AWARD NASD REGULATION INC. OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Name of Claimant Universe Textile, Inc. v. Arbitration No. 96-03896 Name of Respondents Thomas C. Green, Thomas Green Securities, Inc., Thomas Green, Inc. •*. * REPRESENTATION For Claimant: Mr. Gordon Orlick, Esq. Arteta, California For Respondents: Mr. Robert S. Barry, Esq. Loeb&LoebLLP Los Angeles, California CASE INFORMATIO

AWARD NASD Regulation, Inc. Office of Dispute Resolution In the Matter of the Arbitration Between Paul Spadafore, and Connie Spadafore, Claimants and Counter-Respondents, v. Michigan Securities & Underwritings, Inc., Cantella & Co., Inc., and David L. Alexa, Respondents, Counter-Claimants and Third Party Claimants, v. Scott Spadafore, Scott Spadafore, Third Party Respondent. Consolidated with: Claimant and Counter-Respond

AWARD NASD Regulation, Inc. Office of Dispute Resolution In the Matter of the Arbitration Between Name of Claimant Arland C. Johnson and 96-03881 Name of Respondent John G. Kinnard and Company, Inc. Jack Naastad REPRESENTATION OF PARTIES Arland C. Johnson ("Claimant") was represented by Ralph T. Smith, Esq., Smith Law Firm, P.A. Bemidji, Minnesota. John G. Kinnard and Company, Inc. ("Respondent Kinnard") and Jack Naastad ("Respondent

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between N^me of Claimant Legg Mason Wood Walker, Inc 96-03876 Name of Respondent Charles G. Cowden REPRESENTATION For Claimant: Michael S. Taaffe, Esq., of the law firm of Abel, Band, Russell, Collier, Pitchford & Gordon* Chtd., Sarasota, FL. Respondent Charles G..Cowden appeared pro se, CASE INFORMATION Statement of Claim filed: August 30, 199

AWARD NASD Regulation, Incorporated Office of Dispute Resolution In the Matter of Arbitration Between Bert Ferganchick, Ann Ferganchick, Mark Ferganchick, and Sonya Ferganchick, Claimants, and No. 96-03875 Principal Financial Securities, Inc., Respondent. REPRESENTATION OF PARTIES Claimants, Bert Ferganchick, Ann Ferganchick, Mark Ferganchick, and Sonya Ferganchick (hereinafter collectively referred to as "Claimants'*), were represented by B

NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimants Peter Ripley Gloria Denton Patricia Neri Estate of William R. Ripley 96-03873 Name of Respondents Saperston Financial, Inc. Arnold M. Nazarian Michael Murphy REPRESENTATION For Claimants Peter Ripley ("Ripley"), Gloria Denton ("Denton"), Patricia Neri ("Neri"), and the Estate of William R. Ripley (the "Estate"), collectively referred to as

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION, INC. In the Matter of the Arbitration Between Name of Claimant Elizabeth L. Butenschoen 96-03867 Name of Respondent David R. Davis CASE SUMMARY In a case filed with National Association of Securities Dealers Regulation, Inc. on August 30, 19%, claimant Elizabeth Butenschoen ("claimant"), who appeared Pro Se, alleged that respondent David Davis ("Davis") misled h

NOV.I2.1998 5:33PM NPGD BOCfl HO.876 P.2 i- • '-' N.A.S.D, AWARD NASD Regulation, Inc. Office of Dispute Resolution In the Matter of the Arbitration Between Name of Claimant Shallowford Orthopedic Clinic, P,A. 96-03866 Names oUtesnondents World Invest Corporation Henry F. Tegler Name of Third Party Respondent Kenneth A. Lehman REPRESENTATION For Claimant: Robert H. Potnam, Jr., Esq., Atlanta, Georgia. For Respondents World Invest

Award NASD Dispute Resolution, Inc. In the Matter of the Arbitration Between: Judith E. Garber, Claimant v. Brecek & Young Advisors. Inc. and Conseco Variable Insurance Co., Respondents Case Number: 00-05172 Hearing Site: Los Angeles, California REPRESENTATION OF PARTIES For Claimant: Martin Garber Manhattan Beach, California For Respondent Brecek & Young Advisors, Inc.: John V. Young HI Brecek & Young Advisors, Inc. Folsom, California

-AUG. 4.1998 i:i0Ri NflSD REGULATION PL Nr 7in D j NO.r 10 p,b N.A.S.D. AWARD NASD Regulation, Inc. Office of Dispute Resolutioa In the Matter of the Arbitration Between Natne of Claimant Terri D, Carroll 96-03857 Name of Jlespoiidentj PaineWebber, Inc. James Taylor REPRESENTATION For Claimant: DeanPappas, Esq. of Shackelford, Farrior, Stallings & Evans, Tampa, FL, For Respondents: Joseph A, Vallo, Esq. of Jospeph