Award NASD Dispute Resolution, Inc. In the Matter of the Arbitration Between: Daniel Altbaum, Jason Amici, Amy Baker, Michael Gaffrey, Nicholas Hadjis, Janelle Hamilton Henriques, Michael Hennessy, Dan Hixon, Jose Lopez, Matt Lynch, David Maloney, Raudel Martinez, Danielle McCay, Albert Mieli, Millie Smith, and Thad Stammen, Claimants v. Independent Capital Management, Inc., Drew Marloe, Paul Walters, Jeff Motske, Jeff Derdiger, and Art Villar, Respondents

AWARD NASD Regulation, Inc. Office of Dispute Resolution In the Matter of the Arbitration Between Name of Claimant Robert Padilla and 97-03433 Name of Respondent Olde Discount Corporation First Montauk Securities Corp. REPRESENTATION OF PARTIES Robert Padilla ("Claimant") was represented by William D. Nelson, Esq., Slivka Robinson Waters & CFDorisio, Denver, Colorado. Olde Discount Corporation ("Respondent Olde") was represented by Ina N

NASD REGULATION, INC. AWARD NASD Regulation, Inc. Office of Dispute Resolution In the Matter of the Arbitration Between Name of Claimant The Estate of Austine Haralson Carr 97-03469 Name of Respondent Interstate/Johnson Lane REPRESENTATION For Claimant the Estate of Austine Haralson Carr ("Claimant") appeared Stephen V. Kern, Esq., of the firm Kitchens Kelley Gaynes, PC, located in Atlanta. Georgia. For Respondent Interstate/Johnson Lane ("R

NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimants Mark and Mary Ward William and Ruth Ward vs. Case No. 97-03459 Name of Respondents OLDE Discount Corporation David Flanders John Inferrera REPRESENTATION For Claimants Mark and Mary Ward and William and Ruth Ward (collectively "Claimants") appeared Richard Glen Curtis, Esq. of the law firm Lacy, Katzen, Ryen, & Mittleman, LLP, located in Ro

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. CASE: 97-03450 Stefan Dreher, claimant v. Barbara Mutsaers and Smith Culver Investments, Inc., respondents. ATTORNEYS: For claimant appeared Marna F. Miller, Esq. - Los Angeles, CA. Respondent Barbara Mutsaers appeared pro se - Zagarolo, Italy. Respondent Smith Culver Investments, Inc. did not appear. DATE FILED: 7/14/97 CASE SUMMARY: Claimant alleged unauthorized

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. CASE: 97-03448 Olde Discount Corporation, claimant v. William Danko, respondent. ATTORNEYS: For Claimant appeared Robert S. Anderson, Esq. - Detroit, MI. Respondent did not appear. DATE FILED: 7/14/97 CASE SUMMARY: Claimant alleged a forced sale of common stock that resulted in a debit balance. Claim Data Award Data -rl i r Claim: $1,026.00 Award: $1026.00

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. CASE: 97-03446 Jon McManus, claimant v. Castle Securities Corp., Glen Perkins and Michael Studer, respondents. ATTORNEYS: Claimant appeared pro se - Newton, PA. For respondents appeared Charles O'Rourke - Garden City, NY. DATE FILED: 7/14/97 CASE SUMMARY: Claimant alleged unauthorized trading. Claim Data Award Data Claim: $2,080.52 Award: $.00 Punitive

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. CASE: 97-03440 Rick Good, claimant v. Josephthal Lyon & Ross Inc. and Anthony Romo, respondents. ATTORNEYS: Claimant appeared pro se - Lincoln, VT. For respondents appeared John Bersin, Esq. DATE FILED: 7/14/97 CASE SUMMARY: Claimant alleged failure to disclose risks; taking unnecessary risks with claimant's emergency money; failure to properly monitor and/or super

NASD Regulation, Inc. AWARD In the Matter of the Arbitration Between Name of Claimant Susan B. Ormsby-Bettag and . . 97-03437 Name of Respondent Charles Schwab & Co., Inc. David Ziegler REPRESENTATION OF PARTIES Susan B. Ormsby-Bettag ("Claimant") was represented by Marcy L. Rothenberg-Romer, Esq., Denver, Colorado. Charles Schwab & Co., Inc. ("Respondent Schwab") and David Ziegler ("Respondent Ziegler") were represented by Rhonda Jones,

SEP.20.1996 10:i7flM MfiSD REGULflTION FL ISO.80S P. 15 NASD REGULATION, INC. AWARD Office of Dispute Resolution In the Matter of the Arbitration Between Name of Claimant Trinity Assembfy of God Case No. 97-03436 Names of Respondents Smith Culver Investments, Inc. Monty Myler Names of Third Party Respondents Daniel West David West REPRESENTATION OF PARTIES Claimant Trinity Assembly of God ("Trinity") and Third Party Respondent Da