15:00 P.2 N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Chia Hao Chen and ling Ye 93-04644 Robert K. Chung CASE SUiyiMJARY In a claim filed with the National Association of Securities Dealers, Inc. on November 8, 1993, Claimants Chia Hao Chen & ling Ye, who appeared Pro Se, alleged that a dispute arose when the Respondent Roger K. Chung closed both September 14 and September 15 gold future

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Claimants) Steve Alderson NASD Arbitration No. 93-04640 Name of Respondent(s> John Cunningham REPRESENTATION For Claimant: In Propria Persona For Respondent: In Propria Persona CASE INFORMATION Statement of Claim filed: November 4, 1993 Claimant's Submission Agreement signed: October 29, 1993 Statement of Answer filed by Respond

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimaptfs) Ann Stager Name of Respondent(s) Hugh Gee and Company, and Hugh Gee NASD Arbitration No. 93-04639 REPRESENTATION For Claimant: In Propria Persona For Respondent: Jerome Berg, Esq. CASE INFORMATION Statement of Claim filed: November 1, 1993 Claimant's Submission Agreement signed: November 1, 1993 Statement of

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DF.AT.FRS. INC. In the matter of the Arbitration Between Name of Claimants Michael Farley Robyn Farley NASD Arbitration No. 93-04636 Name ojf Respondents Shearson Lehman Mutton, Inc. Steve Nassau REPRESENTATION For Claimants: Michael Huberman, Esq. - Greenbaum & Ferentz Newport Beach, California For Respondents: Stephen Young, Esq. - Keesal Young & Logan Long Beach, California

4 N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between e of Claimant Janney Montgomery Scott, Inc. 93-04627 Name of Respondent David E. Snyder REPRESENTATION Claimant Janney Montgomery Scott, Inc. ("Janney Montgomery") was represented at the hearing by Mary Ann M. Melchiorre, Esq. of Janney Montgomery Scott, Inc. Respondent David E. Snyder ("Snyder") was represented at the hearing by Barry H.

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants L.E. Hester, Jr. 93-04626 Name of Respondents Smith Barney Shearson, Inc. John M. Capito, Jr. CASE SUMMARY In a claim filed with the National Association of Securities Dealers, Inc. on November 8,1993, Claimant L.E. Hester, Jr., who appeared Pro Se, alleged that Respondent John M. Capito, Jr. ("Capita"), who was an account

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Slawomir Sieminski and Barbara Sieminski, Claimants v. Investec Ernst & Company and Regal Discount Securities, Respondents Case Number: 01-02829 Hearing Site: San Francisco, California REPRESENTATION OF PARTIES For Claimants: Slawomir Sieminski Fremont, California For Respondent Investec Ernst & Company: Rita Burghardt McDonough Investec USA Holdings Corp. New York, New

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant(s) Elizabeth Kurfurst Case No. 93-04621 Name of Respondent(s) Smith Barney, Shearson, Lehman, Hutton and Robert Thompson REPRESENTATION For Claimant, Elizabeth Kurfurst ("Kurfurst"): Michael W. Pursley, Arbitration Research Consultants, of Safety Harbor, Florida. For Respondents, Smith Barney, Shearson, Lehman, Hutton and R

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC. In the matter of the Arbitration Between Name of Claimant PaineWebber, Inc. NASD Arbitration No.93-04620 Name of Respondent Jesse Villaieal, Jr. REPRESENTATION For Claimant: Nicholas P. Kapur, Esq., PaineWebber, Inc., Weehawken, New Jersey For Respondent: Robert A. Sacks, Esq., Portland, Oregon CASE INFORMATION Statement of Claim filed: November 5, 1993 Claimant's Su

NASD Arbitration No. 93-04616 N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the matter of the Arbitration Between Name of Claimant(a] C.A. Stief Name of Respondent (s) Smith Barney Shearson, Inc. Edward Moran REPRESENT.ATIQN For Claimant: Bruce R. Safran, Esq., Tarzana, California For Respondents: Paul K. Barenholtz, Esq., Smith Barney, Inc., New York, New York CASE INFORMATION Statement of Claim filed: N