NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between ) Roy S. Carlsen ) Lila D. Carlsen ' ) Claimants ) ) AWARD vs. ) ) NASD # 89-02916 Shearson Lehman Hutton, Inc. ) Respondents ) SUMMARY OP ISSUES Claimants alleged Respondent engaged in a pattern of speculative options and undi.versifi«d common stock margin trading in their account; failed to disclose the risks of such speculative tradin

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between of Alan & Shawn Epstein 89-02915 Name of Regpondenta E.F. Hutton Company/Shearson Lehman Bros In a statement of claim filed with the NASD on or about October 17, 1989, Claimants Alan & Shawn Epstein ("the Epsteins") alleged that their stockbroker, Alan Hartmann began making unauthorized trades in naked options in the Epsteins' securities accoun

Arbitration $ N.A.S.D. AWARD National Association of Securities Dealer*, Inc. NATIONAL ASSOCIATION OF SECURITIES DEALERS One East Broward Boulevard Suite 1000 In the Matter of the Arbitration Between) Eric L. Adams, Mary L. Adams ) and Maria L. De Angulo. ) ) Case No. 89-02912 Dean Witter Reynolds, Inc. ) Smith Barney Karris Upham & Co., Inc.) Philip R. Anderson. ) Heard before the members of the Arbitration Panel: Myron Dunay, Esq.

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Michael Weissberg vs. First Flushing Securities, Inc. Claimant AWARD Respondent CASE #89-02909 CASE SUMMARY Claimant alleged that Respondent failed to properly execute orders placed and then failed to cancel orders. Respondent maintained that Claimant placed a market order in XMI put option contracts in a volatile market on October 16, 1989 agai

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Ti11ie Spergel vs. Spencer-Winston Securities Corp. Claimant AWARD Respondent CASE #89-02907 CASE SUMMARY Claimant alleged that Respondent failed to tender shares during a tender of Polaroid. Respondent maintained that Claimant had not properly consented to the tender and hence they could not process the shares. RELIEF REQUESTED Claimant see

N.A.S.D. AWARD NftTICNftL ASaXMATllM OP SECDBITSS TTFBTERS In the Matter of fchc Arbitration Between of < ^ KXB Enterprises, Katharine M. Barzen, John C. Baxzen, John A. Barzen, Tiioothy J. ^ Mr ^ mn s Mind. Baxzen and Nbxnest Bank, £ onnarly knowi as the NbrMmniil ..... NhHnreil Bank, aa Trustee for the Josephine M. Maxonay Trust and Timothy < ?• Marcney Trust 89-02880 Lehman Button, lac. , as in. interest to the E. F.

Arbitration N.A.b.D. AWARD s> NATIONAL ASSOCIATION OF SBCDRITIES DEALERS In the Matter of the Arbitration Between Name of Claimant (3) Kills Elinors 89-02875 National Association of Securities Dealer*, Inc. NASD Financial Center 33 Whitehall Street New York, N.Y. 10004 FAX (212) 858-4389 Shearson Lehman Brothers The PoUT^prm-.qui^hTrqy Ccupany Inc. For Claimant: Frank S. Holleman, III, Esq., of Wyche Burgess Freanan &

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Myra Scher Merrill Lynch, Pierce Fenner & Smith Robert A. Feigenbaum Inc) Case No.89-02874 Heard before the the Arbitrator: Arieh Leo Douer CASE SIMftRY This claim was filed with the NASD, Inc. on October 17, 1989. The hearing was conducted in Fort Lauderdale, Florida on August 14, 1990, with a total of two sessions. Claimant, Mjrra

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Anthony DePalma Claimant(s) vs. 89-02871 Joseph M. Lynch Respondent(s) NOTICE OF ARBITRATION AWARD CASE SUMMARY Claimant(s) Anthony DePalma alleged that Respondent(s) Joseph M. Lynch committed unauthorized trades in Claimant's account. Respondent denies Claimant's allegations. RELIEF REQUESTED Claimant(s) Anthony DePalma requested damages

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SFCURITIES DEALERS "in the Matter of the Arc-iration Between Santrain S. Arora -ind '"89-02869 Merrill Lynch, Pierce Fenner & Smith, Inc.; Merrill Lynch, Pierce Fenner & Smith, Ltd.; and ?ferrill Lynch Interne-ional Bank, Ltd. In a statement of claim filed with the NASD on or about October 17, 1989, Claimant Santrain S. Arora ("Claimant") alleged that he was solicited by Respondents Merrill Lyrjch, Pierce F