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Member Firms and Associated Persons with Unpaid Customer Arbitration Awards

FINRA is making available in one place on its website a list of firms and individuals responsible for unpaid customer arbitration awards. FINRA is providing the information in this new format to provide greater transparency around those firms and individuals with unpaid arbitration awards and to make this information more readily accessible to investors. The information will also continue to appear on the firm’s or individual’s BrokerCheck report.

The list includes the names of firms and individuals whose FINRA registration has been terminated, suspended, canceled or revoked, or who have been expelled from FINRA.1 These firms and individuals are no longer FINRA members or associated with a FINRA member, although they may be operating in another area of the financial services industry where FINRA registration is not required. From 2012-2021, FINRA suspended 255 individuals for non-payment of arbitration awards. During this same time period, there were on average 631,000 individuals registered with FINRA.

In addition, the list shows those firms and individuals with unpaid customer arbitration awards, but where bankruptcy is a defense to the non-payment. These firms or individuals may be active in the brokerage industry notwithstanding the unpaid award due to the bankruptcy defense to non-payment.2

Background

In FINRA arbitration cases closed in 2021, the majority of customer cases—73 percent—result in settlements reached by the parties;3 13 percent of cases proceed to award, and 1 percent result in unpaid awards.4

As described in detail in FINRA’s Discussion Paper, FINRA Perspectives on Customer Recovery and on FINRA’s website under Statistics on Unpaid Customer Awards in FINRA Arbitration, under FINRA rules, a respondent must pay a monetary award within 30 days of receipt, unless the respondent has a defense to non-payment, such as bankruptcy.5 If a member firm or associated person fails to comply with an arbitration award or a settlement agreement related to an arbitration, FINRA staff notifies such firm or associated person in writing that the failure to comply within 21 days of service of the notice will result in a suspension of membership or a suspension from associating with any member.6 A member or person served with a notice may request a hearing setting forth all defenses to the FINRA action. If a member or person does not timely request a hearing, the suspension or cancellation specified in the notice shall become effective 21 days after the service of the notice and the notice shall constitute final FINRA action.

In each suspension action, FINRA creates a record that the firm or associated person failed to demonstrate payment of an arbitration award, and prevents the firm or associated person from being an active FINRA member or associating with a FINRA member until the award has been satisfied. Firms with unpaid awards cannot re-register without satisfying the award.7 Individuals cannot register as representatives of any brokerage firm without paying or discharging the outstanding award.

Most unpaid customer arbitration awards are rendered against firms or individuals whose FINRA registration has been terminated, suspended, canceled or revoked, or who have been expelled from FINRA. These firms and individuals are generally referred to as “inactive,” and are no longer FINRA members or associated with a FINRA member, although they may continue to operate in another area of the financial services industry where FINRA registration is not required. Firms and individuals can become inactive prior to an arbitration claim being filed, during an arbitration proceeding or subsequent to an arbitration award, and this status can be caused by FINRA’s action or the firm’s or individual’s own voluntary action.

The below information is current as of December 2022.

TABLE 1 - ASSOCIATED PERSONS SUSPENDED FOR NON-PAYMENT OF A CUSTOMER ARBITRATION AWARD (2012 – 2021)

