award finra dispute resolution in the matter of the ... · unless specifically admitted in its...

AWARD FINRA Dispute Resolution

In the Matter of the Arbitration Between:

Names of Claimants

Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc.

vs. Case Number: 09-02420 Hearing Site: Minneapolis, Minnesota

Names of Respondents

RBC Capital Markets Corporation, ING Financial Partners, Inc., Nations Financial Group, Inc., Meyers Associates, LP, Victor John Puzio, Bruce Meyers, Mercer Capital, LTD, Mercer Asset Management, Inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz, Roy Cohen, Sean Lindsay, The Estate of Leonard Cleophas Demers, American Tax and Administration Services, inc., and Highland Wallcer, inc.

and

Names of Cross-Claimants Mercer Capital, LTD, Mercer Asset Management, inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz, and Roy Cohen

vs.

Names of Cross-Respondents Nations Financial Group, Inc., ING Financial Partners, Inc., Sean Lindsay, American Tax and Administration Services, Inc., and Highland Walker, Inc.

NATURE OF THE DISPUTE

FINRA Dispute Resolution Arbitration No. 09-02420 Avwrd of 11

Customers vs. Members, Associated Persons, and Non-Members

REPRESENTATIQN OF PARTIES

Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc. ("Claimants") were represented by Michael S. MacDonald, Esq., Law Office of Michael S. MacDonald, St. Paul, Minnesota.

RBC Capital Markets Corporation ("RBC") was represented by Donald S. Arbour, Esq., Arbour Law Finn, Minneapolis. Minnesota.

ING Financial Partners, Inc. ("ING") was represented by James V. Garvey, Esq., Vedder Price, PC, Chicago, Illinois.

Nations Financial Group, inc. ("Nations") was represented by William T. McCartan, Esq., Bradley & Riley, PC. Cedar Rapids, Iowa.

Meyers Associates. LP ("Meyers Associates"), Victor John Puzio, ("Puzio"), and Bruce Meyers ("Meyers"), were represented by David A. Schrader, Esq., Schrader & Schoenberg, LLP, New Yoric, New Yoric.

Mercer Capital, LTD ("Mercer Capital"), Mercer Asset Management, Inc. ("MAM"), Ron Jason ison ("Ison"). Anthony John Salino ("Salino"). and Lynn Gordon Schultz ("Schultz"), hereinafter collectively referred to as "the Mercer Respondents," were represented by David Hirschberg, Esq., Burkhart, Wexler & Hirschberg, LLP, Garden City, New York, until a Notice of Withdrawal was filed on or about July 23, 2010. After which Mercer Capital, LTD, Mercer Asset Management, inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz, and Roy Cohen were represented by Brain Reis, Esq., New Yoric, New York, until a Notice of Withdrawal was filed on orabout October 14,2010. After v\/hich Mercer Capital, LTD, Mercer Asset Management, Inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz. and Roy Cohen appeared pro se.

Sean Lindsay ("Lindsay") was represented by Rebecca J. Heltzer, Esq., Heltzer & Burg, PLC, Minneapolis, Minnesota.

The Estate of Leonard Cleophas Demers ("Demers") was represented by Kelly W. Hoversten, Esq., Gray Plant Mooty, Mooty & Bennett, PA, Minneapolis, Minnesota.

CASE INFORMATION

The Statement of Claim was filed on or about May 21,2009. The Submission Agreements of Claimants. Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc., were signed on or about May 25. 2009.

FINRA Dispute Resolution Aitiitration No. 09-02420 Award of 11

The Statement of Answer was filed by Respondent, RBC Capital Markets Corporation, on or about July 16,2009. The Submission Agreement of Respondent, RBC Capital Maricets Corporation, was signed on orabout July 15,2009 by Carolyn Guy, Vice President, Senior Associate General Counsel, RBC Capital Markets Corporation.

The Statement of Answer was filed by Respondent, ING Financial Partners, Inc., on or about August 14, 2009. The Submission Agreement of Respondent. ING Financial Partners. Inc., was signed on or about June 15. 2009.

The Statement of Answer was filed by Respondent, Nations Financial Group. Inc., on or about July 28,2009. The Submission Agreement of Respondent, Nations Financial Group, Inc., was signed on or about June 29, 2009.

