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Arbitration Details

UNIVERSAL COMMODITY CORPORATION NFA ID: 0244735

An NFA Arbitration claim is a futures or forex related dispute involving a customer and an NFA Member (or employee) or Associate. It is not a regulatory action.
NFA only discloses information concerning arbitration cases that have been decided by an arbitration panel. NFA does not release the names of parties who have settled their parts in the cases. Furthermore, NFA does not report or release information on cases that closed before January 1, 1990, cases that are still pending, or cases that were settled, withdrawn or rejected. Therefore, the number of NFA Arbitration Decisions reflects the total number of claims filed in NFA Arbitration that were decided by an arbitration panel. These decisions may have been decided in favor of the Claimant or Respondent.
Effective January 1, 2000, NFA discloses the names of persons who represent parties in NFA customer arbitration proceedings if the matters were decided by an arbitration panel. As of the same date, customers may no longer ask NFA to keep their identities confidential.

Case Summary
 Case No.FiledDecision DateProduct
 96ARB0010106/17/199601/22/1998Options (Domestic Exchange)
Summary of Parties
 CustomersMembersRepresentatives
• GEORGE SAJENKO• DENNIS BABIAN
• JOHN THOMAS CIARAMELLA
• LARRY S FREEDBERG
• LARRY ALAN KAHN
• JEFFREY TODD MIOT
• ANDREW N STERN
•  UNIVERSAL COMMODITY CORPORATION
• LINDA CAROL FRAZIER
• HOWARD STEIN
Proceeding Details
 Panel TypeNumber of ArbitratorsProceeding TypeLocation (City, State)
 NON-MEMBER3HEARINGCHICAGO, IL
Summary of Awards and Claims
 Type Claim Amount Counter Claim 3rd Party Claim Cross Claim
 
Compensatory
Punitive
Treble
Interest
Attorney Fees
Costs
 Claim Award
$82,171.60$82,171.60
$0.00$0.00
$246,514.80$0.00
NA$0.00
NA$0.00
NA$4,087.50
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
Summary of Issues
I. CAUSES OF ACTION

1. FRAUD 2. ACTION FOR CIVIL DAMAGES UNDER THE RICO ACT 3. CHURNING 4. BREACH OF FIDUCIARY DUTY 5. FAILURE TO SUPERVISE 6. CLAIM AGAINST UCC AS EMPLOYER 7. CLAIM AGAINST RESPONDENTS FOR PUNITIVE DAMAGES AND ATTORNEY

II. RESPONDENTS' DEFENSES

1. RATIFICATION 2. FAILURE TO MITIGATE 3. NON-DISCRETIONARY ACCOUNT 4. CLAIMANT UNDERSTOOD RISKS 5. NO COGNIZABLE CLAIM FOR RICO 6. NO MISREPRESENTATIONS

RESPONDENTS UNIVERSAL COMMODITY CORPORATION, DENNIS BABIAN, JOHN CIARAMELLA, LARRY FREEDBERG, LARRY KAHN, JEFFREY MIOT AND ANDREW STERN, JOINTLY AND SEVERALLY LIABLE, SHALL PAY TO CUSTOMER CLAIMANT $82,171.60 IN COMPENSATORY DAMAGES AND $4,087.50 IN COSTS FOR A TOTAL OF $86,259.10. EACH PARTY SHALL BEAR ITS OWN ATTORNEY'S FEES.

 
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