NASD REGULATION AWARD In the Matter of the Arbitration Between Name of Claimant Laura Oswald Josephthal Lyon & Ross Incorporated Kirk Frederick Alley 97-02028 REPRESENTATION For Claimant Laura Oswald ("Claimant") appeared Lynn J. Hershkovits, Esq., with law offices located in West Orange, New Jersey, For Respondents Josephthal Lyon & Ross Incorporated ("JosephthaJ") and Kirk Frederick Alley ("Alley n )appeared Brian J. Neville, Esq.

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. CASE: 97-02025 Dean Witter Reynolds, Inc., claimant vs. Sean T. Sanders, respondent. ATTORNEYS: For Claimant Claimant appeared Pro Se. - Thomas J. Hanrahan. Esq. - Glen Rock. NJ. Respondent did not appear. DATEFILED:4/22/97 CASE SUMMARY: Claimant alleged respondent failed to pay for a trade. Claim Data Award Data Claim: $8,062.56 Award: S8.062.56 Puniti

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. CASE: 97-02024 Michael LiRosi, claimant v. Michael Domin, respondent. ATTORNEYS: Claimant appeared pro se - Deer park, NY Respondent did not appear. DATE FILED: 4/22/97 CASE SUMMARY: Claimant alleged unauthorized trading, unsuitability, misrepresentation and breach of fiduciary duty. Claim Data Award Data Claim: $9,127.80 Award: $4,127,80 Punitive: $.00

N.A.5.D. REGULATION AWARD NATIONAL ASSQfrjATlON Qff SECURITIES DEALERS REGULATIO^i. CASE: 97-02022 Hasecn Akhtar, claimant v. E*Trade Securities, Inc. respondent. ATTORNEYS: Claimant appeared pro se - Irving, TX. For Respondent appeared Bob Salvador - Palo Alto, CA, DATE FILED: 4/22797 CASE SUMMARY; Claimam alleged Jost opportunity caused by system failure and miscoaamunication, Claim] Data Award Data Claim: $5,000.00 Award: $2 r 500

AWARD NASD Regulation, Inc. Office of Dispute Resolution In the Matter of the Arbitration Between James L. Church, Jr., Claimant and Counter-Respondent, v. No. 97-02021 OLDE Discount Corporation, and Mark Calderone, Respondents and Counter-Claimants. REPRESENTATION OF PARTIES Claimant and Counter-Respondent James L. Church, Jr. ("Claimant") was represented by Joseph H. Spiegel, Esq. located in Southfield, Michigan. Claimant was previously re

AWARD NASD Regulation, Inc. In the Matter of the Arbitration Between Name of Claimant Delta Agricultural & Industrial Workers 1 Compensation Trust 97-02020 Names of Respondents Bear Stearns & Company Bear Stearns Securities Corporation Axiom Capital Management, Inc. Kevin Connors Mitchel Guttenberg REPRESENTATION For Claimant Delta Agricultural & Industrial Worker's Compensation Trust ("Delta"): Cory Todd Wilson, Esq., of

AWARD NASD REGULATION* INC, OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Name of Claimant Peter Schler v. Name of Respondent Dean Witter Reynolds, Inc. Arbitration No. 97-02018 For Claimant: REPRESENTATION No Appearance For Respondent: Curt H. Mueller, Esq. Dean Witter Reynolds, Inc. San Francisco, California CASE INFORMATION Statement of Claim filed: April 14, 1997 Claimant's Submissi

AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. OFFICE OF DISPUTE RESOLUTION In the Matter of the Arbitration between: ) ) GREGORY RIBAUDO and ) COLEEN RIBAUDO, JTWROS ) ) Claimants, ) ) v. ) NASD NO: 97-02014 ) STERLING FOSTER & COMPANY, INC., ) ADAM LIEBERMAN, CRAIG KELLERMAN, ) FRANK MONROIG, and J. PHILIPPE VALENTIN ) ) Respondents. ) REPRESENTATION OF PARTIES Gregory Ribaudo and Coleen Ribaudo ("Claima

/v • NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimant K. Aufhauser & Co., Inc. Case No. 97-02010 vs. Name of Respondent Stephen Stolero REPRESENTATION For Claimant K. Aufhauser & Co., Inc. ("Claimant") appeared Patrick B. Griffin, Esq., of the law firm Kutak Rock located in Omaha, Nebraska. Respondent Stephen Stolero ("Respondent") did not enter an appearance in this matter. CASE INFORMATION

NASD REGULATION FINAL ORDER In the Matter of the Arbitration Between Prances Simon 97-02003 Name of Respondent Merrill Lynch Pierce Fenner & Smith Inc REPRESENTATION For Claimant Francis Simon ("claimant") appeared Thomas H. Tucker* Esq. of the law offices McGowan, Bngel, Tucker, Garrett & Schultz located in Boston, Massachusetts. For Respondent Merrill Lynch Pierce Fenner & Smith, Inc. ("respondent") appeared Todd A. Zuckerbrod, Esq., in-house