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Multi-million Dollar FINRA Award for Selling Away / Outside Business Activities

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Oct 5, 2010 11:59 am

Multi-Million Dollar FINRA Selling Away / Outside Business Activity Award

In a Statement of Claim filed against REspondent Lincoln Financial Advisors Corporation in May 2009, Claimants Healthright Partnersand Grant R. Gilford sought compensatory damages of not less than $3.675,000 plus interest, treble damages, costs and attorneys' fee, and not less than $10,000 in punitive damages. The Claim alleged failure to supervise; negligence; breach of fiduciary duty; violations of the Utah Uniform Securities Act; and violations of FINRA's Conduct Rule, including that of "Selling Away."   At the close of the FINRA arbitration hearing, the Claimants requested the following damages under Utah Securities law:

If the Panel found that Respondent Lincoln Financial Advisors Corporation was not reckless, damages in the amount of $7,563,879.00.  If the Panel found recklessness, then Claimants sought treble damages of their $3,625 million for the sum of $10,875,000 plus interest, attorneys fee, and costs for a net award of $17,208,379.