{"id":6188,"date":"2017-08-21T17:23:50","date_gmt":"2017-08-21T22:23:50","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1732"},"modified":"2022-05-19T09:49:31","modified_gmt":"2022-05-19T14:49:31","slug":"despite-finra-arbitration-victory-wine-mogul-fidelity-accused-prioritizing-interests","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/despite-finra-arbitration-victory-wine-mogul-fidelity-accused-prioritizing-interests\/","title":{"rendered":"Despite FINRA Securities Arbitration Victory Against Wine Mogul, Fidelity is Accused of Prioritizing Its Own Interests"},"content":{"rendered":"<p>In the <a href=\"https:\/\/www.securities-fraud-attorneys.com\">securities arbitration<\/a> claim brought by a wine mogul against Fidelity Brokerage Services, a Financial Industry Regulatory panel may not have ordered the financial firm to pay claimant Peter Deutsch compensation but that doesn\u2019t mean the panelists believe that the broker-dealer placed its former client\u2019s interests before its own.<\/p>\n<p>Deutsch&#8217;s family\u2019s company, Deutsch Family Wine &amp; Spirits, markets Yellow Tail and Beaujolais Nouveau wines. He is accusing Fidelity of not handling his account properly when he bet on Chinese shares. He claims that this cost him up to $436M.<\/p>\n<p>Deutsch contends that he believed Fidelity unit Fidelity Family Office when it told him his best interests were the firm\u2019s priority but they then allegedly proceeded to ignore what he wanted and lent out shares belonging to him. The brokerage unit also stopped Deutsch\u2019s trading in China Medical Technology shares when it prevented him from buying an additional 50 million stock shares. Now he claims that this foiled his attempt to gain a controlling stake in the company.<\/p>\n<p>Ruling on Deutsch\u2019s bid for damages last month, the arbitrators turned down that request \u201cin its entirety\u201d on the grounds that they believe he would have lost money anyway even if Fidelity had dealt with his account differently. The panel agreed with the firm in that calculating damages could not be done in a way that wasn\u2019t based on hypotheticals. The arbitrators didn\u2019t weigh in on his claim that the broker-dealer acted inappropriately by lending his shares to short-sellers.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/despite-finra-arbitration-victory-wine-mogul-fidelity-accused-prioritizing-interests\/#more-6188\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the securities arbitration claim brought by a wine mogul against Fidelity Brokerage Services, a Financial Industry Regulatory panel may not have ordered the financial firm to pay claimant Peter Deutsch compensation but that doesn\u2019t mean the panelists believe that the broker-dealer placed its former client\u2019s interests before its own. Deutsch&#8217;s family\u2019s company, Deutsch Family [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3953,3739],"tags":[2878,2879],"class_list":["post-6188","post","type-post","status-publish","format-standard","hentry","category-arbitration-rulings","category-finra","tag-fidelity","tag-peter-deutsch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Despite FINRA Securities Arbitration Victory Against Wine Mogul, Fidelity is Accused of Prioritizing Its Own Interests &#8212; Investor Lawyers Blog &#8212; August 21, 2017<\/title>\n<meta name=\"description\" content=\"In a securities arbitration claim brought by a wine mogul against Fidelity Brokerage Services, Fidelity are accused of prioritizing their own interests.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/despite-finra-arbitration-victory-wine-mogul-fidelity-accused-prioritizing-interests\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Despite FINRA Securities Arbitration Victory Against Wine Mogul, Fidelity is Accused of Prioritizing Its Own Interests &#8212; 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