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Securities Arbitration 2017


Speaker(s): Beverly Jo Slaughter, Bruce Sanders, Christopher Coss, Christopher N Lewis, Darya Geetter, Diane Ciccone, Gerri Walsh, Glenn Gitomer, Harry T. Walters, James D. Yellen, Jill Clarke, Jill I. Gross, Joseph S. Simms, Kenneth L. Andrichik, Manly Ray, Marnie C. Lambert, Mike Alford, Paul B. Marrow, Philip S. Cottone, Richard W. Berry, Ryan K. Bakhtiari, Samuel Edwards, Sandra D. Grannum, Sandra J. Mullings, Seth E. Lipner, Steven B. Caruso, Teresa J. Verges, Tracey Salmon-Smith
Recorded on: Sep. 27, 2017
PLI Program #: 186676

Seth E. Lipner is a Professor of Law at the Zicklin School of Business of Bernard M. Baruch College (CUNY) in New York City, and a member of the firm Deutsch & Lipner in Garden City, New York.
Professor Lipner is the author of numerous scholarly articles and law books, including SECURITIES ARBITRATION DESK REFERENCE, co-authored with Professors Joe C. Long and William Jacobson, and published each year by West Publishing. As a member of Deutsch & Lipner, Mr. Lipner focuses his practice on representing investors and other individuals with grievances against providers of financial services.

Professor Lipner was a founder of PIABA when it was created in 1990. He served as President in 1994-1995, and again in 2000-200 l. He served as Secretary to the organization and on its Board of Directors since the organization's inception until 2006, and now holds the title "Director Emeritus." Professor Lipner has appeared on CNN, NPR, BBC and the Wall Street Journal Report, and is often quoted in publications such as Forbes, The New York Times, Reuters, Business Week, Newsweek, the Wall Street Journal, Newsday, the New York Law Journal and the National Law Journal.
Professor Lipner speaks often to bar groups, and in continuing legal education programs, including the New York State Bar Association, Practicing Law Institute and PIABA. He served on the National Arbitration and Mediation Committee of the NASO from 1998 to 2002, and was at one time a member of the Board of Editors at Securities Arbitration Commentator. He is now on the Editorial Board of the PIABA Bar Journal, and is a regular contributor to the Journal.

Along with Lisa Catalano, he is the author of"The Tort of Giving Negligent Investment Advice," 39 University of Memphis Law Review 663 (2009). His most recent law review article, "The Expungement of Customer Complaint CRD Information Following the Settlement of a FINRA Arbitration," is at 19 Fordham Journal of Corporate & Financial Law 57 (2013). Professor Lipner's
numerous columns and other writings can be found at DeutschLipner.com. and Forbes.com.


Beverly Jo Slaughter is a Senior Managing Counsel in the Wealth Investment Management Litigation Section of the Wells Fargo Corporate Legal Department. Her team defends the company and its Financial Advisors in litigation before FINRA and various state and federal courts. The team also administers the Protocol for Broker Recruiting for Wells Fargo and advises on risk mitigation generally.

Ms. Slaughter obtained her J.D. from the Fordham University School of Law in 1997.

Ms. Slaughter regularly speaks on securities litigation and regulation and employee mobility before the NBA, the SIFMA Legal and Compliance Section and the Federal Bar Council. 

 


Bruce Sanders has considerable experience in financial and investor protection law. After earning his law degree from the University of Michigan School of Law, he began his legal career with the Securities and Exchange Commission - Enforcement Division where he handled numerous financial and investor protection cases involving the misconduct of financial professionals, including stock brokers, investment advisors, and investment bankers, as well as publicly traded corporations. He later served as Regional Counsel for the predecessor to the Financial Industry Regulatory Authority (“FINRA”), continuing the important work of protecting investors and enforcing investor protection laws against financial professionals. Mr. Sanders also served as trial attorney in the Department of Justice- Bank and Securities Fraud Section, and was responsible for prosecuting some of the Department’s most important financial fraud cases.

Since entering private practice, Mr. Sanders has served as counsel to many investors, corporations, broker-dealers and others, including representing investors involved in disputes with some of Wall Street’s largest financial services firms. He has also represented many investors, including professional athletes in the NBA and NFL, involved in financial transactions. He served as counsel to the investment banking team that financed the construction of the Verizon Center in Washington, DC, home of the NBA’s Wizards and NHL’s Capitols.  Mr. Sanders has represented many investors in FINRA sponsored securities arbitration matters which have resulted in substantial monetary recoveries of investor money from financial professionals and firms. He has also served as Chairman on many FINRA sponsored arbitration panels rendering final decisions in disputes between investors and FINRA member firms and brokers.

