Award against Network 1 Financial broker Shane Melito
In May, 2017, a FINRA arbitrator sitting in Los Angeles, CA issued a $51,000 binding arbitration award against Shane Melito, a registered representative with Network 1 Financial Securities.
The underlying matter involved allegations that Shane Melito made unsuitable investments and breached his fiduciary duty to his customer. Claims of excessive commissions, excessive trading and over concentration were made by the Claimant.
After a three day arbitration hearing in May, 2017, the arbitrator rendered her decision and awarded the Claimant $51,459 in compensatory damages, and dismissed the counter claim brought by Melito against the Claimant.
As a result of this award The Law Office of David Liebrader has opened an investigation into Shane Melito.
Shane Melito’s broker check lists three customer complaints over 20 years in the brokerage industry. In addition, three of the firms he has been affiliated with; Tasin and Company, EKN Financial and Obsidian Financial Group have been expelled by FINRA.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Shane Melito has thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Shane Melito please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.