The Statement of Answer was filed jointly by Respondents, Meyers Associates, LP, Victor John Puzio, and Bruce Meyers, on or about November 5, 2009.

The Statement of Answer was filed jointly by Respondents, Mercer Capital, LTD, Mercer Asset Management, Inc., Ron Jason Ison. Anthony John Salino, Lynn Gordon Schultz, and Roy Cohen, on or about August 3, 2009. The Submission Agreement of Respondent, Mercer Capital, LTD, was signed on or about August 10,2009. The Submission Agreement of Respondent-Mercer Asset Management, Inc., was signed on or about August 10,2009. The Submission Agfeeroent of Respclhdent, Ron Jason Ison, was signed on or about August 7, 2009. The Submissiori'Agreement of Respondent, Anthony John Salino, was signed on or about July 24, 2009. The Submission Agreement of Respondent, Lynn Gordon Schultz, was signed on orabout August 10,2009. The Submission Agreement of Respondent, Roy Cohen, was signed on or about August 10, 2009.

The Statement of Answer was filed by Respondent, Sean Lindsey, was filed on or about July 17,2009. The Submission Agreement of Respondent, Sean Lindsey, was signed on orabout July 10. 2009.

The Statement of Answer was filed by Respondent. The Estate of Leonard Cleophas Demers. on or about August 31. 2009. The Submission Agreement of Respondent, The Estate of Leonard Cleophas Demers, was signed on or about August 28,2009 by Kathleen Buraglio, on behalf of The Estate of Leonard Cleophas Demers.

CASE SUMMARY

Claimants asserted the following causes of action: breach of fiduciary duty; violation of Minnesota Securities Law; negligence; breach of contract; suitability; common law fraud; excessive trading; negligent misrepresentation; failure to supervise; respondeat superior; and consumer fraud. Claimants alleged that Demers made numerous high-risk transactions in their accounts that were unsuitable and made without Claimants' approval. Claimants

FINRA Dispute Resolution Arbitration No. 094)2420 Award of 11

also alleged that Demers made these transactions solely for the purpose of collecting investment advisory fees and commissions at the expense of Claimants. Claimants also alleged that Demers engaged in this activity through his change of employment and that the member firms and associated persons at those fimis are responsible for Demers' actions during the time of his employment through their failure to supervise and lack of securities compliance.

Unless specificaily admitted in its Answer, Respondent, RBC Capital Markets Corporation, denied the allegations made in the Statement of Claim and asserted affirmative defenses including the following: Claimants failed to state a claim upon which relief can be granted; Claimants lack standing as each is not a true party interest in this matter; Claimants are precluded from recovery due to contributory negligence; Claimants are precluded from recovery due to the state of limitations; Claimants are precluded from recovery due to the doctrine of laches; and Claimants are precluded from recovery due to the doctrine of waiver.

Unless specifically admitted in its Answer, Respondent, ING Financial Partners, Inc., denied the allegations made in the Statement of Claim and asserted affirmative defenses including the following: the claims are barred by applicable statutes of limitation and/or by the expiration of the "eligibility" period applicable to claims submitted to FINRA arbitration; Claimants' claims are banned by the equitable doctrines of waiver, estoppel, and laches; Claimants failed to mitigate their damages; and Claimants' recovery must be reduced by their own comparative negligence or fault, or by the comparative negligence or fault of other professionals acting on their behalf, including without limitation others who owed duties of care to Claimants.

Unless specifically admitted in its Answer, Respondent, Nations Financial Group. Inc., denied the allegations made in the Statement of Claim and asserted affirmative defenses including the following: Claimants failed to state a claim upon which relief can be granted; the claims of Claimants against Nations are bared by the doctrines of laches and/or estoppel; some or all of Claimants' claims against Nations are barred by the statute of limitations; some or all of Claimants' claims against Nations are barred by Rule 12206 of the FINRA Code of Arbitration Procedure; any liability of Nations should be eliminated or at least reduced on the contributory negligence and/or fault of Claimants; any liability of Nations should be eliminated or at least reduced on the comparative fault of other Respondents; Nations acted with due care and in good faith at all times; and Nations properly supen ised Demers at all times.

