Timothy J. Dennin

Timothy J. Dennin

Attorney
Location:
Northport, New York
Phone:
866-437-9475
Fax:
631-261-0395
Email:

Biography:

Rated AV by Martindale-Hubbell and listed in the Bar Register of Preeminent Lawyers. Author: "Chopping the Chop Shop," Securities Arbitration Handbook, Practicing Law Institute, 1997; "The Ramifications of U.S. v. Vogel Fertilizer," 5 St. John's University Tax Forum, No. 1, 1983. Faculty Member, Securities Arbitration, Practicing Law Institute. Assistant District Attorney, Nassau County, New York, 1984-1987. Attorney, Securities and Exchange Commission, Division of Enforcement, 1987-1989, Washington, D.C. Arbitrator and Mediator.

A Proven Track Record:

From 1990 through December 2015, more than 84% of the customer securities arbitration claims which we have tried through an arbitration hearing have resulted in a favorable award. On the cases in which we have received a favorable award, the arbitration panel on average awarded over 85% of the amount requested.

Reported Cases:

Julio Cay-Montanez and Gloria S. Martinez-Torres v. UBS Financial Services Inc. and UBS Financial Services Inc. of Puerto Rico
FINRA No. 13-03785
Case involved the purchases and sales of UBS Puerto Rico Closed-End Funds to Claimant. Prior to Mr. Dennin being retained as trial counsel, there was no offer to settle. UBS calculated that the Claimants’ account had a $350,000 profit. Although overall the UBS account was profitable, after 11 hearing days and 21 hearing sessions  of cross examination of the UBS broker and UBS supervisors regarding the alleged unsuitable purchases of CEFs in Claimants’ account, in July 2015, UBS settled this case for $650,000 (as publically Reported in FINRA Broker-Check Data Base).

SEC Investigation World-Wide Martial Arts, Inc. et al (NY-8832)
Administrative Proceeding File No. 3-16505
SEC 1933 Act Release No. 9755 dated April 23, 2015
SEC 1934 Exchange Act Release No. 13474799 dated April 23, 2015
Case involves two proposed initial public offerings of $20,000,000 each and alleged distribution of unregistered securities. Approved by AIG (Insurer providing Directors and Officers Liability Coverage) to Represent the former Chief Financial Officer in the SEC investigation and SEC did not pursue claims against the client. 

John S. Patterson and Stella C. Patterson v. Ladenburg Thalmann & Co. Inc.
Docket No. L-1435-14
Superior Court of New Jersey, Law Division Ocean County
Order dated December 19, 2014
Legally Significant Decision. 
After submissions of legal memoranda and oral argument, Court denies Ladenburg’s motion to stay and compel arbitration and agrees with Plaintiffs that Ladenburg’s incomplete and ambiguous contract did not require arbitration. Ladenburg’s appeal pending Docket No. A-002448-14T2

John S. Patterson and Stella C. Patterson v. Ladenburg Thalmann & Co. Inc.
Docket No. L-1435-14
Superior Court of New Jersey, Law Division Ocean County
Order dated October 24, 2014
Legally Significant Decision. 
After submissions of legal memoranda and oral argument, Court denies Ladenburg’s motion to dismiss claims dating back to June 2004 based upon the statute of limitations. Court agreed with Plaintiffs’ argument that under the New Jersey Discovery Rule, fraudulent concealment and Equitable Estoppel, Ladenburg’s motion must fail.

TWC Financial LLC SIPIC Liquidation Proceedings
Docket No. 13-01152-ess
United States Bankruptcy Court Eastern District New York
Date of SIPIC settlement: March 5, 2014
Represented Polish resident, citizen and official for the United Nations in a significant affinity fraud case that targeted influential Polish citizens in an alleged international Ponzi scheme. Filed various bankruptcy adversary proceedings in the United States Bankruptcy Courts in the Eastern and Southern Districts of New York, FINRA arbitration against clearing firm, claim in United States Bankruptcy Court in the District of Delaware and SIPIC claim under conversion. SIPIC settled for $500,000, the maximum amount of coverage permissible by statute.

