N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Hansjorg Heinrich Lumpi NASD CASE NO. 96-04736 Names of Respondents Raymond James & Associates, Inc. BiHJ. Short, H Stephen Trigg Kuhn Joseph Tuorto REPRESENTATION For Claimant: James L. Karl, II, Esq. of James Karl & Associates, Marco Island, Florida. For Respondents: Paul L. Matecki, Esq., Corporate Counsel of Raymond

NASD REGULATION, INC. AWARD BEFORE THE NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION, INC. OFFICE OF DISPUTE RESOLUTION RAY TRADING, INC., Claimant, v. LEHMAN BROS., INC., Respondent. NASD File Number 96-04735 For Claimant: For Respondent: REPRESENTATION Lloyd Kadish Lloyd Kadish & Associates, Ltd. Chicago, IL 60603 William Olshan Lehman Bros., Inc. New York, NY 10285 CASE INFORMATION Statement of

NASD REGULATION. INC. In the matter of the Arbitration Between Name of Claimant ( s } Joseph D. Lee Arbitration No. 96-04730 Name of Respondent(s) Richard B. Haimowitz Jordan R. Belfort REPRESENTATION For Claimant: Thomas L. Lee, Esq., Cheyenne, Wyoming For Respondent Richard S. Haimowitz: Richard S. Haimowitz, Merrick, New York For Respondent Jordan R. Belfort: Jordan R. Belfort, Bayside, New York CASE INFORMATION Statem

NA.&.D. AWARD NASD Regulation Inc. Office of Dfcpute Isolation Fred Suwpoi and Sally Ann Snsann NASD CASE NO. 964*729 Prudential Securities Incorporated, Cecfl G. McGsvern and Rod Olson For Claimant!: Stephen Murphy, Esq. of Pino & Dido, Logwood, Florida. For Respondents: Janet V.MdEenna, Vice Prewfeot/Ass^ Incorporated. OnNovraberiS, 1997, NASD Regulation, Inc. received notice of sub«itutum as co«mel for Respondents by Frederick S. 5chfBs» Eiq.

AWARD NASD REGULATION, INC.. OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Name of Claimant First Hanover Securities, Inc. v. - Arbitration No. 96-04727 Name of Respondent Greg Russione, a/k/a Greg M. Ruccione REPRESENTATION For Claimant: David H. Ledgin, Esq. Last Known Representative Garden City, New York For Respondent: No Appearance Entered CASE INFORMATION Statement of Claim received: October 24,

NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimant Philip E. Lian 96-04723 Name of Respondents First Asset Management f/k/a Lew Leiberbaum & Co., Inc. Elliot Gayer Bernard Golembe Fred M. Dorushkin REPRESENTATION For Claimant Philip E. Lian ("Claimant") appeared Richard I. Wolff, Esq. located in New York, New York. For Respondents First Asset Management ("First Asset"), Bernard Golembe ("Golembe

NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimants Roselyn and Joseph Mochon 96-04720 Name of Respondents Fidelity Brokerage Services, Inc. John Allen Wilson Spartan Brokerage REPRESENTATION For Claimants Roselyn and Joseph Mochon ("Claimants") appeared David E. Robbins, Esq.,of the law offices of Kaufmann, Feiner, Yamin, Gildin & Robbins, LLP, located in New York, New York. For Respondents Fid

NASD REGULATION AWARD In the Matter of the Arbitration Between Name of Claimant Paul M. Higbee 96-04719 Name of Respondent PaineWebber, Inc. REPRESENTATION For claimant Paul M. Higbee ("claimant") appeared James D. Essex, Esq., of the firm Vladeck, Waldman, Elias & Engelhard, P.C., located in New York, New York. For respondent PaineWebber, Inc. ("respondent") appeared Frances M. Maloney, Esq., of the firm Epstein Becker & Green, P.C., locate

NASD DISPUTE RESOLUTION AWARD NASD DISPUTE RESOLUTION. INC. CASE: 01-02177 Peter Gruber, MD, claimant vs. Steven R. Kwitel, Drake & Company, Inc., and Paragon Capital Markets, respondents. ATTORNEYS: For Claimant appeared Marc J. Ross, Esq., New York, NY. For Respondents Drake & Company, Inc. and Paragon Capital Markets appeared Michele D. Wessel, in house counsel, New York, NY. For Respondent Steven R. Kwitel appeared Carole R. Bernstein, Esq., Wes

NASD AWARD NASD Regulation, Inc. In the Matter of the Arbitration Between Name of Claimant Michael Alexander Case Number and 96-04718 Name of Respondent Linwood Bolles First Hanover Securities, Inc. Marion Bass Securities, Inc. REPRESENTATION OF PARTIES For Michael Alexander ("Claimant") appeared?. SterlingKerr, Esq., of Kerr & Associates,located in Las Vegas, Nevada. For Linwood Bolles ("Bolles") appeared Christian R. Troy, Esq.