Unless specifically admitted in their Answer, Respondents, Meyers Associates, LP, Victor John Puzio, and Bruce Meyers, denied the allegations made in the Statement of Claim and asserted affimriative defenses including the following: Claimants' claims failed to state a cause of action; Claimants have no private right of action or legal basis to assert claims under Minnesota statutes; Claimants failed to mitigate their damages; Claimants' claims are banned by the language of the account opening documentation; Victor John Puzio, and

FINRA Dispute Resolution Arbitration No. 09^2420 Award of 11

Bruce Meyers, were not the supervisory persons responsible for the supervision of the account or the brokers; and Meyers Associates implemented and conducted proper and commercially reasonable supervisory procedures to supervise its brokers.

Unless specifically admitted in their Answer, Respondents, Mercer Capital, LTD, Mercer Asset Management, Inc., Ron Jason Ison. Anthony John Salino, Lynn Gordon Schultz, and Roy Cohen, denied the allegations made in the Statement of Claim and asserted affinnative defenses including the foilowing: Claimants had knowledge of and assumed the risks inherent of investing in securities; Claimants authorized and approved all transactions in the account and hence. Claimants are stopped from recovering any losses with respect to said transactions; the transactions were appropriate with Claimants' desires and objectives; any losses sustained by Claimants resulted solely from the volatility of the stock maricet, over which the Mercer Respondents did not have control; the Mercer Respondents are not responsible, either individually or collectively, for the acts or omission of Demers over which they had no knowledge or control.

Unless specifically admitted in his Answer, Respondent, Sean Lindsey, denied the allegations made in the Statement of Claim and asserted affirmative defenses including the following: Claimants failed to state a claim upon which relief can be granted; arbitration is the inappropriate forum for claims related to Lindsey's trustee and accounting service with are unrelated to his licensed brokerage services; any damages or losses incurred by Claimants are a result of their own actions and not by any action of Lindsey; and Claimants did not have a brokerage services contract with Lindsey and none of the Claimants had accounts with ING Financial Partners, Inc.

Unless specifically admitted in its Answer, Respondent, The Estate of Leonard Cleophas Demers, denied the allegations made in the Statement of Claim and asserted affirmative defenses including the following: Claimants had knowledge of and assumed the risks inherent in investing in securities; Claimants authorized and approved ail transactions in the account and hence Claimants are stopped from recovering any losses with respect to said transactions; the transaction were appropriate and consistent with Claimants' stated or expressed desires and objectives; any losses sustained by Claimants resulted solely from the volatility of the stock market, over which Demers had no control; Demers is not responsible for the acts or omissions of other Respondents over which Demers had no knowledge or control; and Claimants' claims are barred by one or more of the doctrines of laches, estoppel, unclean hands, and waiver.

RELIEF REQUESTED

Claimants requested an award in the amount of:

Actual/Compensatory Damages $1,800,000.00 Exemplary/Punitive Damages $2,000,000.00 Interest Unspecified

FINRA Dispute Resolution Arbitration No. 09-02420 Award of 11

Attomeys' Fees Unspecified Other Costs Unspecified Other Monetary Relief $ 600,000.00

Respondent, RBC Capital Markets Corporation, requested that the claims asserted against it be denied in their entirety and that it be awarded its costs and attomeys' fees.

Respondent, ING Financial Partners, Inc., requested that the claims asserted against it be denied in their entirety and that it be awarded its costs and attorneys' fees.

Respondent, Nations Financial Group, Inc., requested that the claims asserted against it be denied in their entirety and that it be awarded its costs and attorneys' fees.

Respondents, Meyers Associates, LP, Victor John Puzio. and Bruce Meyers, requested that the claims asserted against them be denied in their entirety and that they be awarded their costs and attorneys' fees.

Respondents. Mercer Capital, LTD, Mercer Asset Management, inc., Ron Jason Ison, Anthony John Salino. Lynn Gordon Schultz, and Roy Cohen, requested that the claims asserted against them be denied in their entirety, that they be awarded their costs and attorneys' fees, and that all references to this aribitration be expunged from their CRD records maintained by FINRA.

Respondent, Sean Lindsey, requested that the claims asserted against him be denied in their entirety and that he be awarded his costs and attomeys' fees.

Respondent, The Estate of Leonard Cleophas Demers, requested that the claims asserted against it be denied in their entirety and that it be awarded its costs and attorneys' fees.

