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Biography:
Rated AV by Martindale-Hubbell and listed in the Bar Register of Preeminent Lawyers. Author: "Chopping the Chop Shop," Securities Arbitration Handbook, Practicing Law Institute, 1997; "The Ramifications of U.S. v. Vogel Fertilizer," 5 St. John's University Tax Forum, No. 1, 1983. Faculty Member, Securities Arbitration, Practicing Law Institute. Assistant District Attorney, Nassau County, New York, 1984-1987. Attorney, Securities and Exchange Commission, Division of Enforcement, 1987-1989, Washington, D.C. Arbitrator and Mediator.
A Proven Track Record:
From 1990 through January 2011, more than 84% of the customer securities arbitration claims which we have tried through an arbitration hearing have resulted in a favorable award. On the cases in which we have received a favorable award, the arbitration panel on average awarded over 95% of the amount requested.
Reported Cases:
Jeffrey B. Sciallo et al. v. Tyco International Ltd. et al.
Civil Action No. 03-1354-B
MDL No. 1335 Federal securities proceeding against Tyco International Ltd., Dennis Kozlowski and Mark Swartz. Represented three former officers of U.S. Surgical Corp. in connection with the merger of Tyco and U.S. Surgical. Claims concerned violations of Section 10b-5 of the Securities and Exchange Act of 1934 and stock options.
Date of Settlement: November 2008
Settlement Amount: Subject to a Confidentiality Agreement
Lyons v. Merrill Lynch and Phua Young
Case #03-04172,
NASD Arbitration: Amount Requested: $625,000
Date of Decision: July 16, 2006
Amount Awarded: $621,562, including $240,000 in punitive damages against Merrill Lynch and Phua Young (Merrill Lynch securities analyst) and $125,000 in interest plus expert witness fees. Case involved conflicts of interest between Merrill Lynch securities analysts and investment banking relating to losses suffered in clients' accounts in Tyco common stock. Although the accounts were overall profitable, after hearing Arbitrators awarded 99% of damages sought relating to decline in Tyco common stock.
David and Jonathan Libman v. David Garfinkel, First Montauk Securities Corp. et.al.
NASD No. 03-02094
NASD Arbitration: Amount Requested: $300,000
Date of Decision: 2/24/06
Amount Awarded: $284,000 plus interest.
Case involved allegations of unauthorized trading, churning and fraud.
Naomi Sayegh v. J. Peter Ricketts, Ameritrade, Inc., Ameritrade Holding, Corp., and Accutrade, Inc.
NASD No. 02-00652
NASD Arbitration: case involved issues relating to conflict of laws, jurisdiction, application of Canadian registration requirements and applicability of Quebec law to Accutrade, a U.S. based broker-dealer and suitability and supervision issues regarding a self directed on-line trading account. Amount requested in Statement of Claim $156,000.
Date of Decision: 7/6/04
Amount Awarded: $44,600 plus interest.
Nationwide Life Insurance Company v. Helen Constans Christopher Rutland and Barbara Grahams
Index No. 01 CIV 3320 (DRD)
Date of Court Order: January 2002
Amount Awarded: $393,541.76 in compensatory damages and $800,000.00 in punitive damages. Federal Interpleader Action brought by life insurance company regarding the proceeds of an annuity and cross claims prosecuted on behalf of client against co-defendants alleging conversion, forgery, RICO, breach of fiduciary duty, breach of agency, negligence and punitive damages in connection with the purchase and sale of various annuities.
Carmine and Mary Ricca v. Adam Sanders, Salavatore Tacher, Kessington Wells, Inc. et.al.
NASD No. 98-03031
NASD Arbitration: amount requested $75,000.
Date of Decision: 8/17/01
Amount Awarded: $85,500.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.
Robert and Fran Lax v. Kensington Wells, Inc., Joel Grant et. al.
NASD No. 97-00061
NASD Arbitration: amount requested: $436,250
Date of Decision: 11/17/99
Amount Awarded: $113,565 plus specific finding of fraud.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.
Louis and Dorothy Dequine et. al. v. Daniel Porush, Eric Blumen and Stratton Oakmont, Inc.
NASD No. 95-01335
NASD Arbitration: Amount requested: $283,000
Date of Decision: 2/10/99
Amount Awarded: $242,000 compensatory, $500,000 in punitive damages, attorneys' fees and costs total award in excess of $742,000.
Case involved allegations of market manipulation, unauthorized trading, material misstatements and omissions and fraud.
