Spouses and Brokerage Account Problems. BrokeAndBroker.com Article

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Aug 18, 2010 8:06 am
 

Spousal Cases -- recipes for disasters

http://www.brokeandbroker.com/index.php?a=blog&id=529

In a FINRA Arbitration Statement of Claim filed in October 2008, Claimant Illa Mellul alleged that Respondent David Allan Marcus sold off every posttion in her account without her direction, consent, or acquiescence; and then transferred the proceeds to Claimant's estranged husband. Claimant Mellul further alleged that as a result of Respondent M Holdings Securities's failure to have proper  procedures in place, Respondent Marcus closed Claimant's account based on documentation provided by Claimant's estranged husband wtthout verification by Claimant. 

Claimant alleged breaches of fiduciary duty and contract, failure to supervise, and negligence, and sought $1 million in damages. 

Illa Mellul, Claimant, versus M Holdings Securities, Inc. and David Allan Marcus, Respondents, (FINRA Arbitration #08-03976, August 12, 2010) .

Claimant acknowledged that Respondent Marcus did not commit any forgeries and did not personally liquidate her account. Accordingly, Respondent Marcus sought an order of expungement concerning his Central Registration Depository (CRD) files concerning this arbitration and the underlying allegations.

#0000ff; font-size: medium;">READ THE ENTIRE CASE WITH BILL SINGER'S COMMENTARY AT

#0000ff; font-size: medium;">http://www.brokeandbroker.com/index.php?a=blog&id=529