Fred B. Monroe Secures FINRA Arbitration Award in Excess of $1,000,000 Against Clearing Firm, Hilltop Securities, Inc., In Contested Case

Fred Monroe, a partner at James, McElroy & Diehl, represented certain trusts and an individual in an action arising from recommendations of unsuitable account investments and excessive trading activity.  The primary Respondents were the brokerage firm, First Standard Financial, LLC and its purported control person, Carmine Berardi.  After a two-year legal battle with First Standard Financial, the firm declared bankruptcy, and Carmine Berardi, became deceased.  Fred amended the Claimants’ statement of claim to add the clearing firm, Hilltop Securities, Inc., on the theory that it had aided in the underlying conduct and had breached certain contractual obligations.  Fred then dismissed his clients’ claims against the brokerage firm and Mr. Berardi.  Following a four-day hearing before an arbitration panel, FINRA entered an award against Hilltop Securities, Inc. in the principal amount of $776,000.00, plus interest in the amount of $274,225.00, for a total award of $1,050,374.00.  Read the full award here: Award.  Read more about Fred and his practice here: Fred B. Monroe.