In, their Cross-Claim, Mercer Capital, LTD. Mercer Asset Management, Inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz, and Roy Cohen requested an award in the amount of:

Actual/Compensatory Damages $1,800,000.00 Exemplary/Punitive Damages $2,000,000.00 Interest Unspecified Attorneys' Fees Unspecified Other Costs Unspecified Other Monetary Relief $ 600,000.00

OTHER ISSUES CONSIDERED & DECIDED

The Ari3itrators acknowledge that they have each read the pleadings and other materials filed by the parties.

FINRA Dispute Resoiutlon Arbitration No. 09-02420 Award of 11

Respondents, Meyers Associates, LP, Victor John Puzio, and Bruce Meyers, did not file with the FINRA Dispute Resolution properiy executed Uniform Submission Agreements but are required to submit to arbitration pursuant to the Code and, having answered the claim, are bound by the determination of the Panel on all issues submitted.

On orabout Novembers, 2009, Respondents, Meyers Associates. LP. Victor John Puzio, and Bruce Meyers, filed a Motion to Dismiss for Statute of Limitations. Claimants filed a Response in Opposition on or about December 7,2009. On or about January 19,2010, the Panel denied liieyers Associates, LP, Victor John Puzio, and Bruce Meyers' Motion to Dismiss for Statute of Limitations.

On or about May 28,2010, FINRA received notice that Claimants had dismissed all claims asserted against Respondent. ING Financial Partners, Inc. Accordingly, the Panel did not adjudicate any of Claimants' claims involving Respondent ING Financial Partners, Inc.

On orabout June 15,2010, Respondents, Meyers Associates, LP, Victor John Puzio, and Bruce Meyers, filed a Renewed Motion to Dismiss. Claimants filed a Response in Opposition on or about July 28, 2010. Respondents, Meyers Associates, LP, Victor John Puzio, and Bruce Meyers, filed a Reply in Support of their Renewed Motion to Dismiss on or about August 19, 2010. Claimants filed a Sur-Reply in Opposition on or about August 20,2010. On orabout September 1,2010, the Panel denied Meyers Associates, LP, Victor John Puzio, and Bruce Meyers' Renewed Motion to Dismiss.

On or about August 27. 2010. FINRA received notice that Claimants had dismissed all claims asserted against Respondents, Sean Lindsey, Highland Walker, Inc., and American Tax Administrative Services, Inc. Accordingly, the Panel did not adjudicate any of Claimants' claims involving Respondents, Sean Lindsey, Highland Walker, Inc., and American Tax Administrative Services, Inc.

On or about October 4, 2010, FINRA received notice that Claimants had dismissed all claims asserted against Respondent, Nations Financial Group, Inc. Accordingly, the Panel did not adjudicate any matters involving Respondent, Nations Financial Group, Inc.

On or about October 5, 2010, FINRA received notice that Claimants had dismissed all claims asserted against Respondents, Meyers Associates, LP, Victor John Puzio, and Bruce Meyers. Accordingly, the Panel did not adjudicate any matters involving Respondents, Meyers Associates, LP, Victor John Puzio, and Bruce Meyers.

Respondent, Lynn Gordon Schultz, did not appear at the hearing.

After considering the pleadings, the testimony, and the evidence presented at the hearing, the Panel made the following finding of fact:

The law is clear, a Clearing Agent has no responsibility or liability to supen/ise the


introducing broker or brokerage company, it has no obligation to know the customer, to make sure the investments are suitable for the customer, to check for churning or improper buying or selling in the customer's account, nor to verify that signatures on transfers are authentic, and has no obligation to send statements to any address other than the one provided by the brokerage company or the customer.

However, in this case RBC Capital Maricets Corporation agreed to be the clearing agent for a Texas partnership owned by a Minnesota corporation, with 6 principals of whom 4 had reportable customer complaints and was responsible for "safeguarding" the funds.

The ownership situation was so confusing that RBC Capital Maricets Corporation never entered into a written clearing agreement with the proper entity; however, it did require a $100,000.00 cash bond, double the normal bond.

RBC Capital Markets Corporation used a check or wire transfer form for customer funds for a 2 year period. There was a series of 12 requests wherein someone submitted the same request fonn by altering the date of the request and sometimes the amount of money requested. It wasn't using the 1 * request over and over, but rather crossing out the 1'* and adding the 2"* , crossing the 2"^ and adding the 3rd, etc. until the last one had all the alterations of the prior 11 requests. Some were along the line of altered requests someone either should or could have flagged the transaction and sent it up the line for review, where it would then have been easily discovered that the documents were notarized by the client's broker among other things.

