Facts

Dennis Rosenstock asserted claims against respondent UBS Financial Services Inc. in connection with the failure to execute sell orders in a timely fashion and the purchase of shares in the Oppenheimer California Municipal Bond Fund. He filed the following causes of action: wrongful conduct; breach of fiduciary duty; breach of written contract; negligent misrepresentation; constructive fraud; failure to supervise; violation of federal and state securities laws, including sections 10 and 20 of the Securities Exchange Act of 1934 and Rule 10b-5; violation of section 12(2) and section 15 of the Securities Act of 1933; violation of California Corporations Code sections 24501, 25500, 25501, and 25504; violation of common law; violation of sections 1, 2, 18, and 57 of Article 111 of the FINRA Rules of Fair Practice; violation of Rule 405 of the New York Stock Exchange "Know Your Customer Rule;" and respondeat superior.

Respondent denied the claims and asserted affirmative defenses.

Damages

Claimant sought compensatory damages totaling $133,000; disgorgement; pre-judgment and post-judgment interest at the legal rate; attorney fees and costs; and lost opportunity costs. Respondent sought dismissal of the Statement of Claim in its entirety in addition to costs.

Result

Claimant's claims were denied in their entirety.

Other Information

ARBITRATORS: Robert Ruben, Elizabeth Copley, David Neilsen.