FINRA ARBITRATION AWARD

In a recent FINRA arbitration matter, Mr. Mark Davis obtained an arbitration award in favor of his clients. This customer dispute arose when Mr. Davis’ clients tried to sell investments in a trust account after their father passed. These were his wishes upon his passing. Mr. Davis’ clients informed the broker of their father’s passing. The broker then restricted access to the trust account. The broker kept this restriction in place for weeks. While the trust account was blocked, no one could not access the investments. Mr. Davis’ clients could not sell the investments, as their father wished. As a result, the investments suffered significant losses. In the award, the arbitrator explained: “It was not reasonable to restrict access to the Trust Account until October 8, 2018, during which time the account suffered a significant loss in value.” On this basis, the arbitrator awarded monetary damages to Mr. Davis’ clients.