NASD Regulation, Inc. AWARD In the Matter of the Arbitration Between Name of Claimant Margery A. Schrader and the Estate of Josephine Hersh and 97-05806 Name of Respondent Piper Jaffray, Inc. REPRESENTATION OF PARTIES Margery A. Schrader and the Estate of Josephine Hersh ("Claimant") were represented by Jeffrey J. Scott, Esq., Scott & Associates, P.C., Denver, Colorado. Piper Jaffray, Inc. ("Respondent") was represented by Brian S. Hellberg, Esq

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. \ ' CASE:97-05801 Xiaoan Hou, claimant vs. Robert Sun & Sunlogic Securities, Inc., respondents. ATTORNEYS: Claimant appeared Pro Se. - Hayward, CA. For Respondents appeared Robert Sun - Newark, CA. DATE FILED: 12/12/97 CASE SUMMARY: Claimant alleged misrepresentation, failure to follow directions and fraud in the trading of common stock. Claim Data Award Da

N.A.S.D. REGULATION, INC. AWARD CASE: 97-05797 John and Rose Andronica, claimants vs. Robert A. Morgenstern, Mclaughlin, Piven, Vogel Securities, Inc., respondents. ATTORNEYS: Claimants appeared Pro Se. - Bethpage, NY. For Respondents appeared Ira A. Cohen, New York, NY. DATE FILED: 12/12/97 CASE SUMMARY: Claimant alleged negligence and failure to supervise. Claim Data Award Data Claim: $2,000.00 Award: $.00 Punitive: $.00 Punitive: $.00

N.A.S.D. REGULATION, INC. AWARD CASE: 97 - 05796 Frank Yancovitz, claimant vs. James Lepow and Roundhill Securities, respondents. ATTORNEYS: Claimant appeared Pro Se. - La Mesa, CA. Respondent James Lepow appeared Pro Se. - Tucson, AZ. For respondent Round Hill Securities, Inc. appeared Madelyn Brown, Esq. - Alamo, CA. DATE FILED; 12/12/97 CASE SUMMARY: Claimant alleged erroneous advice and misinformation. Claim Data Award Data Claim: $5,674.00

AWARD NASD Dispute Resolution, Inc. In the Matter of the Arbitration Between Name of Claimants Workman Securities Corporation and Bruce Workman and 00-02589 Minneapolis, Minnesota Name of Respondents First American Securities, Inc. d/b/a Private Financial Services, Inc. Bruce M.Claflin REPRESENTATION OF PARTIES Workman Securities Corporation and Bruce Workman ("Claimants") were represented by Terrence J. Fleming, Esq., Wallace G. Hil

NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimant Bruce Freeman vs. Case No. 97-05795 Names of Respondents HJ. Meyers &Co., Inc. Kevin Strickland Rick Ohlhaber REPRESENTATION Claimant Bruce Freeman ("Claimant") appeared pro se. Respondent HJ. Meyers & Co., Inc. ("H.J. Meyers") did not appear at the hearing in this matter. H.J. Meyers was initially represented by Christopher A. Jones, Esq., of t

AWARD NASD Regulation, Inc In the matter of the Arbitration Between Name of Claimantfs) Wedbush Morgan Securities, Inc. Arbitration No. 97-05791 Name of Respondentfsi Theodor Molnar REPRESENTATION For Claimant: Jeffrey A. Brandon, Wedbush Morgan Securities, Inc., San Francisco, California For Respondent: Theodor Molnar, Boston, Massachusetts CASE INFORMATION Statement of Claim filed: December 8, 1997 Claimant's Submission Agr

N.A.S.D. REGULATION, INC. AWARD CASE: 97 - 05788 Julian Chen, claimant vs. Waterhouse Securities, respondent. ATTORNEYS: Claimant appeared Pro Se. - Naperville, IL. For respondent appeared Jam's Campanella, Esq., - New York, NY. DATE FILED: 12/12/97 CASE SUMMARY: Claimant alleged an execution error. Claim Data Award Data Claim: $3,437.69 Award: $3,312.69 Other: $.00 Other: $.00 Filing Fees: $125.00 Filing Fees: $125.00 AWARD: The undersi

NASD Regulation, Inc. AWARD In the Matter of the Arbitration Between Name of Claimant Steven Billinger and 97-05779 Name of Respondents Crown Financial Associates, Inc. Shahid Quraeshi Shahan Quraeshi Antonio Alberto San Miguel REPRESENTATION OF PARTIES Steven Billinger ("Claimant") was represented by William D. Nelson, Esq., Slivka Robinson Waters & O'Dorisio, Denver, Colorado. Crown Financial Associates, Inc. ("Respondent Crown"),

AWARD NASD Regulation, Inc. In the Matter of the Arbitration Between Names of Claimants Rocco Zuccarelli Patricia Zuccarelli 97-05778 Names of Respondents D.H. Blair & Company, Inc. Robert Soto, Jr. REPRESENTATION For Claimants: Richard N. Friedman, Esq. of Miami, Florida. For Respondent D. H. Blair & Company, Inc. ("D.H. Blair"): Brian D. Elias, Esq. of Fowler, White, Burnett and Hurley, P.A., Miami, Florida. For Respondent Robe