O'Neill vs. Birkelbach Investment Securities arbitration case

Engineering Arbitration Case

Kevin F. O'Neill vs. Birkelbach Investment Securities, Inc. And William James Murphy

Case Number: 12-00271

Hearing Site: Chicago, Illinois

The case was filed on January 25, 2012. The claimant alleged that the respondent violated the following Acts: the Securities Act Rule 10b-5; the Illinois Blue Sky Law; excessive trading and churning of investment account; unauthorized trading; unsuitability; negligent supervision; breach of fiduciary duty; and Fraudulent misrepresentation.

The claimant also alleged that the respondent accrued $3 million worth of unauthorized trades in his non-discretionary investment account in an eight-month period as well as short-term trading of mutual funds without the Claimant's consent.

Issues Considered

On November 29,2012, Respondent, William James Murphy, filed for bankruptcy therefore all proceedings against him were stayed

On February 27, 2013 Claimant filed a Request for Sanctions and on Feb 28 an amended request for sanctions.

The Decision

The respondent did not file with FINRA Dispute Resolution an executed Submission Agreement (since he did not appear). Nonetheless, he is required to submit to arbitration consequent to the Code of Arbitration Procedure, and is then bound by all the decisions of the Arbitrating court.

Decisions of Awards

Respondent, Birkelbach Investment Securities, Inc., is liable for and shall pay to Claimant, Kevin F. O'Neill, and the sum of $143,951.00 in compensatory damages;

Aside from that Birkelbach had to pay a number of other compensation to claimant including fees for attorney, punitive damages, and reimbursement of the non-refundable portion of the filing fees.

Dates of awards were set and fees were totaled.

Source

FINRA Oiaptrts R. Molutfon Art Jiti -- on No. 12-0 (B71) pdf.