Mr. Sanders was delighted when Howard University School of Law hired him in 2010 to return to the law school, where he previously taught Securities Law, to develop and run a new Investor Justice & Education Clinical Law Program (the “IJEC”) initially funded by a generous grant from the FINRA Investor Education Foundation. Mr. Sanders developed the curriculum for the IJEC, teaches and trains the student attorneys, and supervises the many securities arbitration cases for the IJEC’s investor clients.  The IJEC provides free legal services to underserved investors involved in disputes with their financial professionals and FINRA-DR arbitration proceedings. The IJEC also provides investor protection education programs for the investing community, including schools, colleges, universities, churches, senior citizen groups, scout troops, fraternities, sororities, and other organizations.

As a result of his considerable financial and investor protection experience, Mr. Sanders has been retained to provide expert legal and regulatory counsel on many financial market development projects in Asia, Africa, Eastern Europe, and the Caribbean. He has developed and run education and training programs for investors, financial professionals, and regulators from over fifty countries including the Republics of Ethiopia, Philippines, Lithuania, Moldova, India, Malaysia, Romania, as well as the Eastern Caribbean Securities Market based in St. Kitts & Nevis, West Indies.


Chris Lewis joined Edward Jones in 2007 as a principal and deputy general counsel in the Legal division. In 2015, he was named general counsel and is responsible for leading all associates who provide legal support to the firm.

A graduate of Columbia University School of Law as a Harlan Fiske Stone Scholar, Lewis is a member of the Securities Industry and Financial Markets Association (SIFMA) General Counsel Committee.

Lewis serves as a member of the board of directors of Big Brothers Big Sisters of Eastern Missouri, St. Louis Children’s Hospital Foundation, Missouri Botanical Garden and is a member of the Board of Trustees at Manhattanville College in Purchase, N.Y.


Darya Geetter is an Executive Vice President, Deputy General Counsel, at LPL Financial.  She is responsible for managing all litigation and arbitration matters impacting the company and its advisors.  She also leads the firm’s insurance program, placing all coverage. 

Darya has been practicing for over 25 years and was formerly at MF Global Holdings Ltd., where she served as Global Head of Litigation and Deputy General Counsel with responsibility for coordinating all litigation globally, managing all U.S. regulatory relationships, and leading internal investigations.

In earlier roles, Darya served as Deputy General Counsel and Executive Director at UBS Financial Services; Managing Director/Principal at Bear, Stearns & Co. Inc.; Counsel at Hogan & Hartson LLP; and held several roles at the US Department of Justice, including Senior Trial Attorney in the Civil Rights Division and Assistant U.S. Attorney for the District of Columbia.

Darya earned a J.D. from New York University School of Law and a Bachelor of Arts with Honors from the University of Chicago.  She clerked for a U.S. District Court judge in New Orleans, LA and is admitted to practice in the District of Columbia, New York, Massachusetts, and various U.S. district and appellate courts.  She is currently on the FINRA NAMC and is Chair of the SIFMA Arbitration Committee.


Experience: Over 46 years of experience. Alternate Dispute Resolution experience includes service as an arbitrator resolving cases that involve a broad range of business issues including business dissolution, consumer contracts, construction contracts, computer technology, insurance contracts, credit and loan agreements, employment contracts and disputes involving securities with an emphasis on claims against securities brokers and underwriters.

Member, Board of Managers, Charter Institute of Arbitrators, London, England. Member, State of New York Grievance Committee for the Ninth Judicial District.  Former Chairman of the Grievance Committee for the Westchester County Bar Association. Adjunct Member of the Regents Review Committee, an administrative law appellate panel that primarily hears appeals from professional misconduct decisions by state boards for professional groups licensed and regulate by the New York State Department of Education.

Arbitration Panel Memberships: American Arbitration Association, Commercial Panel, FINRA, National Arbitration and Mediation, Panel of Arbitrators at the National Futures Exchange, United States Council for International Business (USCIB) of the International Chamber of Commerce (ICC); Kuala Lumpur Regional Centre for Arbitration, Kuala Lumpur, Malaysia. Member, International Panel, British Columbia International Commercial Centre, Vancouver, Canada

Professional Licenses: Admitted to the Bar, New York State, First Department, 1969; U.S. Court of Appeals, 2nd Circuit, 1970; U.S. District Court, Southern District for New York, 1978; U.S. Tax Court, 1980

Professional Associations: American Bar Association (Member, Dispute Resolution Section); New York State Bar Association (Member, Arbitration Committee); Westchester County Bar Association (Member Dispute Resolutions Committee, Grievance Committee). Fellow (FCIArb), Chartered Institute of Arbitrators, London, England (Chairman, Assessment & Examinations Board)

Education: Case Western Reserve University (BA-1966); New York Law School (JD1969). Academic Honors: Editor, New York Law School Law Review; Nathaniel L. Goldstein American Jurisprudence Award for Constitutional Law.