Party Name CRD
AHMANN, JAMES JOSEPH 2983399
ALFANO, LAWRENCE JOSEPH 2701389
ALIJAJ, ENVER RAHMAN 4943780
ALLEN, DAVID ARTHUR 2500427
ALVEY, ALBERT CLARK 3088610
ANDERSON, JASON EDWARD 4195317
ANDREYEVA, TATYANA 2875136
ARNOLD, PAUL DAVID 2278472
BADER, ZACHARY T. 5902742
BADGER, BERKLEY CREIGHTON 713972
BAILEY, WILLIAM AUSTIN 1085215
BALCHANDANI, SHONDEEP SAJAN 5165930
BALDWIN, SHAWN DERRICK MR. 4281564
BALTAS, CHRIST ELIAS 2570499
BANKS, LAWRENCE ALLEN 5429858
BASRALIAN, GARY JOHN 14385
BEHRENDS, LARRY IVAN 16971
BELESIS, ANASTASIOS P 2707354
BELONGE, CHRISTIPHER LYNN 4223871
BELYAEV, VLADIMIR 6056976
BENTIVEGNA, NICHOLAS P 4636923
BERGER, GREGG MS 2191694
BERTHOLET, JEAN-LOUIS 4441892
BEYN, EDWARD 5406273
BHAGWANI, NAVEEN K 5423037
BHASIN, NIYUKT RAGHU 2282048
BOCK, THOMAS HERBERT 806182
BOHACK, RICHARD EDWARD 2239191
BORAKOWSKI, BRIAN MATT 4093679
BORRUSO, THOMAS JOSEPH 5475175
BOWEN, HEATH SHAYNE 4824684
BRAHMBHATT, JINESH PRAVIN 2491299
BROWN, ANDREW OWEN 2865734
BROWN, DANARD WARTHEN 3184347
BROWN, LINFORD ANTONIO JR 2456328
BROWN, RICHARD LYNDON 3245291
BYL, MICHAEL JAMES 1204677
CALANDRINO, CHRISTOPHER JOHN 5238231
CANNATA, DAVID CHARLES 2408845
CARLSON, JOEL WILLIAM 2844760
CARLSON, JOHN RICHARD 3098410
CARR, BRIAN P 2577346
CARRINO, JOSEPH MICHAEL JR 2563438
CARRIS, GEORGE WILLIAM MR. 3079577
CASOLO, MARK CARMEN 1158074
CASSONE, VICTOR ROSARIO 2312167
CERVINO, CHRISTOPHER MICHAEL 2778817
CHAPMAN, WILLIAM DEAN JR 2465420
CHELLIAH, MAURICE JOSEPH 4385058
CLARK, JERRY EATON JR 4575973
CLEMENTS, MICHAEL TODD 1702071
CLYBURN, MCKYLE 2829182
CODY, JILL M 4333419
CODY, RICHARD GRANT 2794558
COHEN, ROY 1633948
COLEMAN, RICHARD JAMES 2720422
COLLAKU, SAIMIR 5969154
CORONADO, JAIME XAVIER 4001702
COSTANZO, ANTONIO 2580765
CRAWFORD, JAMES FILLMORE 1327638
CRAWFORD, SHAWN PATRICK 2759034
CRUCIANI, JASON M 4014764
CUNNINGHAM, CHRISTOPHER MATTHEW 2390800
DALY, RADCLIFFE ROBERT 4663605
DAVIS, CHARLES BARNETT JR 61845
DECKER, BRIAN KEITH 4565524
DENISOV, ALEKSANDR YURIEVICH 4586928
DESIDERIO, BARBARA LUCILLE 2080713
DEVINEY, BRENT KEITH 2131402
DIAZ, ANTHONY 4131948
DIGREGORIO, MATTHEW 2434158
DUVAL, CHRISTOPHER DEAN 2805500
DYSON, HUGH MONROE JR 827628
ECKSTEIN, MATTHEW EVAN 2997245
ELMAZI, NIAZ 2992689
ENGLER, JONAH 4216259
EVANS, MARY CATHERINE 1091961
FATTA, PHILIP OREZIO 1467533
FAUBEL, ROGER 1233851
FAWCETT JR, LAWRENCE JOHN 5851474
FISHER, ANTHONY JOHN 2428633
FLEMMING, GREGORY JR 2882842
FOUST JR, KARL RONALD 1010291
FOX, YOSEF YEHUDA 2386001
FREEMAN, MICHAEL EDGAR 2311151