Weiss v. David A. Noyes & Co.
FINRA No. 12-01628
Date of Settlement: March 2014
Case involved the sale of a Variable Life Policy and alleged unsuitable investments in Closed-End funds.
Noyes settled for $270,000 (as publically Reported in FINRA Broker-Check Data Base).

John S. Patterson and Stella C. Patterson v. Oppenheimer & Co. Inc.
FINRA No. 12-01229
Date of Settlement: August 2013
Case involved selling away and conversion of approximately $1,000,000 by Oppenheimer’s former Executive Director of Investments, Mark C. Hotton. Prior to the commencement of arbitration the hearings, Hotton filed for protection under the bankruptcy laws and as a result the case proceeded solely against Oppenheimer on lack of supervision claims. Case was significant in that none of the approximate $1,000,000 converted was deposited in any Oppenheimer account and thus Oppenheimer’s defense was that it reasonably supervised Hotton and had no reason to suspect that he did anything wrong. Oppenheimer settled for $825,000  (as publically Reported in FINRA Broker-Check Data Base).

Dennis Spina v. Ladenburg Thalmann & Co. Inc.
Docket No. 2013-CP-07-02232
Court of Common Pleas, South Carolina
14th Judicial District
Date of Court Order August 2013
Emergency Court Filing
Client became gravely ill. Court granted Filed expedited de bene esse motion for deposition to conduct video-taped deposition at client’s home to preserve testimony and victim statement. The video-taped victim statement, taken literally at client’s deathbed, provided relief to the client and was one of several compelling client statements made at the criminal sentencing of Mark C. Hotton in United States District Court in Eastern District of New York in June 2015.

Dennis Spina v. Oppenheimer & Co. Inc.
FINRA No. 11-0366
Date of Settlement: April  2013
Case involved selling away and conversion by Oppenheimer’s former Executive Director of Investments, Mark C. Hotton. Prior to the commencement of arbitration the hearings, Hotton filed for protection under the bankruptcy laws and as a result the case proceeded solely against Oppenheimer on lack of supervision claims. Oppenheimer’s defense was that it reasonably supervised Hotton and had no reason to suspect that he did anything wrong. Oppenheimer settled for $210,000  (as publically Reported in FINRA Broker-Check Data Base).

Pitch et al. v. American Capital Partners LLC
FINRA No. 11-01760
Date of Settlement September 2012
Case involved alleged forgeries, unauthorized wire transfers and thefts by Mark C. Hotton as Supervising Branch Manager of American Capital Partners LLC.
American Capital settled for $75,000. (as publically Reported in FINRA Broker-Check Data Base).

Denefrio v. Investors Capital Corporation et al.
FINRA No. 10-04721
Date of Settlement March 2012
Case involved the alleged unsuitable recommendation and sale of Variable Annuities. In the middle of the hearing, after cross examining the broker, the case settled.
Investors Capital settled for $225,000. (as publically Reported in FINRA Broker-Check Data Base).

Louis Pitch and Donna Pitch v. Oppenheimer & Oppenheimer & Co. Inc.
FINRA No. 09-07047
Date of Decision:  January 29, 2013
Amount Awarded: In $2,553,271, including $100,000 in punitive damages due to the “egregious conduct of Oppenheimer” plus interest. Case involved selling away and conversion of approximately $4,950,000 by Oppenheimer’s former Executive Director of Investments, Mark C. Hotton. The day before arbitration hearings commenced, Hotton filed for protection under the bankruptcy laws and as a result the case proceeded solely against Oppenheimer on lack of supervision claims. Case was significant in that none of the $4,950,000 converted was deposited in any Oppenheimer account and thus Oppenheimer’s defense was that it reasonably supervised Hotton and had no reason to suspect that he did anything wrong.  
 
Louis Pitch and Donna Pitch v. Mark C. Hotton et. Al.
Index No. 09-5599
United States District Court
Eastern District of New York
Date of Filing: December 2009
Ex-Party TRO filed obtaining Freeze Order and Expedited Discovery. Through this contested litigation, was able to subpoena numerous banks to follow the money and uncovered a multi-million dollar Ponzi scheme by Mark C. Hotton, as a broker for Ladenburg Thalmann and subsequently Executive Director of Investments at Oppenheimer & Co. Inc. The evidence gathered in this federal proceeding was shared with FINRA Enforcement attorneys and supervisors in Rockville Maryland and federal prosecutors and formed the basis for Hotton ultimately being barred from the securities industry and pleading guilty to federal charges brought by the United States Attorney’s Office in the Eastern District of New York. 

