Preview
FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 09/06/2022
EXHIBIT A
FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 09/06/2022
Award
FINRA Dispute Resolution Services
In the Matter of the Arbitration Between:
Claimants Case Number: 21-00507
Katie Klein, Estate of Roy S. Dale,
Dale & Klein Partnership, and
K&R Family Limited Partnership
(a/k/a D&K Family Limited Partnership)
vs.
Respondents Hearing Site: Houston, Texas
Morgan Stanley,
Citigroup Global Markets, Inc.,
and J. Bryan Reece
Awards are rendered by independent arbitrators who are chosen by the parties to issue final,
binding decisions. FINRA makes available an arbitration forum—pursuant to rules approved by
the SEC—but has no part in deciding the award.
Nature of the Dispute: Customers vs. Members and Associated Person
This case was decided by a majority-public panel.
REPRESENTATION OF PARTIES
For Claimants Katie Klein, Estate of Roy S. Dale, Dale & Klein Partnership, and K&R Family
Limited Partnership (a/k/a D&K Family Limited Partnership), collectively, “Claimants”: William D.
Mount, Jr., Esq., Dale & Klein, L.L.P., McAllen, Texas.
For Respondent Morgan Stanley: Abigail D. Elrod, Esq., Morgan Stanley, New York, New York.
For Respondents Citigroup Global Markets, Inc. (“Citigroup”) and J. Bryan Reece (“Reece”)
collectively, referred to as “Citi Respondents”: Adam M. Kauff, Esq., Kauff Laton Miller LLP, New
York, New York.
Morgan Stanley, Citigroup, and Reece, collectively, “Respondents”.
CASE INFORMATION
Statement of Claim filed on or about: February 25, 2021.
Katie Klein signed the Submission Agreement: February 24, 2021.
Estate of Roy S. Dale, Dale & Klein Partnership, and K&R Family Limited Partnership (a/k/a
D&K Limited Family Partnerships signed the Submission Agreement: February 26, 2021.
Statement of Answer filed by Morgan Stanley on or about: April 19, 2021.
FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022
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Arbitration No. 21-00507
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Morgan Stanley signed the Submission Agreement: April 19, 2021.
Statement of Answer filed by Citi Respondents on or about: April 19, 2021.
Citigroup signed the Submission Agreement: April 21, 2021.
Reece did not sign the Submission Agreement.
CASE SUMMARY
In the Statement of Claim, Claimants asserted the following causes of action: breach of fiduciary
duty, breach of contract, and fraud by misrepresentation and omission. The causes of action
related to Claimants’ allegation that Respondents recommended securities called “Elks” and
“Pacers” that were risky, and Claimants were induced by the misrepresentations and, as a
result, suffered monetary losses.
Unless specifically admitted in the Statement of Answer, Morgan Stanley denied the allegations
made in the Statement of Claim and asserted various affirmative defenses.
Unless specifically admitted in the Statement of Answer, Citi Respondents denied the allegations
made in the Statement of Claim and asserted various affirmative defenses.
RELIEF REQUESTED
In the Statement of Claim, Claimants requested compensatory damages, punitive damages,
attorneys’ fees, all damages allowed under Claimants’ causes of action, pre-judgment interest
as provided by law, post-judgment interest as provided by law, costs, and such other and further
relief or in equity which they may show themselves justly entitled.
In the Statement of Answer, Morgan Stanley requested that the Panel dismiss all claims in the
Statement of Claim in their entirety and award it costs in defense of this proceeding.
In the Statement of Answer, Citi Respondents requested the Panel deny the Statement of Claim
in its entirety and recommend expungement of all references to this matter from Reece’s
registration records maintained by the Central Registration Depository (“CRD”).
OTHER ISSUES CONSIDERED AND DECIDED
The Arbitrators acknowledge that they have each read the pleadings and other materials filed by
the parties.
Reece did not file a properly executed Submission Agreement but is required to submit to
arbitration pursuant to the Code of Arbitration Procedure (“Code”) and, having answered the
claim, appeared, and testified at the hearing, is bound by the determination of the Panel on all
issues submitted.