FRIEDMAN, WILLIAM SIDENY 2475502
GARRATT, GEOFFREY 5170365
GAUL, JAMES CARL 218833
GENDLEK, FRANCIS JOSEPH 1054226
GENITRINI, CHRISTIAN 3277581
GENNITY, WILLIAM CHRISTIAN 4913490
GIOKAS, MICHAEL 1398674
GIULIANO III, ANTHONY FRANK 5459072
GOLD, LEE ALEXANDER 1923251
GOLDSTEIN, GREGORY EVAN 2412387
GOLIGHTLY, WILLARD LEE 4395250
GORDAN, TREVOR LEE 2195122
GOSLIN, CHRISTOPHER LEE 1720162
GREEN, ALLEN MICHAEL 824126
GREER, JOHN MICHAEL SR 1969389
GREGG, DAVID JOSEPH 1500899
GRIVAS, STEPHEN 1829703
GUILFOYLE, MICHAEL NICHOLAS 5119593
GUYETTE, JOHN BRADY 1711681
HAGERMAN, BRIAN JOSEPH 2115892
HAHN, KARL EDWARD 2487638
HAMILTON, OLORI DENNIS 2956727
HARMS, KEVIN CHARLES 2204523
HEAFNER, JAMES HAL 4837072
HEIMOWITZ, AARON LEONARD 241866
HEN, AVIV MICHAEL 2927545
HENRICH, TODD JOSEPH 5931911
HOLEVE, MITCHELL I 2579937
HOLT, MARK DAVID 3150622
HUNTER, DONALD HORTON JR 1849030
ISAACS, OSI TREVOR 2724629
JAKUBIAK, ROBERT JOSEPH 2297081
JAMES, GARLAND SEAN 2308721
JOHNSON, JEFFREY MICHAEL 5522469
JOHNSON, JOHN MICHAEL 5214417
KALATOUDIS, CHRISTOS ANGELO 4888800
KAPLOWITZ, MARK WILLIAM 824379
KERRIGAN, ROBERT JOSEPH , SR 268516
KHAN, MUHAMMAD AKRAM 1400089
KIBRIK, ALEXANDER 5557827
KIERNAN, BLAKE H. 4477243
KINNEY, MICHAEL THOMAS 4692626
KIRSHBAUM, LAWRENCE GARY 270856
KLEIN, FLORENCE ROSENTHAL 271361
KLOSKOWSKI, DANIEL JOSEPH 5337590
KNUTTILA, STEVEN ROLAND 3039112
KRAUSE, JEROME SCOTT 1582647
KUNZ, KEVIN DEE 1274540
LANCI, SEAN FRANCIS 4180997
LAVOLPE, MICHAEL SCOTT 5054798
LEAHY, MICHAEL 1899498
LEE, ROBERT EDWARD JR 1824202
LEX, WILLIAM FRANCIS 308990
LINDEMANN, LEVI DAVID 4163876
LINSINBIGLER, MICHAEL THOMAS 4072020
LOCY, DAVID WILLIAM 4682865
LODATI, ANTHONY F 4877082
LOFARO, PATRICK WILLIAM 2502145
LOPEZ, ELVIN J 3274134
LUCANDER, HENRY 1017582
LUSTIG, JAY HOWARD 849320
LYNCH, MICHAEL VAN 3167788
LYON, JEFFREY G 5385043
MALLETT, MARY HELEN CAPRICE 1345520
MANDELL, ROSS H 1219720
MARKS, ROBERT M , JR 4198251
MARVIN, RONALD 722277
MASTROIANNI JR, ANTHONY 2151249
MCCUTCHEN, JERRY DEWAYNE 1076678
MCELHENNY, SCOTT DAVID 2623701
MCKOY, STEPHEN DIRK 4892097
MCLEAN, DEVON COULIN 4072332
MCNAMEE, CHRISTOPHER RUSSELL 4271195
MENENDEZ, NATHALO IAN 4882003
MIGNONE, DANIEL RICHARD 3255740
MILAKOVICH, CURTIS DEAN 5471527
MILES, KENNETH CHARLES 812979
MILLS, MARK STEVEN 1979733
MISSERI, BERNARDO 2713297
MITCHELL, JAMES MARVIN 3110555
MOORE, CHARLES J 4525896
MORSI, ADAM OMAR 5891841
MOSCHETTA, RONALD 1100365
MURPHY, EDWARD THOMAS 3041818
NASH, ROBERT G. 718820
