N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Josephthal Lyon & Ross, Inc. 95-00732 Name of Respondent Thomas Roskin CASE SUMMARY In a claim tiled with the National Association of Securities Dealers, Inc. on February 13,1995, Claimant Josephthal Lyon & Ross, Inc. ("JLR"), through its representative and in-house counsel, Robert E. Murphy, Esq., located in New York, N. Y., a

Award NASD Regulation, Inc. In the Matter of the Arbitration Between: Merrill Lynch Pierce Fenner & Smith, Inc. vs. Prudential Securities, Inc., Paul Payne, Jesse Diaz, Thomas Stotz, James Kilgallon, Gregory Schneider, and Stephen Czocher Case Number: 00-03855 Hearing Site: Chicago, Illinois consolidated with Paul Payne, Jesse Diaz, Thomas Stotz, James Kilgallon, Gregory Schneider, and Stephen Czocher v. Merrill Lynch Pierce Fenner & Smith, Inc.

AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION, INC. In the Matter of the Arbitration Between Name of Claimant Diana Paolucci Corporation 95-00730 Names of Respondents PaineWebber, Inc. Ramon Almonte REPRESENTATION For Claimant Diana Paolucci Corporation ("Paolucci"): Bruce A. Katzen, Esq. of Kluger, Peretz, Kaplan & Berlin, P.A., Miami, Florida. For Respondents PaineWebber, Inc. ("PaineWebber") and Ramon Almonte ("Almonte")

NASD AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Antonio DiNuto, Claimant, v. No. 95-00729 OLDE Discount Corporation, and Andrew Siegel, Respondents. REPRESENTATION OF PARTIES Antonio DiNuto ("Claimant") was represented by Albert M. Goldberg, Esq., Phoenix, Arizona. OLDE Discount Corporation ("OLDE") and Andrew Siegel ("Siegel") (jointly referred to as "Respondents") were represented by

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of claimant Edward L. Ferdinand 95-00727 Najne of Respondents Estate of Stephen J. Schappell Mercer Securities, Ltd, REPRESENTATION For Claimant Edward L. Ferdinand ("Claimant"): Ralf Gilbert, Esq. of Ralf Gilbert Law Offices, Fairless Hills, Pennsylvania For Respondent Estate of Stephen J. Schappell ("Schappell"): Bruce G. Schappe

NASD AWARD In the Matter of the Arbitration Between Name of Claimant William C. Hulett and NASD Case Number 95-00726 Name of Respondent Pruco Securities Corporation CASE SUMMARY In a claim filed with the National Association of Securities Dealers, Inc. ("NASD") on or about February 13, 3995, William C. Hulett ("Hulett") who appeared Pro Se alleged that Pruco Securities Corporation ("Pruco") improperly purchased for him a variable appreciable lif

NASD AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Alan B. Lechner, Claimant/Counteirespondent, v. No. 95-00715 Stifel, Nicolaus & Company, Incorporated, Respondent/Counterclaimant. OF PARTIES Alan B. Lechner ("Claimant") was represented by Jonathan M. Herman, Esq., of Dorsey & Whitney, New York, New York. Stifel, Nicolaus & Company, Incorporated ("Respondent") was represented by Kenneth W. B

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Buddy G. Harp and Loretta M. Harp NASD Case No. 95-00713 © National Association of Securities Dealers. Inc. Wheat First Butcher Singer, Inc. All Rights Reserved REPRESENTATION Claimants appeared pro se. l Respondent: appeared, Daviid Shuford, Esq. from the law firm of LeClair Reign^ Jox^ated in Ricrrniond, Virgi

N.A.S.D. AWARD NATIONAL ASSOCIATION OP SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Bonnie Lee Orange 95-00711 Name of Respondent First Investors Corporation Louis F, Manzo REPRESENTATION For Claimant Bonnie L. Orange ("Claimant"): John R. Crayton, Esq. of the law firm of Crayton & Belknap. For Respondents First Investors Corporation ("First Investors") and Louis F. Manzo ("Manzo"): Ronald J. Rolleri,

NASD AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Name of Claimants Subhash Kapur, as Trustee of the Metro Rehabilitation Service, Inc. Defined Benefit Pension; and Subhash Kapur d/b/a Oakland Mgmt. & Leasing and NASD Case Number: 95-00706 Name of Respondents Merrill Lynch, Pierce, Fenner & Smith, Inc.; and Gerald I Hoskins REPRESENTATION OF PARTIES Claimants Subhash Kapur, as Truste