NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
In the Matter of the Arbitration Between
Richard K. Singer
Claimant
CASE «90-01841
AWARD
vs.
L.F. Rothschild & Company, Inc.
Respondent
CASE SUMMARY
In a claim filed with the National Association of Securities
Dealers, Inc. on June 28, 1990, Claimant Richard K. Singer alleged
upon his arrival at L.F. Rothschild he was presented with a written
contract that was significantly different from the oral contract
that he had previously agreed on in that it granted the Respondent
an additional avenue upon which they could draw on his Letter of
Credit and he signed the contract under duress. Claimant further
maintained the Respondent's careless and unprofessional actions and
omissions contributed materially to his lack of productivity.
Respondent L.F. Rothschild maintained the terms of the written
employment agreement were patently clear and were freely
negotiated between the parties. Respondent further maintained the
Claimant was given a reasonable amount of time to establish a
track record and since there were substantial losses, the decision
was made to terminate the relationship pursuant to the terms of the
employment agreement and further maintained it is the Claimant's
own trading decisions that resulted in the losses sustained.
RELIEF REQUESTED
Claimant requested that the written agreement be found invalid
and that he be awarded damages of Sixty-Two Thousand Six Hundred
Fifteen Dollars and Thirteen Cents ($62,615.13). Respondent L.F.
Rothschild requested dismissal of claim and that all costs be
assessed against the Claimant and all other just and equitable
relief be awarded the Respondent.
Page Two
Award 90-01841
AWARD
On December 6, 1990 the undersigned arbitrators heard the
controversy between the parties as set forth in submissions to
arbitration signed by Claimant, Richard K. Singer on June 27, 1990
and by Respondent, L.F. Rothschild and Company, Inc. on September
10, 1990. ' The hearing was conducted at the offices of the NASD
located in New York City, New York and consisted of one hearing
session. The arbitration panel, having considered the pleadings,
the testimony, and the evidence presented at the hearing, has
determined in full and final resolution of the issues submitted for
determination as follows:
—
1.
The claim by the Claimant be and hereby is
dismissed in all respects.
2.
The parties shall each bear their respective
costs including attorney's fees.
3.
Pursuant to Section 43 of the Code of
Arbitration Procedure, the National Association
of Securities Dealers, Inc. shall retain the
One Thousand One Hundred Dollar and No Cents
($1,100.00) filing fee previously deposited by
the Claimant.
/s/
Lewis Silver, Esq.
/s/
Leon Goldsholl
/s/
Joseph DaGrosa
DATED: January 14, 1991
STATE OF
COUNTY OF
On this
"^
day of
CtCc*-*-'^*^-'
, 1990, before me
personally appeared LEWIS SILVER, ESQ. to me to be the individual
described in and who executed the foregoing instriunent and be duly
acknowledged to me that he executed the same.
PATFOCIA CeSTARE
MOTARy PUBLIC. Stated N«» Yoifc
No. 4828471
ftiaaifed in Nassaj Couniy
CQBHPtoiBH CWMW ^ M i a O r l
OA.^
STATE OF
COUNTY OF
On this
day of
, 1990, before me
personally appeared LEON GOLDSHOLL to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.
STATE OF
COUNTY OF
On this
day of
,1990, before me
personally appeared JOSEPH DAGROSA to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.
STATE OF
S.S.
COUNTY OF
On this
day of
, 1990, before me
personally appeared LEWIS SILVER, ESQ. to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.
STATE OF
'^TU^'^ 'V^V^
COUNTY OF
C^'CC^f^.j^'*^
S.S,
On this
--^dV"
day of y^-o'^^w-/*^
, 1990, before me
personally appeared LEON GOLDSHOLL to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.
.
^^
ii-^i^
^ -
X
*:ri^..S5*i-
NANCY CHIN
NOTARY PUBLIC. SiaSa of New York
No.41-4f";'e8210
Qualified in Ouocnj Counly
•"Commission E.';p.'ic3 Ji.r.3 30.1991
STATE OF
o•S. •
COUNTY OF
On this
day of
, 1990, before me
personally appeared JOSEPH DAGROSA to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.
STATE OF
COUNTY OF
On this
day of
, 1990, before me
personally appeared LEWIS SILVER, ESQ. to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.
STATE OF
S.S. •
COUNTY OF
On this
day of
,1990, before me
personally appeared LEON GOLDSHOLL to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.
I I
STATE OF C - W J X ^
COUNTY OF u U j f \ c \ ^ ^
^'^'''
h^
On this Q.^^'i
day of B-^C^H^MJ
^ 1990, before me
personally appeared JOSEPH DAGROSA to me to be the individual
described in and who executed the foregoing instrument and be duly
acknowledged to me that he executed the same.