NEVIN, KEVIN MARK 2460059
NEWMAN, GUY JAMES 1456444
NOE, DAVID HAROLD 1629962
NUNEZ, JEFFREY GEORGE 1580759
OAKES, THOMAS CAMERON 1354152
OROMANER, MICHAEL LAWRENCE 2857559
OSAULENKO, ALEKSANDR 5992623
OSBORN, GREGORY JEROME PTASIENSKI 1716402
PAGARTANIS, STEVEN 1958879
PARKER, JAMES RONALD 356630
PARKER, JASON CHARLES 5325129
PENNA, ARTHUR JAMES 851814
PEREZ, HECTOR 5431109
PETERSON, MELVIN LEE 859600
PETERSON, PETER MARTIN 2825535
PETTY, MARKEL DASHIELL 5217356
PIONK, SCOTT DOUGLAS 2056512
PITTMAN, BARRY 5492220
PIWOWARCZYK, JON EDWARD 723254
PIZELO, PHILIP ANTHONY 2429418
PLUMMER, MARK ALLAN 4608699
PORGES, BRENT MORGAN 4002626
PORTER, AARON VIRGIL 4354488
POSILLICO, PAUL ANTHONY 4194630
QUINZI, JOSEPH DOMINICK 5590651
RACHELE, GREGORY W. 3046883
RACHLIN, JEFFREY 823547
RAPUANO, JAMES MICHAEL JR 4900969
RAY, AARON C 4613258
RAY, KRITTIBAS 3039388
RICCARDI JR, JOHN F 4771185
ROBERTS, JAMES MICHAEL 871777
RODRIGUEZ, CASEY THOMAS 4870499
RODRIGUEZ, CESAR OMAR 4451732
ROMER, ERNEST JULIUS 2311741
ROTA, DOMINIC PAUL 4886731
ROVECCIO, ROCCO 2713144
SALINO, ANTHONY JOHN 2162704
SALJOOKI, YOUSUF 5045123
SANTARIELLO, JOHN JOSEPH 5746158
SAVAGE, GARRY NELSON , JR 2338013
SAVAGE, GARRY NELSON, SR 1195330
SCALI, JOSEPH GIUSEPPE JR 2564129
SCHMERMAN, RICHARD MARK 1302988
SCHMIDT, GEORGE ANTHONY 1082936
SCHOTTENSTEIN, EVAN A. 4929175
SCHULICK, BRETT STEPHEN 2243075
SCHULTZ, LYNN GORDON 1052349
SHEA, DANIEL DENNIS 1185950
SIMONE, BRIAN 5357610
SIMONE, STEVEN JOHN 2413602
SINGH, NARINDER KAUR 3100308
SMALBACH, NEAL SETH 1459854
SMITH, GLEN EDWARD JR 1023145
SMITH, JOHN VICTOR 5764683
SPOONER, GARY LEE 2394218
STEVENS, CAREY CHARLES 2344274
THEIS, DAVID ALAN 1422471
THORNES, JOHN THOMAS 2097878
THORNOCK, RUSSELL DAVID 446386
THURNHERR, JOSEPH MORRIS 5045624
TILLGER, JOHN JOSEPH JR 1766765
TOLES, LABRON MANOSA 2676024
TOLMACS, CHRISTOPHER THOMAS 4648724
TORRES, LAURENCE MICHAEL 2821373
TOWNE, ALYN LEE III 2552744
TOWNES, GREGORY ALAN 2601302
TURBEVILLE, ANTONY LEE 1721014
VACCARRO, CHARLES 2796589
VAN ZANDT, ROBERT HENRY 453496
VANDYKE, VICTORIA ANNE 1359504
VEITCH, DOUGLAS STUART SR 1744372
VYAS, BHASKAR CHANDRAKANT 2253146
WADSWORTH, JACKIE DIVONO 2342163
WALKER, EVERETT SCOVILLE JR 1799546
WALLACE, WESLEY S 5822512
WEISNER, MORRIS CLINTON 1293948
WERBEL, LARRY STEVEN 828351
WHITE, HAROLD CARSE 465047
WILBANKS, AARON BRONELLE 1983697
WILLIAMS, DAVID ALLEN 4350295
WOLLE, JOHN FREDRICK 5479607
WOOD, STEPHEN DOUGLAS 1308917
WRIGHT, LOUIS ALBERT 4053503
ZWETCHKENBAUM, GARY MARK 2224378

