[M]cGonigle served as a financial advisor for the elderly victims. Beginning no later than February 2015, McGonigle allegedly caused unauthorized withdrawals from victims' annuities and induced victims to give him money to invest on their behalf, which he then used for personal and business expenses. To carry out his scheme, McGonigle allegedly posed as clients on calls with their annuity companies and signed their names on forms requesting withdrawals from their annuities. 

In the Amended Statement of Claim, Claimant requested compensatory damages on each of the contract claims in an amount no less than $6,197,628.20; compensatory and double damages as a result of Respondent's violations of Article 6 of the New York Labor Law in an amount no less than $12,395,256.40; presumed/ assumed damages on the claim for defamation per se in an amount no less than $5,000,000.00; compensatory damages on the claim for defamation per se in an amount no less than $5,000,000.00; punitive/exemplary damages on the claims for defamation and defamation per se in an amount no less than $5,000,000.00; a declaration that Respondent terminated Claimant on May 22, 2019 without "Cause,"; a declaration that Respondent materially breached the Employment Agreement when it terminated Claimant on May 22, 2019; alternatively, a declaration that Respondent breached the Employment Agreement when it terminated Claimant on May 22, 2019; alternatively, a declaration that Respondent breached the Employment Agreement's implied covenants of good faith and fairing dealing when it terminated Claimant on May 22, 2019 and failed to employ and compensate Claimant pursuant to the Employment Agreement through March 16, 2022; an order expunging in its entirety the Form 8T that Respondent filed with the National Futures Association ("NFA") on June 25, 2019; alternatively, an order expunging the false information that is contained in the Form 8T filed with the NFA on June 25, 2019, and requiring that (1) the "Internal Review Disclosure" response (i.e., Response B) on page 6 of the Form 8T be changed to "NO,"; (2) the first two "Termination Disclosure" responses (i.e., Responses F(1) and F(2)) on page 9 of the Form 8T be changed to "NO,"; (3) all of the information and disclosures on page 11 of the Form 8T be stricken, deleted, and expunged in their entirety, and (4) the response to "Matter Information Page will be completed" on page 9 of the Form 8T be changed to "NO"; attorneys' fees, pre-judgement, and post-judgement interest on all amounts awarded, costs, disbursements, and expenses; and such other or further relief as the Panel deems just and proper

In the FINRA arbitration captioned Ryan Bernardini vs. GFI Securities LLC (FINRA No. 19- 02513) the Panel determined that there was insufficient evidence to prove that Claimant Bernardini provided false information to mislead market participants or mislead GFI's investigators. 

The parties entered into an agreement to present to the Panel a Stipulated Award. Now, in lieu of a hearing and upon motion of both parties for entry of a Stipulated Award, and the written stipulation thereto, the Panel grants the motion and enters this Stipulated Award granting the following relief: 

1. After reviewing the pleadings and other documents submitted before this Panel (including a June 15, 2021 correspondence sent directly from Allstate to Claimants in this Action requiring an Order from this Panel) as well the oral arguments presented by the parties, we determine that Allstate (which includes Prudential Financial, Inc. or any other institution currently servicing or administering the products at issue) shall promptly surrender and immediately distribute all funds pertaining to the annuity contracts AC3100007A and ALL0138250 to the beneficiaries of record of said policies, David Epstein and Ethan Epstein. This arbitration award may be confirmed by a court of competent jurisdiction if needed or required. Each Party shall bear their own attorneys' fees and costs related to this arbitration. This award in no way constitutes any finding of fault or liability on the part of either Claimants or Respondent.