On August 22, 2021, Morgan Stanley filed a Motion to Dismiss pursuant to Rule 12504 of the
Code. On October 8, 2021, Claimants filed a Response in Opposition to Morgan Stanley’s
Motion to Dismiss. On October 15, 2021, Morgan Stanley filed a Reply in Support of the Motion
to Dismiss. On November 18, 2021, Claimants filed a submission in further opposition to the
Motion to Dismiss (“November 18, 2021, Submission”).
FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022
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On August 23, 2021, Citi Respondents filed a Motion to Dismiss. On or about October 8, 2021,
Claimants filed a Response in Opposition to Citi Respondents’ Motion to Dismiss. On or about
October 15, 2021, Citi Respondents filed a Reply in Support of the Motion to Dismiss. On
November 16, 2021, Claimants file a submission (“Claimants’ November 16, 2021 Submission”),
a copy of an Order dated October 26, 2021, from the Civil Action No. 7:12-cv-00082, Roy S.
Dale, Katie P. Klein, Dale & Klein Partnership, and K&R Family Limited Partnership vs Citigroup
Global Markets, Inc., Salomon Smith Barney, Inc., Citigroup Funding, Inc., Citigroup, Inc., J.
Bryan Reece, and Morgan Stanley Smith Barney, (“Civil Action”) filed in U.S. District Court for
the Southern District of Texas. On November 23, 2021, Citi Respondents filed a response to
Claimants’ November 16, 2021, Submission. On November 24, 2021, Claimants filed a copy of
Notice of Appeal dated November 23, 2021, from the Civil Action, filed in U.S. District Court for
the Southern District of Texas.
On November 17, 2021, the Panel heard oral arguments on both Morgan Stanley’s and Citi
Respondents’ Motions to Dismiss. In an Order dated November 24, 2021, the Panel ordered
additional briefing on the Motions to Dismiss. On November 24, 2021, Morgan Stanley filed a
Sur-Reply in Further Support of its Motion to Dismiss. On December 3, 2021, Citi Respondents
filed an Opening Memorandum of Law, Reply Memorandum of Law, and November 23, 2021,
Letter submitted in response to Claimants’ November 18, 2021, Submission.
On December 16, 2021, the Panel granted Morgan Stanley’s Motion to Dismiss, pursuant to
Rule 12504(a)(6)(B) of the Code, on the grounds that Morgan Stanley had no relationship to
Claimants’ accounts or securities at issue and did not assume any liability by any agreement.
The same day, the Panel granted Citi Respondents’ Motion to Dismiss on the following grounds:
The claims are not eligible for arbitration under Rule 12206(a) of the Code since six years
elapsed from the occurrence giving rise to the claim. Additionally, the Order of the
District Court fully and finally adjudicated the merits of the claims. Under Rule
12504(a)(6)(C), Claimants had the opportunity to fully adjudicate their claims on the
merits. The tolling period for Reece expired on May 2, 2012.
Citi Respondents’ Motion to Dismiss pursuant to Rule 12206 of the Code is granted by the
Panel without prejudice to any right Claimants has to file in court; Claimants are not prohibited
from pursuing their claims in court pursuant to Rule 12206(b) of the Code.
On December 27, 2021, Reece filed a Motion for Expungement, to which no response was filed.
The Panel conducted a recorded, telephonic hearing on March 31, 2022, so the parties could
present oral argument and evidence on Reece’s request for expungement.
Claimants’ counsel participated in the expungement hearing and opposed the request for
expungement. Morgan Stanley did not participate in the expungement hearing.
The Panel reviewed Reece’s BrokerCheck® Report . The Panel noted that a prior arbitration
panel or court has not previously ruled on expungement of the same occurrence in the CRD.
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In recommending expungement, the Panel relied upon the following documentary or other
evidence: Reece’s testimony.
The Award in this matter may be executed in counterpart copies.
AWARD
After considering the pleadings, Morgan Stanley’s Motion to Dismiss, Citi Respondents’ Motion
to Dismiss and all responses thereto, and arguments presented at the recorded pre-hearing
conference on November 17, 2021, and the testimony and evidence presented at the hearing on
March 31, 2022, and any post-hearing submissions, the Panel has decided in full and final
resolution of the issues submitted for determination as follows:
1. Claimants’ claims are dismissed in their entirety.
2. The Panel recommends the expungement of all references to the above-captioned
arbitration (Occurrence Number 1599697) from registration records maintained by the CRD
for Respondent J. Bryan Reece (CRD Number 2696126) with the understanding that,
pursuant to Notice to Members 04-16, Respondent J. Bryan Reece must obtain confirmation
from a court of competent jurisdiction before the CRD will execute the expungement
directive.
Unless specifically waived in writing by FINRA, parties seeking judicial confirmation of an
arbitration award containing expungement relief must name FINRA as an additional party
and serve FINRA with all appropriate documents.
Pursuant to Rule 12805 of the Code, the Panel has made the following Rule 2080 affirmative
finding of fact:
The registered person was not involved in the alleged investment-related sales practice
violation, forgery, theft, misappropriation, or conversion of funds.
The Panel has made the above Rule 2080 finding based on the following reasons:
Reece had no involvement in the Claimants’ transactions. The evidence supported
the allegation under Rule 2080. There was no evidence disputing Reece’s
testimony.
FEES
Pursuant to the Code, the following fees are assessed:
Filing Fees
FINRA Dispute Resolution Services assessed a filing fee* for each claim:
Initial Claim Filing Fee =$ 1,575.00
Expungement Filing Fee =$ 1,575.00
*The filing fee is made up of a non-refundable and a refundable portion.
FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022
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Arbitration No. 21-00507
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Member Fees
Member fees are assessed to each member firm that is a party in these proceedings or to the
member firm(s) that employed the associated person(s) at the time of the event(s) giving rise to
the dispute. Accordingly, as parties, Morgan Stanley and Citigroup are each assessed the
following:
Member Surcharge =$ 1,900.00
Member Process Fee =$ 3,750.00
Hearing Session Fees and Assessments
The Panel has assessed hearing session fees for each session conducted. A session is any
meeting between the parties and the Arbitrator(s), including a pre-hearing conference with the
Arbitrator(s), which lasts four (4) hours or less. Fees associated with these proceedings are:
One (1) pre-hearing session with a single Arbitrator @ $450.00/session =$ 450.00
Pre-Hearing Conference: October 4, 2021 1 session
Three (3) pre-hearing sessions with the Panel @ $1,125.00/session =$ 3,375.00
Pre-Hearing Conferences: June 23, 2021 1 session
November 8, 2021 1 session
November 17, 2021 1 session
One (1) hearing session on expungement request @ $1,125.00/session =$ 1,125.00
Hearing: March 31, 2022 1 session
Total Hearing Session Fees =$ 4,950.00
The Panel has assessed $3,037.50 of the hearing session fees jointly and severally to
Claimants.
The Panel has assessed $393.75 of the hearing session fees to Morgan Stanley.
The Panel has assessed $393.75 of the hearing session fees to Citigroup.
The Panel has assessed $1,125.00 of the hearing session fees to Reece.
All balances are payable to FINRA Dispute Resolution Services and are due upon receipt.
FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022
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ARBITRATION PANEL
David C. Redford - Public Arbitrator, Presiding Chairperson
Stephanie E. Simmons - Public Arbitrator
Cynthia Ann Kittle - Non-Public Arbitrator
I, the undersigned Arbitrator, do hereby affirm that I am the individual described herein and who
executed this instrument, which is my award.
Concurring Arbitrators' Signatures
David C. Redford 04/13/2022
David C. Redford Signature Date
Public Arbitrator, Presiding Chairperson
Stephanie E. Simmons 04/13/2022
Stephanie E. Simmons Signature Date
Public Arbitrator
Cynthia Ann Kittle 04/13/2022
Cynthia Ann Kittle Signature Date
Non-Public Arbitrator
Awards are rendered by independent arbitrators who are chosen by the parties to issue final,
binding decisions. FINRA makes available an arbitration forum—pursuant to rules approved by
the SEC—but has no part in deciding the award.
April 14, 2022
Date of Service (For FINRA Dispute Resolution Services use only)
Preview
FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 09/06/2022 EXHIBIT A FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 09/06/2022 Award FINRA Dispute Resolution Services In the Matter of the Arbitration Between: Claimants Case Number: 21-00507 Katie Klein, Estate of Roy S. Dale, Dale & Klein Partnership, and K&R Family Limited Partnership (a/k/a D&K Family Limited Partnership) vs. Respondents Hearing Site: Houston, Texas Morgan Stanley, Citigroup Global Markets, Inc., and J. Bryan Reece Awards are rendered by independent arbitrators who are chosen by the parties to issue final, binding decisions. FINRA makes available an arbitration forum—pursuant to rules approved by the SEC—but has no part in deciding the award. Nature of the Dispute: Customers vs. Members and Associated Person This case was decided by a majority-public panel. REPRESENTATION OF PARTIES For Claimants Katie Klein, Estate of Roy S. Dale, Dale & Klein Partnership, and K&R Family Limited Partnership (a/k/a D&K Family Limited Partnership), collectively, “Claimants”: William D. Mount, Jr., Esq., Dale & Klein, L.L.P., McAllen, Texas. For Respondent Morgan Stanley: Abigail D. Elrod, Esq., Morgan Stanley, New York, New York. For Respondents Citigroup Global Markets, Inc. (“Citigroup”) and J. Bryan Reece (“Reece”) collectively, referred to as “Citi Respondents”: Adam M. Kauff, Esq., Kauff Laton Miller LLP, New York, New York. Morgan Stanley, Citigroup, and Reece, collectively, “Respondents”. CASE INFORMATION Statement of Claim filed on or about: February 25, 2021. Katie Klein signed the Submission Agreement: February 24, 2021. Estate of Roy S. Dale, Dale & Klein Partnership, and K&R Family Limited Partnership (a/k/a D&K Limited Family Partnerships signed the Submission Agreement: February 26, 2021. Statement of Answer filed by Morgan Stanley on or about: April 19, 2021. FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022 NYSCEF FINRA DOC. NO. 2 Dispute Resolution Services RECEIVED NYSCEF: 09/06/2022 Arbitration No. 21-00507 Award Page 2 of 6 Morgan Stanley signed the Submission Agreement: April 19, 2021. Statement of Answer filed by Citi Respondents on or about: April 19, 2021. Citigroup signed the Submission Agreement: April 21, 2021. Reece did not sign the Submission Agreement. CASE SUMMARY In the Statement of Claim, Claimants asserted the following causes of action: breach of fiduciary duty, breach of contract, and fraud by misrepresentation and omission. The causes of action related to Claimants’ allegation that Respondents recommended securities called “Elks” and “Pacers” that were risky, and Claimants were induced by the misrepresentations and, as a result, suffered monetary losses. Unless specifically admitted in the Statement of Answer, Morgan Stanley denied the allegations made in the Statement of Claim and asserted various affirmative defenses. Unless specifically admitted in the Statement of Answer, Citi Respondents denied the allegations made in the Statement of Claim and asserted various affirmative defenses. RELIEF REQUESTED In the Statement of Claim, Claimants requested compensatory damages, punitive damages, attorneys’ fees, all damages allowed under Claimants’ causes of action, pre-judgment interest as provided by law, post-judgment interest as provided by law, costs, and such other and further relief or in equity which they may show themselves justly entitled. In the Statement of Answer, Morgan Stanley requested that the Panel dismiss all claims in the Statement of Claim in their entirety and award it costs in defense of this proceeding. In the Statement of Answer, Citi Respondents requested the Panel deny the Statement of Claim in its entirety and recommend expungement of all references to this matter from Reece’s registration records maintained by the Central Registration Depository (“CRD”). OTHER ISSUES CONSIDERED AND DECIDED The Arbitrators acknowledge that they have each read the pleadings and other materials filed by the parties. Reece did not file a properly executed Submission Agreement but is required to submit to arbitration pursuant to the Code of Arbitration Procedure (“Code”) and, having answered the claim, appeared, and testified at the hearing, is bound by the determination of the Panel on all issues submitted. On August 22, 2021, Morgan Stanley filed a Motion to Dismiss