Public Customer Sues BD for Rejected Mortgage Application?
And now, back to today's blog ---
In a FINRA statement of claim filed in December 2009, Jeffrey McMorrow, Esq. sought to recover unspecified compensatory and punitive damages for the purchase of various unspecified mutual funds and corporate bonds in his accounts from Banc of America Investment Services, Inc. and Ryan Tidwell. Additionally, Claimant McMorrow sought damages for the rejection of a mortgage application. In furtherance of his claims, Claimant alleged, among other causes of action, breaches of fiduciary duty and contract; negligence, misrepresentations, and failure to supervise.In the Matter of the Arbitration Between Jeffrey Paul McMorrow, Esq., Claimant, versus Banc of America Investment Services, Inc. and Ryan Paul Tidwell, Respondents (FINRA Arbitration 09-06846, October 15, 2010).
The unspecified mutual funds and corporate bonds damages I get -- fact is, we see those allegations all the time. The rejection of a mortgage application? Okay, gotta admit, that one caught my attention, and, hence, this blog results. How the hell does a rejected mortgage application wind up in a FINRA arbitration?
READ BILL SINGER'S ANALYSIS OF THIS INTERESTING CASE AT: