{"id":896,"date":"2011-06-11T00:01:49","date_gmt":"2011-06-11T00:01:49","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/06\/houston_securities_arbitration"},"modified":"2022-03-09T15:56:16","modified_gmt":"2022-03-09T21:56:16","slug":"houston-securities-arbitration","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/houston-securities-arbitration\/","title":{"rendered":"Houston Securities Arbitration: FINRA Panel Orders Penson Financial Services, Inc. to Pay Boushy North Investments, Ltd. $500,000"},"content":{"rendered":"

\t\t\t\tIn Houston, a FINRA arbitration panel has awarded Boushy North Investments, Ltd. $500,000 in its securities arbitration case against Penson Financial Services, Inc. Boushy North Investments had initially sought $4M in punitive damages and more than $3.8M in compensatory damages for negligence, unauthorized trading<\/a>, breach of fiduciary duty, and gross negligence. At the Texas securities arbitration <\/a>hearing, however, the Claimant amended and reduced its compensatory damages and withdrew punitive damages and legal fees. <\/p>\n

Boushy North Investments accused Penson of failing to prevent an unsuitable and unauthorized day-trading strategy for its family limited-partnership account. Meantime, Penson denied the allegations, asserted specific defenses, and submitted a Third-Party Complaint against Thomas Cooper and Second Mile Wealth Management, Inc., which asserted causes of action over crack of contract, indemnification, and rascal linked to the Third-Party Respondents’ purported element representations about the trade and the direction of the trading in Claimant’s account. Penson eventually discharged its Third-Party Claim’s result of action for fraud. <\/p>\n

The claim for unauthorized trading hadn’t been included in the Original Statement of Claim submitted in September 2009. The first effort to amend that was February. However, FINRA denied it because different or new pleadings cannot be turned in after a panel has been chosen and if a leave to amend hasn’t been granted. Last month, however, after the proper motions were submitted, the panel granted the unauthorized trading count. <\/p>\n

Penson Faced Multi-Million Dollar Day-Trading Claim in FINRA Arbitration<\/a>, Broke and Broker, June 1, 2011
\nMulti-Million Dollar Day-Trading Claim Hits Penson in FINRA Arbitration<\/a>, Forbes, May 31, 2011
\n
\nMore Blog Posts:<\/strong>
\nDistrict Court in Texas Decides that Credit Suisse Securities Doesn’t Have to pay Additional $186,000 Arbitration Award to Luby’s Restaurant Over ARS<\/a>, Stockbroker Fraud Blog, June 2, 2011
\nTexas Securities Commissioner’s Emergency Cease and Decease Order Accuses Insignia Energy Group Inc. of Misleading Teachers<\/a>, Stockbroker Fraud Blog, May 23, 2011
\nTexas-Based AIG’s Largest Private Shareholder Says US Will Likely Sell Its Shares in the Insurer At Lower Price than Expected<\/a>, Stockbroker Fraud Blog, May 13, 2011 Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In Houston, a FINRA arbitration panel has awarded Boushy North Investments, Ltd. $500,000 in its securities arbitration case against Penson Financial Services, Inc. Boushy North Investments had initially sought $4M in punitive damages and more than $3.8M in compensatory damages for negligence, unauthorized trading, breach of fiduciary duty, and gross negligence. At the Texas securities […]<\/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":[3798,3739,3741,3750],"tags":[],"class_list":["post-896","post","type-post","status-publish","format-standard","hentry","category-arbitration","category-finra","category-securities-fraud","category-texas-securities-fraud"],"yoast_head":"\nHouston Securities Arbitration: FINRA Panel Orders Penson Financial Services, Inc. to Pay Boushy North Investments, Ltd. $500,000 — Investor Lawyers Blog — June 11, 2011<\/title>\n<meta name=\"description\" content=\"In Houston, a FINRA arbitration panel has awarded Boushy North Investments, Ltd. $500,000 in its securities arbitration case against Penson Financial — June 11, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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