pursuant to Rule 12504 of the Code. On October 8, 2021, Claimants filed a Response in Opposition to Morgan Stanley’s Motion to Dismiss. On October 15, 2021, Morgan Stanley filed a Reply in Support of the Motion to Dismiss. On November 18, 2021, Claimants filed a submission in further opposition to the Motion to Dismiss (“November 18, 2021, Submission”). FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022 NYSCEF FINRA DOC. NO. 2 Dispute Resolution Services RECEIVED NYSCEF: 09/06/2022 Arbitration No. 21-00507 Award Page 3 of 6 On August 23, 2021, Citi Respondents filed a Motion to Dismiss. On or about October 8, 2021, Claimants filed a Response in Opposition to Citi Respondents’ Motion to Dismiss. On or about October 15, 2021, Citi Respondents filed a Reply in Support of the Motion to Dismiss. On November 16, 2021, Claimants file a submission (“Claimants’ November 16, 2021 Submission”), a copy of an Order dated October 26, 2021, from the Civil Action No. 7:12-cv-00082, Roy S. Dale, Katie P. Klein, Dale & Klein Partnership, and K&R Family Limited Partnership vs Citigroup Global Markets, Inc., Salomon Smith Barney, Inc., Citigroup Funding, Inc., Citigroup, Inc., J. Bryan Reece, and Morgan Stanley Smith Barney, (“Civil Action”) filed in U.S. District Court for the Southern District of Texas. On November 23, 2021, Citi Respondents filed a response to Claimants’ November 16, 2021, Submission. On November 24, 2021, Claimants filed a copy of Notice of Appeal dated November 23, 2021, from the Civil Action, filed in U.S. District Court for the Southern District of Texas. On November 17, 2021, the Panel heard oral arguments on both Morgan Stanley’s and Citi Respondents’ Motions to Dismiss. In an Order dated November 24, 2021, the Panel ordered additional briefing on the Motions to Dismiss. On November 24, 2021, Morgan Stanley filed a Sur-Reply in Further Support of its Motion to Dismiss. On December 3, 2021, Citi Respondents filed an Opening Memorandum of Law, Reply Memorandum of Law, and November 23, 2021, Letter submitted in response to Claimants’ November 18, 2021, Submission. On December 16, 2021, the Panel granted Morgan Stanley’s Motion to Dismiss, pursuant to Rule 12504(a)(6)(B) of the Code, on the grounds that Morgan Stanley had no relationship to Claimants’ accounts or securities at issue and did not assume any liability by any agreement. The same day, the Panel granted Citi Respondents’ Motion to Dismiss on the following grounds: The claims are not eligible for arbitration under Rule 12206(a) of the Code since six years elapsed from the occurrence giving rise to the claim. Additionally, the Order of the District Court fully and finally adjudicated the merits of the claims. Under Rule 12504(a)(6)(C), Claimants had the opportunity to fully adjudicate their claims on the merits. The tolling period for Reece expired on May 2, 2012. Citi Respondents’ Motion to Dismiss pursuant to Rule 12206 of the Code is granted by the Panel without prejudice to any right Claimants has to file in court; Claimants are not prohibited from pursuing their claims in court pursuant to Rule 12206(b) of the Code. On December 27, 2021, Reece filed a Motion for Expungement, to which no response was filed. The Panel conducted a recorded, telephonic hearing on March 31, 2022, so the parties could present oral argument and evidence on Reece’s request for expungement. Claimants’ counsel participated in the expungement hearing and opposed the request for expungement. Morgan Stanley did not participate in the expungement hearing. The Panel reviewed Reece’s BrokerCheck® Report . The Panel noted that a prior arbitration panel or court has not previously ruled on expungement of the same occurrence in the CRD. FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022 NYSCEF FINRA DOC. NO. 2 Dispute Resolution Services RECEIVED NYSCEF: 09/06/2022 Arbitration No. 21-00507 Award Page 4 of 6 In recommending expungement, the Panel relied upon the following documentary or other evidence: Reece’s testimony. The Award in this matter may be executed in counterpart copies. AWARD After considering the pleadings, Morgan Stanley’s Motion to Dismiss, Citi Respondents’ Motion to Dismiss and all responses thereto, and arguments presented at the recorded pre-hearing conference on November 17, 2021, and the testimony and evidence presented at the hearing on March 31, 2022, and any post-hearing submissions, the Panel has decided in full and final resolution of the issues submitted for determination as follows: 1. Claimants’ claims are dismissed in their entirety. 