Academic Activities:

Adjunct Professor, New York Law School teaching Domestic Arbitration

Guest Lecturer, New School for Social Research, New York, New York;

CPR, International Institute for Conflict Prevention & Resolution New York Law School

Approved Faculty Member, Chartered Institute of Arbitrators, London, England

Faculty, American Arbitration Association University


Gerri Walsh is Senior Vice President of Investor Education at the Financial Industry Regulatory Authority (FINRA).  In this capacity, she is responsible for the development and operations of FINRA’s investor education program.  She is also President of the FINRA Investor Education Foundation, where she manages the Foundation’s grant making and programmatic efforts to educate and protect investors.  Her work focuses especially on traditionally underinvested groups of Americans, including young adults, women, Native Americans and members of U.S. military.  She joined FINRA in May 2006.

From February 2002 to April 2006, Ms. Walsh served as Deputy Director of the Securities and Exchange Commission’s Office of Investor Education and Assistance (OIEA).  In that capacity, she managed the agency’s investor education program, oversaw the handling of investor complaints and questions, and advised senior agency staff on policy matters relating to investor protection.  She previously worked for four years as the Special Counsel to the Director of OIEA and three years as a senior attorney in the SEC’s Division of Enforcement where she investigated and prosecuted violators of the federal securities laws.  During her tenure at the SEC, Ms. Walsh received the 2004 SEC Law & Policy Award in connection with focus group initiatives for the agency’s proposed point of sale disclosure rules, the Department of Agriculture’s 2002 Honor Award of Excellence for participating on an inter-agency team that developed financial literacy programs, and the SEC’s 2001 Productivity Improvement Award as part of the team that overhauled and redesigned the agency’s Web site.

Prior to joining the SEC in 1994, Ms. Walsh was an associate with Hogan & Hartson, a Washington, D.C. law firm.  She received her J.D. from N.Y.U. School of Law in 1989 and her B.A., magna cum laude, from Amherst College in 1985.  She is a member of the New York and District of Columbia bars. She is on the Board of Gifts for the Homeless, Inc. (a non-profit, all-volunteer organization dedicated to clothing the homeless in the greater D.C. area) and she also serves as Vice President for New Clothing Purchases.


Joseph S. Simms is a partner at Koehler Fitzgerald LLC who focuses his practice on commercial and business litigation, complex securities litigation and arbitration, and regulatory investigations and inquiries for financial institutions.

With over two decades of legal experience, Mr. Simms specializes in complex business disputes, commercial litigation, and alternative dispute resolution. He represents public and private companies and individuals in the financial services, banking, brokerage, insurance, real estate, manufacturing, and construction industries in a wide array of cases involving breach of contract and fraud claims, issues relating to claims of unfair competition and trade secrets violations, and general tort litigation. His primary focus is complex securities litigation and arbitration, financial institution litigation, regulatory investigations and inquiries, and broker-dealer liability defense, in which he represents brokers, broker-dealers, investment advisors, banks, and insurance companies in claims involving allegations of professional misconduct.

An accomplished litigator and counselor, Mr. Simms has been named to the Ohio Super Lawyers list, a designation reserved for only 5% of Ohio lawyers, and has achieved Martindale-Hubbell's highest ranking, AV Preeminent®. According to feedback obtained during the rating process, Mr. Simms was described as an attorney who "excels at determining a strategy that is cost-effective for the client and then expertly executing that strategy through top-notch work product and advocacy," and was recognized as an "excellent lawyer with a wide range of experience and knowledge," who is "among the top defense counsel in the broker-dealer bar."

Mr. Simms also writes and speaks frequently throughout the State of Ohio and nationwide on topics of interest to litigators and financial services professionals, and is an active member of the Defense Research Institute (DRI), Ohio Association of Civil Trial Attorneys (OACTA) and Securities Industry and Financial Markets Association (SIFMA). He also serves as the co-chair of the Securities Arbitration Subcommittee of the American Bar Association's Litigation Section, and is the Secretary and Immediate Past Treasurer of the Litigation Section of the Ohio State Bar Association.

When Mr. Simms is not working, he enjoys spending time with his family and volunteering for various organizations that help improve the lives, health, well-being and education of the children of our community.


Manly Ray is the Southeast Regional Director for FINRA’s Office of Dispute Resolution.  He has over 25 years of experience in the securities, legal and business professions, including the past 19 years with FINRA.

