Facts

Humberto Salinas, a resident of Marin County and an experienced registered person, used to work for Morgan Stanley Smith Barney LLC. He filed for arbitration against his Morgan Stanley in relation to his previous employment there. He subsequently dismissed his claim against Morgan Stanley with prejudice.

CLAIMANT'S CONTENTIONS:
Claimant alleged breach of covenant of good faith and fair dealings, breach of contract and wrongful termination, wages and compensation were not paid, interference with prospective business advantage, conversion of clients, infliction of emotional distress, discrimination in violation of the California Fair Employment and Housing Act ("FEHA"), and defamation on Form U5.

RESPONDENT'S CONTENTIONS:
Respondent denied any wrongdoing.

Damages

Claimant sought $465,000 in damages.

Result

Following a hearing, which was not attended by Morgan Stanley, the arbitrators concluded that claimant did not commit a trade error or fail to inform management of an error. Therefore, the panel recommended the expungement of Claimant's record. The panel, upon a thorough review of FINRA's Industry Code, directed claimant to FINRA's Registration and Disclosure Department to have claimant's Form U5 amended without requiring certification from a court. The panel waived effectively all FINRA forum and filing fees chargeable to the claimant.

Other Information

ARBITRATORS: Daniel M. Yamshon, Chairman; Robert M. Hirsch and Alden S. Adkins; Panelists.