After weighing the evidence, a Financial Industry Regulatory Authority arbitration panel recently denied all claims against SECU Brokerage Services Inc. in an estate dispute.
In a convoluted case, the securities regulator heard the matter at an arbitration hearing held in San Diego Feb. 21-24. The dispute involved SECU Brokerage, an investment adviser who worked with credit union-owned broker-dealer XCU Capital Corp., and Investors Arbitration Specialists, the trust that claims its client, Helen Cohen, suffered losses after an alleged failed real estate investment in September 2005. Cohen died in 2008.
The FINRA panel wrote: "After considering the pleadings, the testimony and evidence presented at the hearing, the panel has decided in full and final resolution of the issues submitted for determination [the] claimants' claims are denied in their entirety, [and] claimants' motion for sanctions is denied." The panel also denied a motion by the claimants to make a referral of SECU Brokerage to FINRA regulation and a request for punitive damages.
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