Jeffrey B. Sciallo et al. v. Tyco International Ltd. et al.
Civil Action No. 03-1354-B
MDL No. 1335 Federal securities proceeding against Tyco International Ltd., Dennis Kozlowski and Mark Swartz. Represented three former officers of U.S. Surgical Corp. in connection with the merger of Tyco and U.S. Surgical. Claims concerned violations of Section 10b-5 of the Securities and Exchange Act of 1934 and stock options.
Date of Settlement: November 2008
Settlement Amount: Subject to a Confidentiality Agreement

Lyons v. Merrill Lynch and Phua Young
Case #03-04172,
NASD Arbitration: Amount Requested: $625,000
Date of Decision: July 16, 2006
Amount Awarded: $621,562, including $240,000 in punitive damages against Merrill Lynch and Phua Young (Merrill Lynch securities analyst) and $125,000 in interest plus expert witness fees. Case involved conflicts of interest between Merrill Lynch securities analysts and investment banking relating to losses suffered in clients' accounts in Tyco common stock. Although the accounts were overall profitable, after hearing Arbitrators awarded 99% of damages sought relating to decline in Tyco common stock.

David and Jonathan Libman v. David Garfinkel, First Montauk Securities Corp. et.al.
NASD No. 03-02094
NASD Arbitration: Amount Requested: $300,000
Date of Decision: 2/24/06
Amount Awarded: $284,000 plus interest.
Case involved allegations of unauthorized trading, churning and fraud.

Naomi Sayegh v. J. Peter Ricketts, Ameritrade, Inc., Ameritrade Holding, Corp., and Accutrade, Inc.
NASD No. 02-00652
NASD Arbitration: case involved issues relating to conflict of laws, jurisdiction, application of Canadian registration requirements and applicability of Quebec law to Accutrade, a U.S. based broker-dealer and suitability and supervision issues regarding a self directed on-line trading account. Amount requested in Statement of Claim $156,000.
Date of Decision: 7/6/04
Amount Awarded: $44,600 plus interest.

Nationwide Life Insurance Company v. Helen Constans Christopher Rutland and Barbara Grahams
Index No. 01 CIV 3320 (DRD)
Date of Court Order: January 2002
Amount Awarded: $393,541.76 in compensatory damages and $800,000.00 in punitive damages. Federal Interpleader Action brought by life insurance company regarding the proceeds of an annuity and cross claims prosecuted on behalf of client against co-defendants alleging conversion, forgery, RICO, breach of fiduciary duty, breach of agency, negligence and punitive damages in connection with the purchase and sale of various annuities.

Carmine and Mary Ricca v. Adam Sanders, Salavatore Tacher, Kessington Wells, Inc. et.al.
NASD No. 98-03031
NASD Arbitration: amount requested $75,000.
Date of Decision: 8/17/01
Amount Awarded: $85,500.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.

Robert and Fran Lax v. Kensington Wells, Inc., Joel Grant et. al.
NASD No. 97-00061
NASD Arbitration: amount requested: $436,250
Date of Decision: 11/17/99
Amount Awarded: $113,565 plus specific finding of fraud.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.

Louis and Dorothy Dequine et. al. v. Daniel Porush, Eric Blumen and Stratton Oakmont, Inc.
NASD No. 95-01335
NASD Arbitration: Amount requested: $283,000
Date of Decision: 2/10/99
Amount Awarded: $242,000 compensatory, $500,000 in punitive damages, attorneys' fees and costs total award in excess of $742,000.
Case involved allegations of market manipulation, unauthorized trading, material misstatements and omissions and fraud.