TABLE 2 - ASSOCIATED PERSONS ASSERTING BANKRUPTCY AS A DEFENSE TO NON-PAYMENT OF A CUSTOMER ARBITRATION AWARD (2012 - 2021)

Party Name CRD
ACKERMAN, JAMES CURTIS 1641924
BELESIS, GEORGE 4860444
BESMAN, PASCAL MICHEL 1109095
BRONSTEIN, CARL SAMUEL 1777847
CARDINALE, CHANDRA ANN 2512589
CASTELLANO, JOSEPH LOUIS 1158479
CHEN RODRIGUEZ, OTILIA DEL CARMEN 5041049
DIEHL, DAVID PAUL 2604969
DINA, PHILIP A. 1368917
FLEMING, DAVID WILSON 1021968
FRANZKE, CRAIG CHARLES 1809526
FRIEDMAN, HARRY 2548017
FUSCO, ANTHONY 2704753
FUSCO, FRANK PHILIP 1233242
GARVIN, DANIEL RICHARD 1481768
GAUTNEY, TIMOTHY MICHAEL 2552149
GOLAN, RAFAEL 1074079
HORNE, BRIAN YOUNG 1830136
JONES, CLYDE MICK 838391
KAPSE, ARUN RAGHUVEER 5580069
LEVINE, SCOTT JORDAN 4401053
MACRONE, JOHN JOSEPH 2779961
MCCOY, DAVE MYRON 1386650
MELITO, SHANE JOSEPH 3044387
MILLEGAN, JAMES WOODWORTH 1200051
MILLER, DAVID KEITH 728491
MILLER, JONATHAN J 5772258
MILLER, KELLY STOLTE 1336841
MONTANO, ALEXANDER GENE 1961932
PERRY, JOAN ANNE 502847
PREIS, ILAN NATHAN 4905635
ROWE, NICHOLAS BERNARD 2109143
SCHROEDER, SCOTT DONOVAN 2277248
SWAYNE, WILLIAM MADISON II 440968
SWAYNE, WILLIAM MADISON III 4616158
TADDONIO, CRAIG SCOTT 4773787
TEUTONICO, PATRICK NICHOLAS 2875434
TKATCHENKO, ANDREY V 2712245
TORRES, ISRAEL WILFREDO 3198065
TOWT, RICHARD WARREN 448621
TUROCI, CHRISTOPHER JAMES 3058991
WARES, AHMAD 2959624
WEBER, JUERGEN 2617323
WESTENBARGER, JAIME MICHAEL 4625703
WILLIAMS, JASON K 4676003
WOMACK, CLAY HARRISS 4095147
WOODARD, NEAL MILLER 5461015

