NASD REGULATION, INC. AWARD NASD REGULATION, INC. - OFFICE OF DISPUTE RESOLUTION In the Matter of the Arbitration Between Name of Claimants Ilene and Steven Schwartz 92-01588 Name of Respondents CoreStates Securities Corporation Kevin Kelly REPRESENTATION For Claimants Ilene and Steven Schwartz ("Claimants"): Steven Schwartz For Respondents CoreStates Securities Corporation ("CoreStates") and Kevin J. Kelly ("Kelly"): Elizabeth Hoop Fay,

N.A.S.D. AWARD NATIONAL ASSOCIATION* OF SECURITIES DEALERS In the Matter of the Arbitration Between Namg, of Claimant^ i Peter and Gail Maliszewski 92-01586 Name of Respondent^) Offerman & Company Terry M. Laymon REPRESENTATION For Claimants Peter and Gail Maliszeaski: Anthony V. Trogan. Esq. of Weisman. Trogan. Young & Schlas. For Respondent Offerman & Company, Inc.: Michael P. Coakley, Esq. of Miller. Canfield. Paddock & Stone.

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In tne Matter of the Arbitration Between Name of Claimant Patrick E. Gallagher 92-01584 Name of Respondents Dain Boswortn Incorporated Lynn R. Koeme REPRESENTATION For Claimant at the hearing: Vincent D. Louwagie, Esq. of Fruth & Anthony, Minneapolis. Minnesota. For Respondents at the hearing: Renee L. Toenges, Esq. of Dorsey & Whitney, Minneapolis. Minnesota. CASE INFORMA

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant(s) George Grissora Carmen Grissom NASD Arbitration No.92-01581 Name of fiqspondentfs) Douglas C. Skaife Donald A. Jacobus Skaife Investment Management Services, Inc. For Claimants: Reed N. Bement, Esq., San Francisco, California For Respondents: Andrew H. Wilson, Esq., and Edward S. Zusman, Esq., Wilson, Ryan & Camp

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Name of Claimants James and Michele DeBaker Ray and Donna Mroczynski and Ken and Carol Neuser and 92-01579 Name of Respondents American Capital Financial Services and Pravin Shah REPRESENTATION OF PARTIES Claimants James and Michele DeBaker, Ray and Donna Mroczynski and Ken and Carol Neuser (collectively as "Claimants") were repre

NA.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS in the Matter of the Arbitration Between Name of Claimants Anita K. & Christina M. McNaUy, JTWROS 92-01574 Name of Respondents Joseph W. MacMichael, Jr. Haddon Financial Group, Inc. REPRESENTATION For Claimants Anita K. and Christina M. McNally ("Claimants"): Peter J. Mooney, Esq. of the law firm of White und Williams. For Respondents Haddon Financial Group and Joseph W. MacMichaei

PUBLIC NATIONAL ASSOCIATION OP SECURITIES DEALERS, INC. CASE f92-01571 AHAKD In the Matter of the Arbitration Between Howard M. & Dianne A. Grant Claimants vs. Prudential Securities, Inc. Respondent CASE SUMMARY In a claim filed with the National Association of Securities Dealers, Inc. on May 7, 1992, Claimants Howard M. & Dianne A. Grant, who appeared Pro Se, alleged that Respondent Prudential Securities, Inc. misled them into i

Award NASD Dispute Resolution, Inc. In the Matter of the Arbitration Between: Dorothy Gay, (Claimant) vs. Morgan Stanley Dean Witter, PaineWebber, Inc., First Madison Securities, Inc., Frank R. Kelly, Stephen F. Peel, and Ray Vahab, (Respondents) vs. Arthur W. Wilsdorf, Jr. (Third-Party Respondent) Case Number: 99-03194 Hearing Site: New York, New York REPRESENTATION OF PARTIES Claimant, Dorothy Gay, hereinafter referred to as "Claimant": Lloyd D. Feld,

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Rabbi Shalom Gutnick Rabbi Meyer Gutnick Rabbi Chaim Farro Sorel Eizicovics Fredda Gordon Case# vs. 9%M5f*t* Consolidated with #92-01866 Name of Respondents Robyns Capital Corporation Eugene Dworkis Warren Schreiber REPRESENTATION For Claimants Rabbi Shalom Gutnick, Rabbi Chaim Farro, Rabbi Meyer Gu

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant John A. Bell 92-01568 Name of Respondents Stephen B. Phillips Robert A. Foster, Sr. •-•- •. REPRESENTATION For Claimant. John A. Bell ("Bell"): Jane A. Sirak, Esq. For Respondent, Stephen B. Phillips ("Phillips"): pro se. For Respondent, Robert A. Foster, Sr. ("Foster"): pro se. CASE INFORMATION Statement of