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Securities
Breach of Contract
Fraud

Rosa R. Makwana, Jitendra J. Makwana and Makwana Family Trust v. Vince Richard Hawley and UBS Financial Services Inc.

Published: Dec. 21, 2013 | Result Date: Nov. 21, 2013 | Filing Date: Jan. 1, 1900 |

Case number: 11-02482 Arbitration –  Expungement

Court

FINRA


Attorneys

Claimant

Rosemary J. Shockman


Respondent

Michael M. Gless
(Keesal, Young & Logan)


Facts

Rosa Makwana, Jitendra Makwana, and the Makwana Family Trust filed for arbitration against Vince Hawley and UBS Financial Services Inc.

Contentions

PLAINTIFF'S CONTENTIONS:
The Makwanas asserted causes of action for breach of contract, common law fraud, and failure to supervise. The causes of action related to various investments in stocks and mutual funds.

DEFENDANT'S CONTENTIONS:
Hawley and UBS denied the Makwanas' allegations and asserted various affirmative defenses.

Damages

The Makwanas sought actual damages of $294,454.

Result

The arbitration panel recommended the expungement of all references to the arbitration from Hawley's registration records. Otherwise, it found that the Makwanas claims were factually impossible or clearly erroneous, and that the investments they had made were appropriate.

Other Information

ARBITRATORS: Robert S. Mautner, Allan Levey and Merton E. Marks


#111951

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