The parties have agreed that the Award in this matter may be executed in counterpart copies or that a handwritten, signed Award may be entered.

AWARD

After considering the pleadings, the testimony, and the evidence presented at the hearing, the Panel has decided in full and final resolution of the issues submitted for determination as follows:

1. ) Respondent, RBC Capital Maricets Corporation, is liable for and shall pay to Claimants, Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management. Inc., the sum of $50,000.00 in compensatory damages;

2. ) Respondents, Mercer Capital, LTD, Mercer Asset Management, inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz, Roy Cohen, and The Estate of Leonard Cleophas Demers, are jointly and severally liable

FiNRA Dispute Resoiution Arbitration No. 09-02420 Award of 11

for and shall pay to Claimants, Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc., the sum of $789,287.00 in compensatory damages;

3. ) Respondent, Jason ison, is liable for and shall pay to Claimants, Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc., the sum of $500,000.00 in punitive damages pursuant to Minn Stat. § 80A for failure to supervise, check compliance, suitability of assets in account, chuming. and failure to maintain documents;

4. ) Respondent, Anthony John Salino, is liable for and shall pay to Claimants, Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc., the sum of $500,000.00 in punitive damages pursuant to Minn Stat § 80A for failure to supen/ise, check compliance, suitability of assets in account, chuming, and failure to maintain documents;

5. ) Respondent, Lynn Gordon Schultz, is liable for and shall pay to Claimants, Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc., the sum of $500,000.00 in punitive damages pursuant to Minn Stat. § 80A for failure to supen/ise, check compliance, suitability of assets in account, churning, and failure to maintain documents;

6. ) Respondent, Roy Cohen, is liable for and shall pay to Claimants, Michael A. Klatte, Klatte Golf Limited Partnership, Michael A. Klatte Charitable Remainder Unitrust, and Klatte Golf Management, Inc., the sum of $500,000.00 in punitive damages pursuant to Minn Stat. § 80A for failure to supervise, check compliance, suitability of assets in account, chuming, and failure to maintain documents;

7. ) Mercer Capital, LTD, Mercer Asset Management, Inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz, and Roy Cohen's Cross-Claim is denied and dismissed with prejudice in its entirety;

8. ) Other than Forum Fees which are specified below, the parties shall each bear their own costs and expenses incunred in this matter; and

9. ) Any relief not specifically enumerated, including attorneys' fees and expungement, is hereby denied with prejudice.


Pursuant to the Code, the following fees are assessed:

Filing Fees

FINRA Dispute Resolution will retain the non-refundable filing fees* for each claim:

Initial Claim filing fee = $ 1,800.00 Cross-Claim filing fee = $ 3,200.00

*The filing fee is made up of a non-refundable and a refundable portion.

Member Fees

Member fees are assessed to each member firm that is a party in these proceedings or to the member firms that employed the associated persons at the time of the events giving rise to the dispute. Accordingly, as parties, RBC Capital Markets Corporation, ING Financial Partners, Inc., Nations Financial Group, inc.. and Meyers Associates. LP are assessed the following:

Member surcharge = $ 2.800.00 Pre-hearing process fee = $ 750.00 Hearing process fee =: $ 5,000.00

Contested Motion for Issuance of a Subpoena Fees Fees apply for each decision on a contested motion for the issuance of a subpoena.

One (1) Decision on a contested motion for the issuance of a subpoena with one (1) arijitrator @ $200.00 (maximum of $600) =$ 200.00 Total Contested Motion for Issuance of Subpoenas Fees = $ 200.00

The Panel has assessed $200.00 of the contested motion for issuance of subpoenas fees to RBC Capital Markets Corporation.

Hearing Session Fees and Assessments

The Panel has assessed hearing session fees for each hearing session conducted. A session is any meeting between the parties and the arbitrators, including a pre-hearing conference with the arbitrators, that lasts four (4) hours or less. Fees associated with these proceedings are:

Three (3) Pre-hearing sessions with Panel x $1,200.00 = $ 3,600.00 Pre-hearing conferences: November 18, 2009 1 session

JMiNuy 19.2010 iMMlon 1.2010 1

Flw ffl HtSitng •wilonnlt WftOO •$6,000.00 HNIinolMiK OolDbtr 10 2010 iHiiloiit

Oalbbw20,2010 2NNloni

TcteiHMrtno Simon F M ••o.ooaoo The Nnel hw ••nwid $4.000.00 cf On ha«lr» imlon ia WW WMm Qorponunn.