TABLE 3 - INACTIVE FIRMS WITH UNPAID CUSTOMER ARBITRATION AWARDS8 (2012 – 2021)

Party Name CRD
ACHILLES SECURITIES, LLC 133542
ALETHEIA SECURITIES, INC., 44784
ALLIED BEACON PARTNERS, INC. 46227
ALTERNATIVE WEALTH STRATEGIES, INC. 130933
AMERICAN BEACON PARTNERS, INC. 15791
AMERICAN CLASSIC FINANCIAL COMPANY 24099
ANDERSON & STRUDWICK, INCORPORATED 48
AURA FINANCIAL SERVICES, INC. 42822
AVENIR FINANCIAL GROUP, INC. 148490
BIRKELBACH INVESTMENT SECURITIES, INC. 11490
BLACKBOOK CAPITAL, LLC 123234
BLUECHIP SECURITIES, INC. 45726
BOOGIE INVESTMENT GROUP, INC. 142200
BRAVER STERN SECURITIES LLC 29108
BROOKSTONE SECURITIES, INC. 13366
BROOKVILLE CAPITAL PARTNERS LLC. 102380
C.K. COOPER & COMPANY, INC. 106578
CALDWELL INTERNATIONAL SECURITIES 104323
CAPITAL FINANCIAL SERVICES, INC. 8408
CAPITAL GROWTH FINANCIAL, LLC 41040
CAPITAL GROWTH RESOURCES 7779
CAPSTONE PARTNERS, L.C. 35784
CAPWEST SECURITIES, INC. 30002
CAROLINA CAPITAL MARKETS, INC. 38156
CHARLES MORGAN SECURITIES, INC. 138887
CHARLES VISTA LLC 132650
CM SECURITIES, LLC 127136
CMG INSTITUTIONAL TRADING LLC 47264
COMMUNITY BANKERS SECURITIES, LLC 42794
COMPUTERSHARE SECURITIES CORPORATION 107023
CRAIG SCOTT CAPITAL, LLC 155924
CRYSTAL BAY SECURITIES, INC. 142339
CULLUM & BURKS SECURITIES, INC. 46600
DELPHI SECURITIES CORPORATION 156529
DEWAAY FINANCIAL NETWORK, LLC 30767
DIRECT CAPITAL SECURITIES, INC. 29639
EDI FINANCIAL, INC. 15699
EKN FINANCIAL SERVICES INC. 113525
EMMETT A LARKIN COMPANY, INC. 6625
EPLANNING SECURITIES, INC. 46000
FINANCIAL ADVISERS OF AMERICA, LLC 142170
FIRST MIDWEST SECURITIES, INC. 21786
FOREST SECURITIES, INC. 16255
FREEDOM INVESTORS CORP. 23714
FULCRUM SECURITIES, LLC 140084
GILFORD SECURITIES INCORPORATED 8076
GOLDEN BENEFICIAL SECURITIES CORPORATION 48029
GRACE FINANCIAL GROUP LLC 104133
GREAT NORTHERN FINANCIAL SECURITIES, INC. 113054
HALCYON CABOT PARTNERS, LTD. 32664
HARRISON DOUGLAS, INC. 16515
HFP CAPITAL MARKETS LLC 44351
IMS SECURITIES, INC. 35567
INVESTMENT MANAGEMENT CORPORATION 37196
JOHN CARRIS INVESTMENTS LLC 145767
JOHN THOMAS FINANCIAL 40982
LAWSON FINANCIAL CORPORATION 15261
LEGEND SECURITIES, INC. 44952
LIGHTHOUSE CAPITAL CORPORATION 41812
MARQUIS FINANCIAL SERVICES OF INDIANA INC. 20733
MCL FINANCIAL GROUP, INC. 41180
MEADOWBROOK SECURITIES LLC 10578
MERCER CAPITAL LTD. 104012
MERRIMAC CORPORATE SECURITIES, INC. 35463
MEYERS ASSOCIATES, L.P. 34171
MORGAN PEABODY, INC. 38306
NDX TRADING, INC. 39940
NEWPORT COAST SECURITIES, INC. 16944
NSM SECURITIES, INC. 134357
OBSIDIAN FINANCIAL GROUP, LLC 104255
PACIFIC AMERICAN SECURITIES, LLC 42999
PACIFIC WEST SECURITIES, INC. 6390
PERRIN, HOLDEN AND DAVENPORT CAPITAL CORP. 38785
POINTE ATLANTIC, INC 46599
PORTFOLIO ADVISORS ALLIANCE, LLC 101680
PRESTIGE FINANCIAL CENTER, INC. 30407
PRIMESOLUTIONS SECURITIES, INC. 46017
R.W. TOWT & ASSOCIATES 128837
RESOURCE HORIZONS GROUP LLC 104368
RETIREMENT CAPITAL GROUP SECURITIES, INC. 126716
RETIREMENT SECURITIES, INC. 43740
REUVEN ENTERPRISES SECURITIES DIVISION, LLC 140910
ROCKWELL GLOBAL CAPITAL LLC 142485
ROYAL SECURITIES COMPANY 10702
SANDLAPPER SECURITIES 137906
SAN FRANCISCO SECURITIES, INC. 43629
SECURITIES NETWORK LLC 133785
SOURCE CAPITAL GROUP, INC. 36719
SOUTHRIDGE INVESTMENT GROUP LLC 45531
STEELPOINT SECURITIES, LLC 155847
STERLING ENTERPRISES GROUP, INC. 44915
SUCCESS TRADE SECURITIES, INC. 46027
TAKE CHARGE FINANCIAL, INC. 16724
TAYLOR CAPITAL MANAGEMENT INC. 43559
TEXAS E&P PARTNERS, INC. 127228
THORNES & ASSOCIATES, INC. INVESTMENT SECURITIES 40868
TRADERIGHT CORP. 45598
UINTA INVESTMENTS, INC. 39954
UNITED SECURITIES ALLIANCE, INC. 36487
VANGUARD CAPITAL 22081
WALL STREET STRATEGIES, INC. 31268
WESTROCK ADVISORS, INC. 114338
WFP SECURITIES CORPORATION 35098
WHITE PACIFIC SECURITIES, INC. 42505
WILBANKS SECURITIES, INC. 40673
WOODSTOCK FINANCIAL GROUP, INC. 38095
WORKMAN SECURITIES CORPORATION 31898
WYNSTON HILL CAPITAL, LLC 103811

