FINRA Arbitration Promissory Note Cases

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Jul 6, 2010 8:59 am

http://www.brokeandbroker.com/index.php?a=blog&id=472

Respondent Proceeded Pro Se

In its Statement of Claim filed October 20, 2009, Claimant Morgan Stanley Smith Barney, LLC. ("MSSB") alleged that on November 9, 2007, Respondent Malcolm G. Taaffe had defaulted on his agreement to pay three promissory notes, and, as a result, had breached his agreement to pay the sums due. Claimant sought to recover on three promissory notes executed respectively on

September 10, 2003 ("Note 1": $300,113.96 principal plus accrued interest of $1,973.40[sic: as stated in the FINRA Decision], plus accruing interest at 4% per annum);  November 24, 2004 ("Note 2": $262,371.54 principal plus accrued interest of $10,062.5, plus accruing interest at 4% per annum); and  November 26, 2006 ("Note 3": $106,685.75 principal plus accrued interest of $4,536.75, plus accruing interest at 4% per annum). 

Totaling $669,171.25 in principal and $16,572.65 in accrued interest.

Claimant additionally sought the costs of collection of the FINRA arbitration ($11,021.44) and attorney's fees ($23,244.00). In the Matter of the Arbitration Between Morgan Stanley Smith Barney, LLC, formerly Morgan Stanley DW Inc, Claimant, v. Malcolm G. Taaffe, Respondent (FINRA Arbitration 08-03835, June 23, 2010)

Respondent Represented by Law Firm

In its Statement of Claim filed February 16, 2009, Claimant Banc of America Investment Services (BAIS) alleged that on November 2, 2007, Respondent Steven Michael Pompan had defaulted on his agreement to pay three promissory notes, and, as a result, had breached his agreement to pay the sums due. Claimant sought to recover on four promissory notes executed respectively on

August 6, 2004 (Note 1: $100,000.01 principal plus accrued interest of $1,205.60, plus accruing interest at 5% per annum); October 5, 2005 (Note 2: $104,166.67 principal plus accrued interest of $399.56, plus accruing interest at 5% per annum); and  August 1, 2006 (Note 3: $83,333.33 principal plus accrued interest of $1,105.77, plus accruing interest at 5.21% per annum); and · September 21, 2007 Note 4: $75,000.00 principal plus accrued interest of $431.34, plus accruing interest at 5% per annum)

Totaling $362,500.01 in principal and $ 3,142.27 in accrued interest.

Claimant additionally sought the costs of collection of the FINRA arbitration ($11,021.44) and attorneys fees ($23,244.00). In the Matter of the Arbitration Between Banc of America Investment Services, Inc.,Claimant, v. Steven Michael Pompan, Respondent (FINRA Arbitration 09-00822, June 22, 2010).

 READ BILL SINGER'S FULL ANALYSIS OF THESE ARBITRATIONS:

http://www.brokeandbroker.com/index.php?a=blog&id=472