Manly began his FINRA career with the Office of Hearing Officers in Washington, DC in 1998 where he worked until August 2005.  At the Office of Hearing Officers, Manly held the position of Chief Case Administrator and was responsible for managing the Deputy Chief Hearing Officer’s caseload in addition to supervising all Case Administrators.  In August 2005, Manly moved to Boca Raton for a position in FINRA’s Member Regulation Department as a Compliance Specialist.  He was later promoted to Examination Manager and supervised a team of cycle examiners.  In May 2010, Manly assumed his current role as the Southeast Regional Director, where he is responsible for the day-to-day operations of the Southeast Regional dispute resolution office.

Prior to joining FINRA, Manly worked as a paralegal for the law firm of Piper & Marbury, LLP and in the arbitration group for MCI Communications.

Manly has a Bachelor of Science degree from Virginia Tech.  He is a Certified Regulatory Compliance Professional, has attended FINRA’s Examiner University program, and has completed coursework in mediation skills and process.  Manly earned FINRA’s Excellence in Service Award in 2002, FINRA’s President’s Award in 2000, and the 1994 Pro Bono Award from Piper & Marbury LLP for outstanding casework on a class action sexual harassment lawsuit.


Marnie C. Lambert is a 1992 graduate of the Pepperdine University School of Law in Malibu, California. She has spent more than a decade representing investors across the country in securities disputes with their brokerage firms in both FINRA arbitrations and in court.  She has been on the Board of Directors for the Public Investors Arbitration Bar Association (PIABA) since 2012 and she currently serves as President.

Ms. Lambert has a reputation for her no-nonsense approach to cases and she is well-respected by clients, co-counsel, opposing counsel, arbitrators and mediators alike.  She is licensed to practice law in the states of Ohio and California and in all United States District Courts in Ohio and California.


Mike Alford is currently employed as Senior Vice President and Deputy General Counsel for Raymond James Financial, Inc., a diversified financial services holding company whose subsidiaries engage in securities brokerage, investment banking, asset management and banking services.  In his current role, Mike manages the firm’s litigation and dispute resolution efforts across all business lines. His duties include selection and management of outside counsel relationships and supervision of an in house litigation team. In addition, the firm’s Seniors and At Risk Investor Task Force reports up to Mike. He joined Raymond James in August of 1994. During his tenure with the firm Mike has managed attorney teams responsible for Regulatory Enforcement, Equity Capital Markets, Fixed Income, Asset Management and Human Resources.

From 1989 through 1993, Mike was employed by PaineWebber, Inc. as in-house counsel.  While at PaineWebber, he divided his time between securities litigation and employment disputes, including statutory discrimination claims.  Prior to PaineWebber, Mike was a litigation associate with Holland & Knight in Miami, where his practice areas included general commercial litigation and labor law.

Mike attended the University of Florida, graduating with honors from the College of Law in 1986 where he served on the Editorial Board of the University of Florida Law Review.  In addition, he is a member of the Florida Chapter of the Order of the Coif.

Mike is a member of the Board of Arbitrators and has served in that capacity with FINRA, the American Arbitration Association, and the National Futures Association.  Professional memberships include The Florida Bar, the American Bar Association and SIFMA’s Complianc and Legal Society.  Mike served two terms as a founding member of the NASD Florida Advisory Council on Arbitration and spent 15 years as a member of SIFMA’s National Arbitration and Litigation Committee.  He currently holds a number of securities licenses, including the Series 7, 9, 10 and 24, and serves on the SIFMA-CL Executive Committee.


Professor Jill I. Gross is a nationally known expert in the field of securities dispute resolution, and teaches courses in the areas of dispute resolution, ethics, securities law and lawyering skills. She was the James D. Hopkins Professor of Law, a two-year rotating endowed Chair, from 2013-2015, Director of the Investor Rights Clinic from 1999-2015, and Director of Legal Skills Programs from 2010-2015. She also has taught at Cornell Law School, UNLV’s Boyd School of Law and Benjamin N. Cardozo School of Law.

She is an author of the preeminent hornbook, Broker-Dealer Law and Regulation (Wolters Kluwer 4th ed. annually updated) (with J. Fanto and N. Poser), has published dozens of book chapters and articles on the negotiation, mediation and arbitration of securities and other commercial disputes, and is a Senior Contributing Editor to the Securities Online Litigation Alert. She has chaired the AALS Section of Dispute Resolution, the Securities ADR Committee of the ABA Section of Dispute Resolution and the Practising Law Institute’s annual Securities Arbitration program. She is an arbitrator for the American Arbitration Association, FINRA’s Office of Dispute Resolution, and the National Futures Association, and a member of the Securities Experts Roundtable. She is a former public member of the FINRA National Arbitration and Mediation Committee, and a current member of the President’s Council of Cornell Women. She has been quoted dozens of times in the national media, and retained as an expert in securities arbitrations, litigations and enforcement proceedings. 

