How a Ponzi Case Fared in FINRA Arbitration

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Apr 6, 2010 8:01 am
  FINRA Ponzi Case: Divide and Conquer http://www.brokeandbroker.com/index.php?a=blog&id=360 Written: April 5, 2010

In the Matter of the Arbitration Between Dale Z. Jablonski, Individually and as Trustee of the Jablonski Trust F/B/O Dale Jablonski and Mary L. Jablonski, Individually and as Trustee of the Bujack Trust F/B/O Mary Jablonski, Claimants, vs. Transamerica Financial Advisors, Inc.,and Michael Czerny, Respondents (FINRA Arbitration 09-00728, March 22, 2010). 

Ponzi Scheme

 

Claimants alleged that Respondent Czerny induced them to invest in several loan agreements with Golden Summit Group and Gregory Gibbs under the assurance that such loans were safe and that their investment would be personally guaranteed by Mr. Gibbs, even if Mr. Gibbs lost money trading on their behalf. Claimants state that their investments were used as part of a Ponzi scheme.  Claimants further alleged Respondent Transamerica failed to properly supervise Respondent Czerny and, as a result, the Respondents are liable for their actions and any losses incurred by Claimants. Claimants assert that even with the assistances of a Receiver, that they were only able to obgtain a refund of 25% of their investment.  Claimants sought $202,500 in compensatory damages.

TO LEARN HOW THIS CASE WAS DECIDED, VISIT:

http://www.brokeandbroker.com/index.php?a=blog&id=360