Facts

Anoshiravan Afrasiabi asserted several causes of action against Marvin Kang and UnionBanc Investment Services LLC in an arbitration, which related to an investment in a Prudential Premium Series L Annuity.

CLAIMANT'S CONTENTIONS:
Claimant asserted lack of suitability, failure to disclose and misrepresentation.

RESPONDENT'S CONTENTIONS:
Respondent denied the allegations of wrongdoing and asserted defenses.

Damages

Claimant asked for $35,000 in compensatory damages, as well as punitive damages, attorney fees and costs. Respondents asked for dismissal of the claims, costs, attorney fees and expungement of Kang's record.

Result

The arbitrator recommended the expungement of all references to the arbitration from Kang's registration records. The arbitrator also found the claim was factually impossible or clearly erroneous, and the claim, allegation or information is false. The arbitrator explained that Afrasiabi knew the terms of the purchase as supported by documents, testimony and Kang's declaration, and that he knew or should have know that the securities would fluctuate in value. In addition, the securities were suitable, given claimant's risk profile, and were purchased with claimant's knowledge and consent.