G. Brooks Biddle et. al. v. Comprehensive Environmental Systems, Inc. et. al.
Case No. 96 Civ. 343
U.S. District Court E.D.N.Y.
Violation of 10b-5 of the Securities and Exchange Act of 1934 regarding Regulation S Offshore Offering.
Date of Settlement: 1998
Amount of Settlement: Subject to Confidentiality Agreement.

Carol Hovanec, Dr. Marshal Pitts, et.al. v. Allan Viscardi, World Invest Corporation et. al.
NASD No. 97-03034
NASD Arbitration: Represented twelve Claimants through hearing. Amount requested: $1,146,500
Date of Decision: 8/28/98
Amount Awarded: $998,915.
Case involved allegations of unsuitable recommendations through an investment advisor associated with clients' accounting firm.

George Pentz, Arlemont Ranch et.al. v. Jordan Belfort, Daniel Porush, Stratton Oakmont, Inc. et. al.
NASD No. 94-02830
NASD Arbitration: Amount Requested: $713,000.
Date of Decision: 4/1/98
Amount Awarded: $713,000 plus interest and costs.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.

Frist Capital Partners, Thomas F. Frist and Patricia F. Elcan v. Ideon Group, Inc., Paul G. Kahn and William Lackey
96 Civ.3906 (WK) U.S. District Court S.D.N.Y.
Violation of 10b-5 of the Securities and Exchange Act of 1934 regarding the sale of Ideon common stock to Private Investment Bank and Institutional stock holder.
Date of Settlement: 1997
Amount of Settlement: Subject to Confidentiality Order.

Peter and Jeanne Celiberti v. Daniel Porush, James Kelly and Stratton Oakmont, Inc.
NASD No. 96-01053
NASD Arbitration: Amount Requested: $223,000.
Date of Decision: 6/19/97
Amount Awarded: $215,000 plus costs.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.

PaineWebber Limited Partnerships Litigation
Index No. 94-Civ-8457 (SHS)
Securities Class Action concerning allegations of misrepresentations and omissions relating to the purported safety characteristics of limited partnerships marketed by PaineWebber to the investing public.
Date of Settlement: 1997
Amount of Settlement: $200,000,000.00.

Capital Realty Investors Tax Exempt Fund
Delaware Chancery Court
Index No. 14558
Date of Settlement: 1996
Amount of Settlement: $2,500,000.00.
Case involved allegations of corporate management undervaluing the securities held by public in connection with a merger.

Stonewall Farms, Ltd. and Robert Barsk v. Jordan Belfort, Daniel Porush and Stratton Oakmont, Inc. et.al.
NASD No. 95-00733
NASD Arbitration: Amount Requested: $170,000.
Date of Decision: 5/30/96
Amount Awarded: $122,000 in compensatory damages, $25,000 in attorney's fees plus costs. Total award in excess of $147,000.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.

Richard Shandelman v. Jordan Belfort, Daniel Porush, Ken Greene and Stratton Oakmont, Inc. et.al.
NASD No. 94-05085
NASD Arbitration: Amount Requested: $109,000
Date of Decision: 5/22/96
Amount Awarded: $93,000 plus interest.
Case involved allegations of market manipulation, unsuitable recommendations, material misstatements and omissions and fraud.

Prudential Securities Litigation
Index No. MDL 1005
Securities Class Action against Prudential Securities Inc. concerning allegations of misrepresentation and omissions concerning the safety characteristics of limited partnerships marketed by Prudential to the investing public.
Date of Settlement: 1995
Amount of Settlement: $100,000,000.00.

Metropolitan Life Derivative Litigation
Index No. 93-Civ-9035 (DC)
Date of Settlement: 1995
Settlement Amount: $4,000,000.00.
Case involved allegations of breach of fiduciary duty by board of directors and corporate mismanagement.

HMO America Securities Litigation
Index No. 92-Civ.-3305 (CPK)
Securities Class Action against directors regarding allegations of misrepresentation of claims reserves resulting in elevated stock values.
Date of Settlement: 1993
Amount of Settlement: $4,000,000.00.

The Regina Company
Inc. Securities Litigation
Index No. 88-4149 (NHP)
(Securities Class Action against Chairman and CFO of former Regina Vacuum Cleaner Company and Big Six Accounting firm), Allegations of accounting irregularities, financial fraud and misrepresentation resulting in inflated stock values.
Date of Settlement: 1992
Amount of Settlement: $7,300,000.00.

