A Hobson's Choice for Pro Se Respondents in FINRA Arbitrationshttp://www.brokeandbroker.com/index.php?a=blog&id=459In 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. . .READ BILL SINGER'S COMPREHENSIVE DISCUSSION OF BANC OF AMERICA V.EMBERTON AT:http://www.brokeandbroker.com/index.php?a=blog&id=459 NEW FINRA MONTHLY DISCIPLINARY CASES NOW ONLINE AND ANALYZED BY BILL SINGER Regulatory lawyer Bill Singer has analyzed and posted the latest crop of FINRA disciplinary cases.
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