G. Brooks Biddle et. al. v. Comprehensive Environmental Systems, Inc. et. al.
Case No. 96 Civ. 343
U.S. District Court E.D.N.Y.
Violation of 10b-5 of the Securities and Exchange Act of 1934 regarding Regulation S Offshore Offering.
Date of Settlement: 1998
Amount of Settlement: Subject to Confidentiality Agreement.
Carol Hovanec, Dr. Marshal Pitts, et.al. v. Allan Viscardi, World Invest Corporation et. al.
NASD No. 97-03034
NASD Arbitration: Represented twelve Claimants through hearing. Amount requested: $1,146,500
Date of Decision: 8/28/98
Amount Awarded: $998,915.
Case involved allegations of unsuitable recommendations through an investment advisor associated with clients' accounting firm.
George Pentz, Arlemont Ranch et.al. v. Jordan Belfort, Daniel Porush, Stratton Oakmont, Inc. et. al.
NASD No. 94-02830
NASD Arbitration: Amount Requested: $713,000.
Date of Decision: 4/1/98
Amount Awarded: $713,000 plus interest and costs.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.
Frist Capital Partners, Thomas F. Frist and Patricia F. Elcan v. Ideon Group, Inc., Paul G. Kahn and William Lackey
96 Civ.3906 (WK) U.S. District Court S.D.N.Y.
Violation of 10b-5 of the Securities and Exchange Act of 1934 regarding the sale of Ideon common stock to Private Investment Bank and Institutional stock holder.
Date of Settlement: 1997
Amount of Settlement: Subject to Confidentiality Order.
Peter and Jeanne Celiberti v. Daniel Porush, James Kelly and Stratton Oakmont, Inc.
NASD No. 96-01053
NASD Arbitration: Amount Requested: $223,000.
Date of Decision: 6/19/97
Amount Awarded: $215,000 plus costs.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.
PaineWebber Limited Partnerships Litigation
Index No. 94-Civ-8457 (SHS)
Securities Class Action concerning allegations of misrepresentations and omissions relating to the purported safety characteristics of limited partnerships marketed by PaineWebber to the investing public.
Date of Settlement: 1997
Amount of Settlement: $200,000,000.00.
Capital Realty Investors Tax Exempt Fund
Delaware Chancery Court
Index No. 14558
Date of Settlement: 1996
Amount of Settlement: $2,500,000.00.
Case involved allegations of corporate management undervaluing the securities held by public in connection with a merger.
Stonewall Farms, Ltd. and Robert Barsk v. Jordan Belfort, Daniel Porush and Stratton Oakmont, Inc. et.al.
NASD No. 95-00733
NASD Arbitration: Amount Requested: $170,000.
Date of Decision: 5/30/96
Amount Awarded: $122,000 in compensatory damages, $25,000 in attorney's fees plus costs. Total award in excess of $147,000.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.
Richard Shandelman v. Jordan Belfort, Daniel Porush, Ken Greene and Stratton Oakmont, Inc. et.al.
NASD No. 94-05085
NASD Arbitration: Amount Requested: $109,000
Date of Decision: 5/22/96
Amount Awarded: $93,000 plus interest.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.
Prudential Securities Litigation
Index No. MDL 1005
Securities Class Action against Prudential Securities Inc. concerning allegations of misrepresentation and omissions concerning the safety characteristics of limited partnerships marketed by Prudential to the investing public.
Date of Settlement: 1995
Amount of Settlement: $100,000,000.00.
Metropolitan Life Derivative Litigation
Index No. 93-Civ-9035 (DC)
Date of Settlement: 1995
Settlement Amount: $4,000,000.00.
Case involved allegations of breach of fiduciary duty by board of directors and corporate mismanagement.
HMO America Securities Litigation
Index No. 92-Civ.-3305 (CPK)
Securities Class Action against directors regarding allegations of misrepresentation of claims reserves resulting in elevated stock values.
Date of Settlement: 1993
Amount of Settlement: $4,000,000.00.
The Regina Company
Inc. Securities Litigation
Index No. 88-4149 (NHP)
(Securities Class Action against Chairman and CFO of former Regina Vacuum Cleaner Company and Big Six Accounting firm), Allegations of accounting irregularities, financial fraud and misrepresentation resulting in inflated stock values.
Date of Settlement: 1992
Amount of Settlement: $7,300,000.00.
ISLN: 907910167
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