Amicorp Seeks To Duck Arbitration In $6M Securities Dispute
Law360 (July 9, 2019, 11:38 PM EDT) -- Two foreign affiliates of corporate services provider Amicorp Group told an Illinois federal court Monday they're not subject to the Financial Industry Regulatory Authority Inc.'s jurisdiction and asked the court to block arbitration of claims stemming from a dispute over a transfer of $6 million worth of securities.
Amicorp Management Ltd., a British Virgin Islands company, and Hong Kong-based Amicorp Ltd. say they aren't bound to FINRA arbitration in a dispute with Illinois-based securities broker-dealer Insight Securities Inc.
One of Insight's clients, Clodi Holdings Ltd., alleges Insight carried out an unauthorized transfer of $6.1 million worth of securities from its account...
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