Before entering legal education, Professor Gross was an attorney in the New York City firms of Kaye Scholer LLP, Morvillo Abramowitz Grand Iason & Silberberg, and Parcher Hayes & Snyder, representing clients in white collar criminal and securities enforcement proceedings, securities arbitrations, and other commercial litigation. She received an A.B. magna cum laude, Phi Beta Kappa, from Cornell University and a J.D. cum laude from Harvard Law School.


Richard W. Berry is Executive Vice President and Director, Office of Dispute Resolution.

Prior to serving in this capacity, Mr. Berry was Senior Vice President, Dispute Resolution. In that role, he oversaw the four regional offices—New York, Boca Raton, Chicago and Los Angeles—and the New York Case Administration unit.

Mr. Berry joined FINRA, then NASD, in 1995 as head of Dispute Resolution's Los Angeles satellite office. In 2001, he was named Director of Case Administration in the New York City office. Mr. Berry serves as Executive Champion of FINRA’s Toastmasters Clubs.

Prior to joining FINRA, he taught American law for one year in Budapest. Mr. Berry began his career practicing law in San Francisco. He is a graduate of the University of California at Santa Barbara and Hastings College of the Law. Mr. Berry is a member of the California Bar.


Sandra Mullings is an Associate Professor of Law at the Zicklin School of Business, Baruch College, City University of New York. She has served as an arbitrator for FINRA and its predecessor since 1994.    

Professor Mullings is a graduate of Yale Law School.  Prior to joining the faculty at Baruch, she was a partner in a New York City law firm, doing general commercial litigation. She has several publications, primarily in the area of employment law.


Steven B. Caruso, the Resident Partner in the New York City office of Maddox Hargett & Caruso, P.C. (www.investorprotection.com), concentrates his practice on the representation of individual, high net worth and institutional investors in securities arbitration and litigation proceedings.

Mr. Caruso is the Chairman and a public member of the National Arbitration and Mediation Committee (“NAMC”) of the Financial Industry Regulatory Authority (“FINRA”); former Chairman of the Discovery Task Force Committee of FINRA; former member of the Nasdaq OMX BX Arbitration Committee; former member of the Securities Investor Protection Corporation  (SIPC) Modernization Task Force; Director Emeritus and former President of the Public Investors Arbitration Bar Association (“PIABA”); and has testified before the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, in March 2012 and September 2010.

Among the publications that Mr. Caruso has authored are An Introduction to FINRA’s National Arbitration and Mediation Committee, The Neutral Corner, FINRA Dispute Resolution, Vol. No. 1 (2018); Post-Settlement Expungements: An Investor Protection Problem that Continues to Wait for a FINRA Solution, Practising Law Institute, Securities Arbitration (September 2017); Non-Attorney Representatives – Do They Present a Clear & Present Danger to the Integrity of FINRA Arbitration, Association of the Bar of the City of New York, New York, N.Y. (May 2017); Arbitrator Disclosures: Requests for Additional Information, The Neutral Corner, FINRA Dispute Resolution, Vol. No. 4 (December 2016); Ethical Implications of the Phantom Designation of Expert Witnesses in FINRA Securities Arbitration Proceedings, Practising Law Institute, Securities Arbitration (September 2016); Definition of a FINRA Customer: To Be or Not To Be – That Is the Ultimate Question, Practising Law Institute, Securities Arbitration (July 2015); Discovery in FINRA Arbitration, The Neutral Corner, FINRA Dispute Resolution, Vol. No. 2 (2015); FINRA Six-Year Eligibility Rule 12206: The Purchase Date is Often Not the Triggering Occurrence or Event Giving Rise to the Claim, PIABA Bar Journal, Volume 20, No. 1 (September 2013); All Public Arbitrator Panels: A More Level Playing Field, Practising Law Institute, Securities Arbitration (August 2013); Arbitrator Challenges Under the FINRA Code of Arbitration Procedure for Customer Disputes, Practicing Law Institute, Securities Arbitration (August 2010); The Mandatory Industry Arbitrator: An Endangered Species on the Precipice of Extinction, Practising Law Institute, Securities Arbitration (August 2009); Sunshine May be the Best Disinfectant for What Ails Securities Arbitration: A Discussion of the 2008 SICA Empirical Study of Fairness, Practising Law Institute, Securities Arbitration (August 2008); Effective Closing Statements From the Perspective of Counsel for the Customer-Claimant, New York State Bar Association, Securities Arbitration 2007 (November 2007); Essential Principles for Honorable Arbitrators, Practising Law Institute, Securities Arbitration (August 2007); Motions to Dismiss: A Predatory Tactic That Must be Extinguished, Association of the Bar of the City of New York, New York, N.Y. (June 2007); Ethical Standards for Securities Arbitrators: A Statistical Perspective of Potential Partiality (Bias), Practising Law Institute, Securities Arbitration (August 2006); Arbitrator Training in the Securities Dispute Arena, The Review of Securities & Commodities Regulation (January 2005); Discovery Objections Which are Irrelevant, Unduly Burdensome and are Reasonably Calculated to Lead to the Concealment of Admissible Evidence, New York State Bar Association, Securities Arbitration 2004 (October 2004); Model Arbitrator Instructions: Luxury or Emerging Necessity, Practising Law Institute, Securities Arbitration (August 2004); Ethical Considerations in Settlement Agreements, Association of the Bar of the City of New York, New York, N.Y. (June 2004); Examination of the Adverse Broker: Unimpeachable Questions with an Internet Twist, Practising Law Institute, Securities Arbitration (August 2001); On-Line Trading: The New Frontier, Practising Law Institute, Securities Arbitration (July 1999); and NASD Arbitration Discovery Procedures : Knowing Your Customer From the Securities Professional Perspective, American Bar Association, Section of Litigation, Committee on Securities Litigation (August 1995).