ISLN: 907910167

Areas of Practice

  • Securities Law

Litigation Percentage

  • 90% of Practice Devoted to Litigation

Bar Admissions

  • New York, 1984
  • Massachusetts, 1983
  • U.S. District Court Southern District of New York, 1985
  • U.S. District Court Eastern District of New York, 1985
  • U.S. District Court Northern District of New York, 1998

Education

  • St. John's University School of Law, Jamaica, New York
    • J.D. - 1983
    • Honors: With Honors
  • College of the Holy Cross, Worcester, Massachusetts
    • B.A. - 1978
    • Major: History

Published Works

  • "Chopping the Chop Shop," Securities Arbitration Handbook, Practicing Law Institute, 1997
  • "The Ramifications of U.S. v. Vogel Fertilizer", 5 St. John's University, Tax Forum, No. 1, 1983

Representative Cases

  • Rafael Vizcarrondo and Mercedes Imbert De Jesus v. UBS Financial Services Inc. and UBS Financial Services Inc. of Puerto Rico, FINRA No. 14-02464, Date of Award: December 2016, Amount of Award: $18,577,413.5
  • TWC Financial LLC SIPIC Liquidation Proceedings, Docket No. 13-01152-ess, United States Bankruptcy Court Eastern District New York, Date December 2016
  • FINRA Regulatory Enforcement Proceeding (AWC No. 2015046355401) against Oppenheimer & Co. Inc., Dated November 2016, Restitution Awarded: $336,081.00
  • Iris Rodriguez v. UBS Financial Services Inc. and UBS Financial Services Inc. of Puerto Rico, FINRA No. 13-03625, Date Settled: February 2016
  • Julio Cay-Montanez and Gloria S. Martinez-Torres v. UBS Financial Services Inc. and UBS Financial Services Inc. of Puerto Rico, FINRA No.13-03785, Dated October 2015
  • SEC Investigation World-Wide Martial Arts, Inc.et al(NT-8832), Administrative Proceeding File No.3-16505
  • John S. Patterson and Stella C. Patterson v. Ladenburg Thalmann & Co. Inc., Docket No. L-1435-14, Superior Court of New Jersey, Law Division Ocean County, Order dated December 19, 2014
  • John S. Patterson and Stella C. Patterson v. Ladenburg Thalmann & Co. Inc., Docket No. L-1435-14, Superior Court of New Jersey, Law Division Ocean County, Order dated October 24, 2014
  • TWC Financial LLC SIPIC Liquidation Proceedings, Docket No. 13-01152-ess, United States Bankruptcy Court Eastern District New York, Date of SIPIC settlement: March 5, 2014
  • Weiss v. David A. Noyes & Co., FINRA No. 12-01628, Date of Settlement: March 2014
  • John S. Patterson and Stella C. Patterson v. Oppenheimer & Co. Inc., FINRA No. 12-01229, Date of Settlement: August 2013
  • Dennis Spina v. Ladenburg Thalmann & Co. Inc., Docket No. 2013-CP-07-02232, Court of Common Pleas, South Carolina, 14th Judicial District, Date of Court Order August 2013
  • Dennis Spina v. Oppenheimer & Co. Inc., FINRA No. 11-0366, Date of Settlement: April 2013
  • Louis Pitch and Donna Pitch v. Oppenheimer & Oppenheimer & Co. Inc., FINRA No. 09-07047, Date of Decision: January 29, 2013
  • Pitch et al. v. American Capital Partners LLC, FINRA No. 11-01760, Date of Settlement September 2012
  • Denefrio v. Investors Capital Corporation et al., FINRA No. 10-04721, Date of Settlement March 2012
  • Charles Schwab & Co. Inc. v. D. Vollstedt and S. Vollstedt TTEE, Steven and Deborah Vollstedt, No. Civ. 11-0709 RB/CEG, Date of Decision: January 10, 2012
  • D. Vollstedt and S. Vollstedt TTEE, Steven and Deborah Vollstedt v. Charles Schwab & Co. Inc., FINRA No. 09-06446, Date of Decision: July 22, 2011
