Nevwest Securities Hit with $1.78M FINRA Award
A Financial Industry Regulatory Authority (FINRA) arbitration panel in Dallas, TX has found Nevwest Securities Corporation liable and ordered them to pay $1,788,841 in compensatory damages to Biotech Medics, Incorporated.
The Claimant, Biotech Medics, was represented by Kirk Smith with Shepherd Smith Edwards & Kantas LTD LLP, a securities law firm out of Houston, TX. Biotech asserted various causes of action including breach of contract, promissory estoppel, violation of federal and state securities statutes and vicarious liability, among others. Claimant had requested damages in the amount of $5 million at the onset of the case but later asked for $1,788,841 in actual damages, plus interest for a total of $3,577,682, plus legal fees, costs and pre and post judgment interest.
Biotech Medics is affiliated with Biotech Laser pain management centers and is the manufacturer of SHBAN Alcohol Free Hand Sanitizer. SHBAN is colorless, long lasting, easy on your hands and non-flammable. Biotech Medics argued and proved that Biotech stock had been illegally manipulated, forged and stolen, since October 1, 2004. Several individuals have been indicted by the U.S. Department of Justice and the U.S. Attorney general in Las Vegas in the matter of USA v. Jeffrey G. Turino, et al.
Nevwest Securities was deemed by the FINRA arbitrator to have been properly served with the Statement of Claim and Notice of the Hearing. Nevwest nevertheless failed to enter an appearance in its own behalf but is bound by the determination of the arbitrator on all issues submitted.
After considering all of the pleadings and evidence presented by the Claimant, the FINRA arbitrator concluded that Nevwest Securities was liable and ordered them to pay Biotech Medics $1,788,841 in compensatory damages. Nevwest was also ordered to pay Biotech Medics pre-award interest on the $1,788,841 at the rate of 6% per annum from November 8, 2007 through June 30, 2011 and post-award interest on the $1,788,841 at the rate of 6% per annum from July 1, 2011 through and including the date that the award is paid in full. Finally, Nevwest was ordered to pay an additional $3,750 to Biotech Medics for costs, expenses and a portion of the filing fee. (FINRA# 10-02366; Keith Houser, Individually and on behalf of Biotech Medics, Incorporated v. Nevwest Securities Corporation).