Tracey Salmon-Smith is a partner at Drinker Biddle & Reath LLP in the Commercial Litigation Group/Broker-Dealer Team. She assists clients in complex commercial disputes, including class and collective actions, and internal investigations. In the securities space, Ms. Salmon-Smith represents broker-dealers before the Financial Industry Regulatory Authority (FINRA) in arbitrations and mediations related to allegations of fraud, misrepresentation and unsuitability.  She also handles regulatory and expungement proceedings.  As an employment litigator, Tracey has defended corporate clients against claims related to age, race and gender discrimination, workplace sexual harassment, whistleblowers, and wrongful discharge.  She also advises clients on e-discovery and information management issues. Previously, Ms. Salmon-Smith served as Director and Associate General Counsel at UBS Financial Services Inc., and served seven years as an Assistant United States Attorney for the Eastern District of New York (EDNY).  During her time as an assistant U.S. attorney, Tracey served as both the Acting Chief of Environmental Litigation and the Chief of Bankruptcy.


Sandra Dawn Grannum is a Partner in the Litigation Group at Drinker Biddle & Reath LLP where she is co-chair of the Commercial Litigation Team. She concentrates her practice on securities, broker/dealer arbitration, litigation, mediation and regulatory defense.

Financial Services Litigation. Sandy has tried complex multimillion-dollar arbitrations before FINRA, AAA and JAMS across the country. She has tried more than 50 arbitrations before the NASD and FINRA through award, representing brokerage firms, banks, clearing firms, and associated persons. In addition, she has successfully pursued cases in state and federal courts and in adversarial proceedings before bankruptcy courts.

Employment Litigation. Sandy is an experienced employment law practitioner having tried a number of employment arbitrations and administrative hearings. She has represented a number of corporate clients in federal courts across the country and before the Equal Employment Opportunity Commission (EEOC), as well as state  Divisions and Commissions of Human Rights.

General Litigation. Sandy has handled a variety of complex general litigation matters, including shareholder clawback litigations and takeover/business judgment rule litigations, employment discrimination and securities litigation.

Sandy has written and lectured widely on securities and ethics issues. She has been involved in developing compliance programs in response to the Department of Labor fiduciary rule and Dodd-Frank and Sarbanes-Oxley legislation. She chairs the full-day PLI Securities Arbitration Seminar conducted annually in New York City and regularly speaks at the SIFMA C&L Annual Conference and on other CLE programs addressing securities and employment law. Sandy was one of 13 individuals on the FINRA Dispute Resolution Task Force. FINRA impaneled this group to collaborate and suggest strategies to enhance the transparency, impartiality, and efficiency of FINRA's securities dispute resolution forum for all participants. On December 16, 2015, the task force issued its recommendations detailed in the Final Report and Recommendations of the FINRA Dispute Resolution Task Force.

Sandy earned her law degree from Harvard Law School and her bachelor’s degree from New York University. She began her career as a litigation associate at the New York law firm of Cravath, Swaine & Moore before moving to Tenzer Greenblatt to practice securities litigation. Sandy moved in-house to be an Associate General Counsel handling securities litigation at PaineWebber (now UBS Financial Services) in 1997. In November 2001, she became Senior Vice President and Senior Associate General Counsel in PaineWebber/UBS’s Employment Law Unit. In 2003, she formed her own firm, Davidson & Grannum, with a former PaineWebber/UBS colleague. She joined Drinker in January 2016.


