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A Hobson's Choice for Pro Se Respondents in FINRA Arbitrations

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Jun 24, 2010 1:31 pm

A Hobson's Choice for Pro Se Respondents in FINRA Arbitrations

In its FINRA Arbitration Statement of Claim filed June 9, 2009, Claimant Banc of America Investment Services, Inc. (BAI) sought damages of $71,250.00, representing the principal amount due from former employee Respondent Mark Embertone on a Promissory Note dated December 1, 2006.  Additionally, BAI sought accrued interest of $3,572.16 (computed at 5% per annum) and accruing interest (determined to be $9.76 per diem from the alleged default date of December 1, 2008) plus attorneys’ fees and costs. In the Matter of the Arbitration Between Banc of America Investment Services, Inc., Claimant, v. Mark R. Emberton, Respondent (FINRA Arbitration # 09-03507, June 11, 2010).

Respondent Embertone represented himself (pro se), generally denied the allegations, and asserted various affirmative defenses.

Pursuant to a stipulated settlement, the parties resolved their disputes on the following basis:

$71,250 in compensatory damages; $6,617.28 in interest through October 9, 2009; $7,679.30 in attorneys’ fees; $3,791.99 in costs; and additional interest at the rate of 10% per annum from October 9, 2009 until the date of full payment.

Bill Singer's Comment: It took about a year from the date that BAI filed its Claim for this FINRA arbitration to settle.  What benefit did either party gain from that delay?  Frankly, not much, if anything for Respondent Emberton -- but it looks like a Grand Slam for Claimant BAI. . .






Regulatory lawyer Bill Singer has analyzed and posted the latest crop of FINRA disciplinary cases.  

Ever hear about a Client Verbal Instruction Form? See how one enterprising broker used that document to transfer customer funds to his own family member -- and not with the client's authorization.  READ HERE
Bet you didn't know that all it took for a broker to obtain credit cards attached to your bank account was one, simple, lousy, little-old phone call to the bank.  Think I'm kidding?  READ HERE
Elderly clients are increasingly falling prey to brokers.  Consider this one case.  READ HERE
Why would a broker keep customer-signed blank medical history questionnaires in his desk? READ HERE
Sometimes no matter what you do, you can't win. Imagine that you hire a third-party vendor to oversee certain account computations. Now, imagine that the vendor experienced a software glitch. How does that become your problem? READ HERE
You know that FOREX trading program that you want to offer your clients?  You better read this first. READ HERE


Jun 24, 2010 4:40 pm

"Amateur hour" sign ?  The knives will be sharpened for what may be viewed as a quick and easy kill by Claimant's counsel ?  WHO THE HECH DO YOU THINK YOU ARE ?  I spent over $4,000 pre-arbritation on an attorney (which I really didn't have) that was supposed to be "ex-inhouse counsel" (with the firm I worked for), they refused my offer (what I could really afford to pay) and they still filled anyway.  My attorney's comment was "Well, looks like they want to play hard ball", please send me $10,000 to continue.   

I owe the money.  I don't have the money to re-pay.  I didn't piss the cash away on cars, rolexes, houses and vacations.  I used the cash to live on throught the transition and a really crappy 2007-2009 market.  I acted responsible and repaid 80% of the bonus over 5 years and now I am broke.  Now I must navigate these waters myself because I can't afford to pay an attorney.  So I guess I will get "carved up" during the process, huh Mr. Singer ?  By the way Mr. Singer, could you plase have one of your staff members mail me out on of those "Amateure Hour" signs to hang around my neck.  

Hey Mr. Bill, ever wonder why you guys have the reputation you do ?    

Now you have to deal with a complaint that I plan on making with the Bar Association concerning ethics.  Want the number of the attorney I fired to help you file a response to the bar ?