Merrill Lynch, Pierce, Fenner & Smith Inc v. Kuang Ming Chan

Order and judgment (one paper), Supreme Court, New York County (Faviola A. Soto, J.), entered April 6, 2006, confirming the arbitration award in petitioners’ favor, unanimously affirmed, without costs.

In 1995, respondent Kuang Ming Chan, an experienced ac*356countant, rolled over his 401 (k) investment account into an IRA with petitioners. As a result of respondent’s own trading in various stocks, he lost money. He then blamed petitioners for, inter alia, failing to advise him on stock purchasing, or to stop him from trading on his own. The NASD arbitration panel found that the trades in question…