N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Estelle Markham 96-05414 Name of Respondents Christopher Trina Sovereign Equity Management Corp. REPRESENTATION For Claimant Estelle Markham ("Markham"): Stephen D. Spivey, Esq. of the Law Offices of Stephen D. Spivey, P.A., Ocala, Florida. For Respondent Christopher Trina ("Trina"): George L. Guerra, Esq. of Fowler, White,

AWARD NASD Regulation, Inc. Office of Dispute Resolution In the Matter of the Arbitration Between Name of Claimant DeWayne H. Walker and 96-05413 Name of Respondent Kirk Ruffler REPRESENTATION OF PARTIES DeWayne H. Walker ("Claimant") appeared pro se. Kirk Ruffler ("Respondent") did not appear at the hearing. CASE INFORMATION The Statement of Claim was filed on or about December 6, 1996. Submission Agreement of Claimant DeWayne H. Wa

In the Matter of the Arbitration Between & / ^- •-• Name of Claimant Investech Capital Corp. 96-05411 Name of Respondent Maurice A. Rappaport REPRESENTATION For Claimant Investech Capital Corp. ("Investech"): Jason W. Peck, Esq. of Lennard Peck, LC, Atlanta, Georgia. Respondent Maurice A. Rappaport ("Rappaport") appeared pro se. CASE INFORMATION Statement of Claim filed: December 1, 1996! i Claimant's Submission Agreement/Corporate Ackno

NASD DISPUTE RESOLUTION AWARD NASD DISPUTE RESOLUTION CASE: 03-03928 Maxim Group LLC, Claimant v. Alain Richard Lustig, Respondent. ATTORNEYS: Claimant, Maxim Group LLC, ("Claimant"), appeared through their in-house counsel, James E. Siegel, Esq., New York, NY. For Respondent, Alain Richard Lustig, ("Respondent"), appeared Brendan R. Marx, Esq., New York, NY. NATURE OF DISPUTE: Member v. Associated Person DATE FILED: May 30, 2003 CASE SUMMAR

NASD DISPUTE RESOLUTION AWARD NASD DISPUTE RESOLUTION CASE: 03-03927 Richard L. Earner Trust, Claimant v. TD Waterhouse Investor Services, Inc., Respondent. ATTORNEYS: Claimant, Richard L. Earner Trust, ("Claimant"), appeared pro se through its Trustee, Richard L. Earner, Hunt, TX. Respondent, TD Waterhouse Investor Services, Inc., ("Respondent"), appeared through their in- house counsel, Janis Campanella, Esq., Boca Raton, FL. NATURE OF DISPUTE: Cu

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Tammy Lynn Johnson and Tammy Lynn Johnson IRA (Claimants) v. Merrill Lynch, Pierce, Fenner & Smith, Inc., Joseph M. Fitzpatrick, and Clarence I. Seese (Respondents) Case Number: 03-03926 Hearing Site: Boston, Massachusetts Nature of the Dispute: Customers vs. Member and Associated Persons. REPRESENTATION OF PARTIES Claimants Tammy Lynn Johnson ("Johnson") and Tammy Lynn Johnson IRA

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Donald E. Armstrong, individually and as Trustee of the Donald E. Armstrong Family Trust dtd 9/2/83, Claimant v. Morgan Stanley & Co., Incorporated, Morgan Stanley DW Inc., Theodore T. Rutter, Brian C. Goodwin and Richard A. Russian, Respondents Case Number: 03-03923 Hearing Site: Salt Lake City, Utah Nature of the Dispute: Customer v. Members and Associated Persons REPRESENTATI

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Name of the Claimant Case Number: 03-03919 A.G. Edwards & Sons, Inc. Name of the Respondent _____ Hearing Site: Orlando, Florida Christopher R. Brandcn Nature of the Dispute: Member vs. Associated Person. REPRESENTATION OF PARTIES For A.G. Edwards & Sons, Inc., hereinafter referred to as '"Claimant": Michael Naccarato, Litigation Counsel with Claimant, St. Louis, Missouri.

Award NASD Dispute Resolution In the Matter of the Arbitration Between: ™' 01-01380 Raymond, James & Associates, Inc. n f thf Respondent H^P^ng ftite- Indianapolis, Indiana Mark C. Holstrom ° Stacia L. Yoon, Esq., of Kopko Genetos & Reson LLP, located in Merriville, Indiana represented Claimant Raymond James & Associates, Inc. (Claimant). Paul A. Leonard, Jr., Esq., of Goodman Ball Van Bokkelen & Leonard, P.C., located in Highland, India

NASD DISPUTE RESOLUTION AWARD NASD DISPUTE RESOLUTION CASE: 03-03918 Morgan Keegan & Company, Inc., Claimant v. James Luke Patterson, Respondent, ATTORNEYS: For Claimant appeared in-house counsel J,P, Brizzolara, Esq., Memphis, TN- Respondent did not respond to the Statement of Claim. NATURE OF DISPUTE: Member v. Associated Person DATE FILED: May 30, 2003 CASE SUMMARY: Claimant alleged that Respondent failed to repay monies owed pursuant to the