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Former Broker at Duke & Co. Accuses Managers of Engaging in Misconduct

Wall Street Journal

A former broker at Duke & Co., which is under investigation by federal and state regulators, has accused the brokerage firm’s principals of many suspect practices, including the refusal to execute trades and ordering the use of sales scripts. In a sworn declaration given in connection with an arbitration claim, the broker, Howard M. Blumenau, […]

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NASD Panel Orders Duke & Co. To Pay Former Broker $120,000

Dow Jones Newswires

Duke & Co., the small New York brokerage firm that is closing its retail operations amid investigations by federal and state regulators, was recently ordered to pay a total of $120,000 to a former broker who claimed the firm fired him in 1996, withheld commissions, and then tried to blackball him with his next employer. […]

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Investor Wins $10 Million in Penny-Stock Broker Case

Los Angeles Times

Securities: The huge punitive damages are among the highest achieved in arbitration of a securities complaint. NEW YORK-In one of the largest securities arbitration judgments ever a Pasadena physician won a $10-million punitive damage award against four principals of the defunct penny-stock brokerage Stratton-Oakmont Inc. Philip M. Aidikoff attorney for Dr. F. Clark Gardner, said […]

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Former Stratton Execs Fined $10M

Newsday

Four former officers of Stratton Oakmont Inc., a Lake Success-based securities company that is in liquidation proceedings, have been fined $10 million in punitive damages for allegedly defrauding an investor. The award by a National Association of Securities Dealers arbitration panel appears to be the largest such award to a customer, according to Richard Ryder, […]

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Record Award may alter arbitration cases

USA Today

NEW YORK – An arbitration panel’s record $10 million punitive damage award this week to a California radiologist, who says he was misled by his stockbroker, could force Wall street to rethink how it resolves investor disputes. F. Clark Gardner says he lost $209,000 because of unauthorized trades and other deceptions orchestrated by his broker […]

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