' TTMi Pmtk hm iiiMiiii $*.aoo.OO gf the hiMlno Ji^on Jolin» snd tt swHy to MMW CiiMif. LTD. Mmr A M MwapmnI, IM, Ron Jmn toon, Andiony John sumo. Lvnh Oonton Sohultab Rdy Ophon. indTho BillHoor Uoniitf CtoopM 13^^

All bilMOit « • poydM to FINRA

Thomot J/Omotoctor-PuWioAitaMar. IVii^^ liobM «. Burti'fMilto AiMntor

Bim J/Nidwid-'NoihPlttlto AMM^

lQi(FQr out of aorwlQi (For PINRA offioi iMO only)

• SMiiNiuir PuUtoAfbNmofi Pmldlno Chilr

R0M8.Biirtc ~ ~ BJOMluniOili PuONoAlWflfeOr

Bruot J. NMlind 9lQfmm Dtm Nor»MlleAfMmtor

FINHADIwMeitoMlHn

Five (6) Hearina HoarmgDalee:

Total Hairtno; Sestion Fees

January 19.2010 SeptMnber i. 2010

ions X $1,200.00 OctobMT 19.2010 OdotoeraC. 2010 October 21 2010

1 sesnon 1 M»sion

2«SMiOnt 2eetslone liOff^yn

$6.000.00

$ o.eoo.oo Thm Panel has assMwed 94.600.00 of the hearino Matfor feea lo RBC Capital Markets Corporation.

The Panel hae aaaeeaed 9<*,800.00 of th* hearing tesslon ftoa jofntly and aevaraNy to Mercer CapiiBj. L.TO, Mereer Aseet Management, rno., Ron Jaeen leon. Anthony John salino, Lyrm Geidon Sehulte. Roy Cohfwi, and Tha Eitata of Leonard Cleophai Oemere.

AH balancM urn paynfrla to FINFtA OiapuAe ReeoluUon and are due upon reoelpt.

ABfiffTnWATfQfiPAWgl

Thoraao 4. Gmolnder- PubKe ArtiilfOtnr, Prosiding Chair RobBit a Bufli - Pubiio Aibitnrtor

Bruce J. Nertand- Noo-PubKo Arbilralor

Concuiring Arhiferatora' Signatures:

Thomat J. Gmelndor Public ArbHrator. Preaiding Cheir

l^ert 8. Buric Pu ioAitiif rater

Slgnocure Date

Sign oliflfe Dale

Bruoa J. Nerland Non-Public Aftttrator

Oafee of Service (For FINRA offleo use only)

Signaturs Dale

FINRA Oifptlli RMMluten ArMlnlb(iNocO»>M«20

Janunry 19.2010 1 session September 1.2010 1 session

Five (5) Hearing sessions x $1.200.00 Hearing Dates: October 19.2010 2 sessions

October 20,2010 2 sessions Qctebpr21.2010 1 $Mgl9n

$d«000.00

Totsi Hearing Session F S 0.600.00

The Panel has assessed $4,800.00 of the hearing session fees to RBC Capital Maricets Corporation.

The Pand has assessed $4,800.00 of the hearing session fees Jointly and severally to Merosr Capital, LTD. Mercer Asset Management Inc., Ron Jason Ison, Anthony John Salino, Lynn Gordon Schultz, Roy Cohen, and The Estate of Leonard Cleophas Demers,

All balances m payable to FINRA Dispute Resotutlon and are due upon receipt.

ARBiTRATlOM PANEL

Thomas J. Gmeinder- PubKo Arbitrator, Presiding Chair Robert S. Buric - Pubiie Arbitrator

Bruoe J. Neriand - Non-Publlc Aibitrator

Concurring Arbitrators' Signatures:

Thomas J. Gmavider Public Art)itrBtor, Prasiding Chair

Signature Date

Robert S.fiurk Public Arbttmi

Date of Senn'ce (For FINRA oHice use only)

Signature Date

/>-Hi> Signature Date

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