TRADER LOSES $120,000 but TD Ameritrade refuses to honor their policy of making customers whole ….

Orval L. Beckmon Vs TD Ameritrade – Customer Loses $1 Million Arbitration Case


See Finra Case Documents Here http://finraawardsonline.finra.org/viewdocument.aspx?DocNB=51031

Orval L. Beckmon ("Claimant") was represented by Barry D. Estell, Esq., Mission, Kansas. 
TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc., hereinafter collectively referred to as 
"respondents," were represented by James J. Vihstadt, Esq., TD Ameritrade, Inc., Omaha, 
Nebraska
Claimant asserted the following causes of action: breach of fiduciary duty; breach of 
contract and violation of NASD Rules; negligence; violation of the Kansas Securities Act; 
and violation of the Kansas Consumer Protection Act. The causes of action related to 
Claimants allegations that Respondents forged option approval documents and failed to 
supervise Claimants accounts. Claimant asserted that Respondents induced Claimant to 
trade unspecified options with the offer of "free" trades. FINRA Dispute Resolution 
Arbitration No. 10-05785 
Award Page 2 of 4 
Unless specifically admitted in their Answer, Respondents TD Ameritrade, Inc. and TD 
Ameritrade Clearing, Inc. denied the allegations made in the Statement of Claim and 
asserted affirmative defenses, 
RELIEF REQUESTED 
Claimant requested an award in the amount of: 
Actual/Compensatory Damages $477,680.00 
At the close of the hearing, Claimant requested an award In the amount of: 
Actual/Compensatory Damages $477,680.00 
Double Damages $477,680.00 
Attorneys' Fees $318,480.00
------------------------------------------------------------------------------------------------------------
After considering the pleadings, the testimony, and the evidence presented at the hearing, 
the Panel has decided in full and final resolution of the issues submitted for determination 
as follows: 
1. ) Claimants claims, each and all, are hereby denied and dismissed with 
prejudice; 
2. ) Other than Forum Fees which are specified below, the parties shall each 
bear their own costs and expenses incurred in this matter; and 
3. ) Any relief not specifically enumerated
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2 responses

  1. O.L. Beckmon

    I just want to say I was screwed by the members of the arbitration panel James Hayes, John Rubin(ks state legislator) in particular. This was my entire retirement account. TD Ameritrade approved an options account form which contained the wrong account information. When asked they said “We just thought someone made a mistake and wrote the numbers wrong’. I feel that should never have been approved as the account numbers didn’t match up. Aslo there was a forgery on the same account form. This has devastated me and my family. The arbitration process is a joke. Al the while I was losing the money in options my account exec at Ameritrade was writing in his log that every thing was fine and I was happy!! This company has no safe guards for investors and they could care less about you, and I might add the arbitrators are the same type of unscruplous people.

    December 1, 2011 at 11:41 pm

  2. o.l. beckmon

    I forgot to mention that my TD Ameritrade advisor, John Fitch, mentioned several times in his company notes that the money was retirement money and wafor long term investing. Yet I never heard from Td Ameritrade at all concerning what was going on in my account. I was allowed to commit financial suicide with no concern from the broker or Td Ameritrade which has a obligation to monitor options trades every day. I also forgot to point out the form with the incorect numbers and forgery was filled out by the Ameritrade broker!!! I would also like to point out that the financial services industry was the second largestcontributor to John Rubin in his political campaigne. I would think this would be a conflict of interest for him to be a aribter but not FINRA.

    December 2, 2011 at 8:44 am

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