  • Louis Pitch and Donna Pitch v. Mark C. Hotton et. al., Index No. 09-5599, United States District Court, Eastern District of New York, Date of Filing: December 2009
  • Lyons v. Merrill Lynch and Phua Young, Case #03-04172, NASD Arbitration: Amount Requested: $625,000, Date of Decision: July 16, 2006
  • David and Jonathan Libman v. David Garfinkel, First Montauk Securities Corp. et.al., NASD No. 03-02094, NASD Arbitration: Amount Requested: $300,000, Date of Decision: 2/24/06
  • Naomi Sayegh v. J. Peter Ricketts, Ameritrade, Inc., Ameritrade Holding, Corp., and Accutrade, Inc., NASD No. 02-00652
  • Nationwide Life Insurance Company v. Helen Constans Christopher Rutland and Barbara Grahams, Index No. 01 CIV 3320 (DRD), Date of Court Order: January 2002
  • Carmine and Mary Ricca v. Adam Sanders, Salvatore Tacher, Kessington Wells, Inc. et.al., NASD No. 98-03031, NASD Arbitration: amount requested $75,000., Date of Decision 8/17/01
  • Robert and Fran Lax v. Kensington Wells, Inc., Joel Grant et. al., NASD No. 97-00061, NASD Arbitration: amount requested: $436,250, Date of Decision: 11/17/99
  • Louis and Dorothy Dequine et. al. v. Daniel Porush, Eric Blumen and Stratton Oakmont, Inc., NASD No. 95-01335, NASD Arbitration: Amount requested: $283,000, Date of Decision: 2/10/99
  • Matter of the Estate of Sam Gottlieb v. Robert Stier, NASD # 97-00571, NASD Arbitration: Amount Requested: $192,000
  • Carol Hovanec, Dr. Marshal Pitts, et.al. v. Allan Viscardi, World Invest Corporation et. al., NASD No. 97-03034, NASD Arbitration: Represented twelve Claimants through hearing. Amount requested: $1,146,500, Date of Decision: 8/28/98
  • George Pentz, Arlemont Ranch et.al. v. Jordan Belfort, Daniel Porush, Stratton Oakmont, Inc. et. al., NASD No. 94-02830, NASD Arbitration: Amount Requested: $713,000, Date of Decision: 4/1/98
  • Peter and Jeanne Celiberti v. Daniel Porush, James Kelly and Stratton Oakmont, Inc., NASD No. 96-01053, NASD Arbitration: Amount Requested: $223,000, Date of Decision: 6/19/97
  • Stonewall Farms, Ltd. and Robert Barsk v. Jordan Belfort, Daniel Porush and Stratton Oakmont, Inc. et.al., NASD No. 95-00733, NASD Arbitration: Amount Requested: $170,000, Date of Decision: 5/30/96
  • Capital Realty Investors Tax Exempt Fund, Delaware Chancery Court, Index No. 14558, Date of Settlement: 1996
  • Richard Shandelman v. Jordan Belfort, Daniel Porush, Ken Greene and Stratton Oakmont, Inc. et.al., NASD No. 94-05085, NASD Arbitration: Amount Requested: $109,000, Date of Decision: 5/22/96
  • Metropolitan Life Derivative Litigation, Index No. 93-Civ-9035 (DC), Date of Settlement: 1995

Representative Clients

  • City of Richmond VA
  • The Benjamin Companies

Classes/Seminars

  • Faculty Member, Securities Arbitration, Practicing Law Institute

Honors and Awards

  • Rated AV by Martindale-Hubbell
  • Listed in the Bar Register of Preeminent Lawyers

Professional Associations and Memberships

  • Association of the Bar of the City of New York, Member, Securities and Commodities Law Panel
  • New York State Bar Association, Member
  • National College of District Attorneys, Member
  • Public Investors Arbitration Bar Association, Member

Past Employment Positions

  • United States Securities and Exchange Commission, Division of Enforcement, Washington, DC, Attorney, 1987 - 1989
  • District Attorney's Office, Nassau County, New York, Assistant District Attorney, 1984 - 1987