s Marlin Budcl, Esq. Public Arbitrator, Presiding Chair August 31._19" Signulure Date Camille S. Cooper, Esq. Public Arbitrator Signature Dale Robert A. Vaccaro Industry Arbitrator Sipjuiurc Date Dale nf Service (For NASD office use only)