Arbitration Details

COMTRUST INC NFA ID: 0346967

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.
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 Case Summary 
 Case No.FiledDecision DateProduct
 08ARB0012209/09/200805/28/2009
 Summary of Parties 
 CustomersMembersRepresentatives
• JOYCE BLAIKIE
• JASON BLAIKIE
•  COMTRUST INC
• RICARDO GARCIA JR
•  GLOBAL TRADING CENTER LLC
• HARRIS SHAPIRO
• GARY M SINCLAIR
• MARK TEPPER
 Proceeding Details 
 Panel TypeNumber of ArbitratorsProceeding TypeLocation (City, State)
 NON-MEMBER3HEARINGFT. LAUDERDALE, FL
 Summary of Awards and Claims 
 Type Claim Amount Counter Claim 3rd Party Claim Cross Claim
 
Compensatory
Punitive
Treble
Interest
Attorney Fees
Costs
 Claim Award
$211,424.00$212,661.59
$285,000.00$0.00
$0.00$0.00
NA$31,677.97
NA$0.00
NA$4,100.00
 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
 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 
On April 21, 2009, one day before the hearing in this matter was set to commence, Respondent Harris Shapiro filed a Motion to Postpone the Hearing, and a Motion to Testify Telephonically. He failed to submit the required fee with the Motion to Postpone, or to request that the fee be waived. The panel denied the Motion to Postpone, and NFA notified Mr. Shapiro of the panel's decision by email on April 21, 2009.

On April 21, 2009, NFA also notified Mr. Shapiro that the panel wanted to give all parties the opportunity to be heard on his Motion to Testify Telephonically, and therefore consideration of the motion would be deferred until the next day at the start of the hearing. Mr. Shapiro was given the opportunity to participate in argument on his motion by telephone, but he declined to do so. After argument and consideration of the written motion, the panel denied Mr. Shapiro's motion under 6048.4 (d) of the Code of Arbitration.

Respondents Global Trading Center, LLC, and Ricardo Garcia, Jr. received notification of the location, date and time of the hearing, but did not attend

Thereafter, the following issues were presented to and decided by the undersigned arbitrators: fraud, high pressure sales tactics, failure to disclose risks and material facts, misrepresentation, breach of fiduciary, excessive trading, excessive commissions, unauthorized trading, churning, and respondeat superior liability, all in violation of the Commodity Exchange Act, 7 U.S.C. §§ 2, 4 and 6; NFA Compliance Rules 2-2, 2-4, 2-29, 2-30(7) and (9); Florida Investor Protection Action, §517, Florida Statutes. Claimants requested return of commissions or rescissionary damages, punitive damages, attorney's fees under §517, F.S., prejudgment interest, and costs of this action.

Global Trading Center, LLC, Ricardo Garcia, Jr., and Harris Shapiro are jointly and severally liable for the following and shall pay to Jason Blaikie and Joyce Blaikie:

Specifically, claimants are entit