Mr. Bakhtiari represents clients in securities disputes before FINRA (NASD, NYSE), state and federal courts. He served on the Board of Directors of the Public Investors Arbitration Bar Association (PIABA) from 2008 to 2013 and served as President for the 2011 to 2012 term. PIABA is a nationwide organization of securities lawyers that represent investors in disputes with the financial service industry.

In June 2013, Mr. Bakhtiari was named Chairman of the National Arbitration and Mediation Committee (“NAMC”) of the Financial Industry Regulatory Authority (FINRA). The NAMC is an advisory group that makes recommendations on rules, regulations and procedures governing FINRA arbitration, mediation and dispute resolution. In June 2011, Mr. Bakhtiari was nominated to serve as a public member of the Nasdaq OMX BX Arbitration Committee, which is the advisory group that provides recommendations on rules, regulations and procedures governing arbitrations, mediations and dispute resolution for the Nasdaq and Boston Stock Exchanges. In 2009, Mr. Bakhtiari was nominated to serve as a public member of the National Arbitration and Mediation Committee of FINRA.

Mr. Bakhtiari served on the faculty of the Practicing Law Institute (2012, 2014, 2015 and 2016) and New York City Bar Association's presentation of Securities Arbitration and Mediation Hot Topics (2012). Mr. Bakhtiari is a past member of the board of editors, managing editor of the PIABA Bar Journal and edited the “Recent Arbitration Awards” column covering significant NASD and NYSE arbitration awards. Mr. Bakhtiari has spoken at the Public Investors Arbitration Bar Association annual meeting, California mid-year meeting, authored and co-authored several articles. He was a teaching assistant and extern to the Honorable James N. Barr, United States Bankruptcy Judge for the Central District of California and presently serves as a FINRA securities arbitrator.

In addressing investors right's issues, Mr. Bakhtiari has been quoted by the press in publications that include the New York Times, Wall Street Journal, Bloomberg, Los Angeles Times, Reuters, Dow Jones Business News, NY Post, Los Angeles Business Journal, The American Banker and Cleveland Plains Dealer.

Mr. Bakhtiari was recognized from 2014 to 2017 as a Southern California Super Lawyer. Between 2005 and 2013 he was recognized as a Southern California Super Lawyer Rising Star. He has litigated the following cases which resulted in published opinions:

Additional information at www.securitiesarbitration.com


Mr. Cottone is a member of the mediation and commercial and real estate arbitration panels of the American Arbitration Association (AAA), and the arbitration and mediation panels of the Financial Industry Regulatory Authority (FINRA) and The Counselors of Real Estate (CRE). He also has been certified by the International Mediation Institute at The Hague.

He has been an arbitrator since 1977 when he was first qualified by the National Association of Securities Dealers (NASD, now the Financial Industry Regulatory Authority).  He has been mediating for over twenty years both privately and for ADR organizations. In the mid-nineties he chaired the Sub-committee of the NASD National Arbitration Committee that developed the mediation rules and procedures for the securities industry. He subsequently chaired the renamed National Arbitration and Mediation Committee from 1993-1997. He served on the national FINRA DR Task Force in 2014-15 that made over fifty recommendations for change in policies and procedures.

Mr. Cottone is an author, lecturer and trainer in dispute resolution. He was an officer and member of the Executive Committee of the governing Council of the ABA Dispute Resolution Section from 2006 to 2015, is a member of the faculties of both the ABA Mediation and Arbitration Institutes, and was Co-Chair of the Arbitration Institute in 2016 and 2017.  He is a member of the American College of Civil Trial Mediators, the Pennsylvania Council of Mediators, and the New Jersey Association of Professional Mediators; and a Director of the Philadelphia Chapter of ACR, and the Good Sheperd Mediation Program, the only community mediation program in Philadelphia. He is a 1961 graduate of Columbia College, Columbia University, and 1966 graduate of the New York University School of Law.


Mr. Gitomer is a shareholder of McCausland Keen & Buckman in Devon, Pennsylvania and chairs the firm’s Litigation Department.  eHe has been involved in all aspects of complex business litigation since 1980.  His practice focuses in the areas of securities litigation and arbitration, commercial and complex civil litigation, and employment litigation.  In 2008, he was honored by Pennsylvania Super Lawyers in the area of Business Litigation, and in 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 and 2017, he was honored by Pennsylvania Super Lawyers in the area of Securities Litigation.  He is “av” rated by Martindale-Hubbell. 

Mr. Gitomer’s securities litigation and arbitration practice involves the representation of customers in investment disputes.  From 2011 through 2016, he served on FINRA’s National Arbitration and Mediation Committee (“NAMC”), where he chaired the NAMC’s Neutral Roster Subcommittee and Rules and Procedures Subcommittee.  He currently serves as Chairman of FINRA’s Discovery Task Force.  He was a past member of PIABA’s board of directors and Co-Chair of the Annual Meeting Committee.