TABLE 4 - FIRMS ASSERTING BANKRUPTCY AS A DEFENSE TO NON-PAYMENT OF A CUSTOMER ARBITRATION AWARD (2012 – 2021)

Party Name CRD
BENJAMIN & JEROLD BROKERAGE, LLC 29110
CAMBRIDGE LEGACY SECURITIES L.L.C. 103722
FINTEGRA, LLC 16741
J.W. MILLEGAN, INC. 40116
SLOAN SECURITIES CORP. 17930
THINKEQUITY LLC 44274

1 Individuals who have been suspended by FINRA will not appear on this list until the decision becomes final FINRA action and the time period provided for an appeal permitted under the Exchange Act has expired. 

2 The “automatic stay” under the Bankruptcy Code generally stays any action to collect a debt owed by a person that has filed a bankruptcy petition (or become the subject of a liquidation under the Securities Investor Protection Act (SIPA)). In the unusual circumstance where a bankruptcy court determines an arbitration award not to be dischargeable in the bankruptcy (or SIPA liquidation), and the customer claimant notifies FINRA of this fact, FINRA will commence expedited suspension proceedings against the firm or individual under FINRA Rule 9554.

Creditors with claims allowed by the bankruptcy court generally are entitled to receive distributions or payments on their claims from the liquidation of the bankrupt person’s assets (or under a plan approved by the court in the case of a bankruptcy under Chapter 11 or 13 of the Bankruptcy Code). Although these payments may be considerably less than the amount of the claim (and may even be zero), they nevertheless generally discharge the claim. Customers with arbitration awards against a firm or associated person that has entered bankruptcy therefore may receive only a fraction of their award, or even nothing, when that award is discharged in bankruptcy.

3 In FINRA’s experience, the vast majority of settlements result in monetary relief for the customer claimant.

4 While FINRA’s arbitration forum is used for both intra-industry and customer disputes, these data are limited to customer disputes. All data provided are current as of its publication date, and may change due to subsequent developments.

5 See FINRA Rule 12904(j). An associated person or firm has four available defenses to FINRA disciplinary measures for non-payment in customer cases: (1) the firm or associated person paid the award in full; (2) the parties have agreed to installment payments or have otherwise settled the matter; (3) the firm or associated person has filed a timely motion to vacate or modify the award and such motion has not been denied; and (4) the firm or associated person has filed a petition in bankruptcy and the bankruptcy proceeding is pending or the award has been discharged by the bankruptcy court. See Notice to Members 00-55 (August 2000).

6 See FINRA Rule 9554. Also, FINRA can institute suspension proceedings against formerly associated persons for failing to pay an award or settlement in a matter submitted for arbitration or mediation pursuant to FINRA rules for a period of two years after the entry of the award or settlement. See Article V, Section 4(b) of the FINRA By-Laws; Notice to Members 04-57 (August 2004).

7 With respect to new member firms, in accordance with the standards for admission under the rules governing FINRA’s Membership Application Program, FINRA can presumptively deny a new membership application if the applicant or its associated persons are subject to an unpaid arbitration award. See FINRA Rule 1014(a).

8 These firms are inactive because their FINRA registration has been terminated, suspended, canceled or revoked, or they have been expelled from FINRA. This inactive status could have been caused by FINRA’s action, such as a suspension proceeding for non-payment of an arbitration award, or by the firm’s own voluntary action, such as by filing a Form BDW (Uniform Request for Broker-Dealer Withdrawal). FINRA creates a record that the firm failed to pay an arbitration award and will prevent the firm from re-registering with FINRA without paying or discharging the outstanding award.