2. The Panel recommends the expungement of all references to the above-captioned arbitration (Occurrence Number 1599697) from registration records maintained by the CRD for Respondent J. Bryan Reece (CRD Number 2696126) with the understanding that, pursuant to Notice to Members 04-16, Respondent J. Bryan Reece must obtain confirmation from a court of competent jurisdiction before the CRD will execute the expungement directive. Unless specifically waived in writing by FINRA, parties seeking judicial confirmation of an arbitration award containing expungement relief must name FINRA as an additional party and serve FINRA with all appropriate documents. Pursuant to Rule 12805 of the Code, the Panel has made the following Rule 2080 affirmative finding of fact: The registered person was not involved in the alleged investment-related sales practice violation, forgery, theft, misappropriation, or conversion of funds. The Panel has made the above Rule 2080 finding based on the following reasons: Reece had no involvement in the Claimants’ transactions. The evidence supported the allegation under Rule 2080. There was no evidence disputing Reece’s testimony. FEES Pursuant to the Code, the following fees are assessed: Filing Fees FINRA Dispute Resolution Services assessed a filing fee* for each claim: Initial Claim Filing Fee =$ 1,575.00 Expungement Filing Fee =$ 1,575.00 *The filing fee is made up of a non-refundable and a refundable portion. FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022 NYSCEF FINRA DOC. NO. 2 Dispute Resolution Services RECEIVED NYSCEF: 09/06/2022 Arbitration No. 21-00507 Award Page 5 of 6 Member Fees Member fees are assessed to each member firm that is a party in these proceedings or to the member firm(s) that employed the associated person(s) at the time of the event(s) giving rise to the dispute. Accordingly, as parties, Morgan Stanley and Citigroup are each assessed the following: Member Surcharge =$ 1,900.00 Member Process Fee =$ 3,750.00 Hearing Session Fees and Assessments The Panel has assessed hearing session fees for each session conducted. A session is any meeting between the parties and the Arbitrator(s), including a pre-hearing conference with the Arbitrator(s), which lasts four (4) hours or less. Fees associated with these proceedings are: One (1) pre-hearing session with a single Arbitrator @ $450.00/session =$ 450.00 Pre-Hearing Conference: October 4, 2021 1 session Three (3) pre-hearing sessions with the Panel @ $1,125.00/session =$ 3,375.00 Pre-Hearing Conferences: June 23, 2021 1 session November 8, 2021 1 session November 17, 2021 1 session One (1) hearing session on expungement request @ $1,125.00/session =$ 1,125.00 Hearing: March 31, 2022 1 session Total Hearing Session Fees =$ 4,950.00 The Panel has assessed $3,037.50 of the hearing session fees jointly and severally to Claimants. The Panel has assessed $393.75 of the hearing session fees to Morgan Stanley. The Panel has assessed $393.75 of the hearing session fees to Citigroup. The Panel has assessed $1,125.00 of the hearing session fees to Reece. All balances are payable to FINRA Dispute Resolution Services and are due upon receipt. FILED: NEW YORK COUNTY CLERK 09/06/2022 02:56 PM INDEX NO. 653226/2022 NYSCEF FINRA DOC. NO. 2 Dispute Resolution Services RECEIVED NYSCEF: 09/06/2022 Arbitration No. 21-00507 Award Page 6 of 6 ARBITRATION PANEL David C. Redford - Public Arbitrator, Presiding Chairperson Stephanie E. Simmons - Public Arbitrator Cynthia Ann Kittle - Non-Public Arbitrator I, the undersigned Arbitrator, do hereby affirm that I am the individual described herein and who executed this instrument, which is my award. Concurring Arbitrators' Signatures David C. Redford 04/13/2022 David C. Redford Signature Date Public Arbitrator, Presiding Chairperson Stephanie E. Simmons 04/13/2022 Stephanie E. Simmons Signature Date Public Arbitrator Cynthia Ann Kittle 04/13/2022 Cynthia Ann Kittle Signature Date Non-Public Arbitrator Awards are rendered by independent arbitrators who are chosen by the parties to issue final, binding decisions. FINRA makes available an arbitration forum—pursuant to rules approved by the SEC—but has no part in deciding the award. April 14, 2022 Date of Service (For FINRA Dispute Resolution Services use only)