Mr. Gitomer has authored numerous articles and has frequently lectured on issues relating to securities claims and arbitration. He was the course planner for the Pennsylvania Bar Institute’s “Prosecuting and Defending Customer Claims Against Stockbrokers” (1999, 2001, 2003, 2005) and “Recent Developments in Securities Arbitration” (2009) programs, and was a speaker at the 2004, 2009, 2010, 2012, 2013,  2014 and 2016 PIABA Annual Meetings and the Practicing Law Institute’s “Securities Arbitration 2002” program.

Mr. Gitomer received a B.F.A. from New York University in 1971, and a J.D. from Indiana University School of Law in 1974.  He was admitted to practice in Pennsylvania in 1974, Florida in 1980, and New York in 2004.  From 1974 through 1979, he was an assistant district attorney in Philadelphia, PA.


Ms. Ciccone has served as an arbitrator for FINRA and its predecessors (NASD, AMEX and NYSE) for over twenty-five years.  In addition to serving as an arbitration for the securities industry she serves as an Administrative Law Judge and Hearing Officers for several State agencies.  She has also been a certified mediator. In her private practice she specialized in medical malpractice and negligence litigation.

She is a graduate of Colgate University and Hofstra School of Law.


Teresa J. Verges joined the University of Miami School of Law faculty in the fall of 2011. She
is the founding director of Miami Law’s Investor Rights Clinic, which launched in January 2012.
The Clinic represents investors who have claims against their brokers in arbitration proceedings
before FINRA, but whose claims are too small for them to be able to find legal representation.
Professor Verges supervises the students at the Clinic and teaches a seminar on the substantive
law of securities arbitration, broker-dealer regulation, professional responsibility and practical
skills allowing the students to undertake all aspects of client representation.

Prior to joining the School of Law’s faculty, Professor Verges served as Assistant Director of
Enforcement for the Securities and Exchange Commission at the Miami Regional Office, where
she led investigations of potential violations of the federal securities laws, including cases
involving financial fraud, pay-to-play and municipal securities offerings, market manipulation,
insider trading, offering fraud, violations by broker-dealers and investment advisers, and
violations of the Foreign Corrupt Practices Act. Before her appointment as Assistant Director,
Professor Verges served as Regional Trial Counsel, where she supervised litigation of civil
injunctive actions and administrative proceedings instituted by the SEC’s Miami Office.
While at the Commission, Professor Verges led the investigative or litigation teams on some of
the most significant cases brought by the SEC, and received awards and recognition for her
work, including the SEC’s 2011 Arthur F. Matthews Award. Ms. Verges has been recognized as
one of “The Top Government Attorneys” in South Florida Business Guide, 2004-2009 is a 2009
Recipient of noted “Florida Legal Elite Government Attorney” in Florida Trend. Ms. Verges
was also selected for Women of Color Magazine’s 2010 Top Women in Finance.

Prior to joining the Commission in 1998, Ms. Verges was in private practice for 8 years in
Chicago and Miami. Ms. Verges has an undergraduate degree from Elmhurst College (1985)
and a law degree with highest honors from DePaul University College of Law, Chicago, Illinois
(1989).

Ms. Verges has published articles and participated on panels discussing securities arbitration,
SEC investigations and enforcement, regulation of financial intermediaries and ethical issues in
securities litigation and arbitration. She served on FINRA’s National Arbitration and Mediation
Committee from 2014-2018.


Harry T. Walters is a Managing Director at Morgan Stanley, where he is the co-head of Wealth Management Litigation, a team that represents Morgan Stanley and its employees in court and arbitrations, and before regulators and that conducts internal inquiries.  Harry joined a predecessor firm in 1989 after six years in private practice.  He was most recently a member of the FINRA Dispute Resolution Task Force.  Harry is a graduate of Fordham College and Columbia Law School.


Mr. Andrichik developed the first full-scale mediation program in the securities industry, and is responsible for expanding FINRA's dispute resolution services internationally. He began his career in 1980 in the Surveillance and Anti-Fraud Divisions of the National Association of Securities Dealers, Inc. (NASD). Between 1985 and 1990, he opened and managed the Midwest Regional Arbitration Office for the NASD. In 1990 he became the Deputy Director of the Arbitration Department, responsible for the operation of the largest dispute resolution forum in the securities industry. He has spoken extensively on securities arbitration and mediation, conducted arbitrator and mediator training seminars around the country, and published several articles on securities dispute resolution. Mr. Andrichik serves on FINRA's Diversity Leadership Council. He earned his degree in Finance from the University of Illinois and his law degree from Loyola University in Chicago.