Winners of the arbitration awards have had to endure, Sands Brothers & Co. filing for an appeal. This has caused a delay in the winners of the settlement to receive their funds. In addition to filing appeals Sands Brother & Co have filed a broker-dealer withdrawal form with the NASD. In the event that they are removed from the NASD, winners of the arbitration rewards may not ever see a dime of the settlement amount. This is due to NASD rules. With Sands Brother & Co. removed from the NASD, then the NASD will not be able to force the company to pay their settlement amounts.
Laidlaw & Company along with Matthew Eitner and James Ahern (directors of the company) have been accused of being a scapegoat for Sands Brothers & Co. Previously, cases have been won again Sands Brothers & Co. One of these cases includes an award in the amount of $261,000. According to reports Sands Brothers & Co. have been trying to convince the Oklahoma City attorney that won the arbitration award for the doctor to take a lower settlement amount. The lower amount has been refused and as a result those that have been awarded a settlement fear that they will not see the funds that were awarded to them.
In addition to being removed from the NASD, some believe that Sands Brothers & Co. are now currently working under the London firm, Laidlaw & Co. If this is true, this move by Sands Brothers & Co. goes against the NASD rules, which states that a brokerage firm must seek approval in the event that they transfer 25% of more of its assists to another firm.
Steven and Martin Sands (directors associated with Sands Brothers & Co.) are also listed as investment advisors and directors at LaidLaw along with other Sands Brother & Co. staff. Though the Sands brothers and other members of the Sands Brother & Co. Staff are associated with LaidLaw, they state that the company was not created as a scapegoat for Sands Brothers & Co. LaidLaw has been in business for a couple of years and has its own full staff.