Facts

Levi Nagel and UBS Financial Services Inc. entered into FINRA arbitration relating to Nagel's request for expungement of customer claims and settlements on his Central Registry Depository Record.

CLAIMANT'S CONTENTIONS:
While employed at UBS Financial Services Inc. Levi Nagel was encouraged to recommend Lehman Brothers Inc.'s products and ARS to customers. UBS customers filed complaints and/or arbitration claims after Lehman Brothers filed for bankruptcy and they lost their investments. ARS investors also filed claims after the financial crisis when the ARS froze, leaving customers with ARS investments that could not be liquidated.

RESPONDENT'S CONTENTIONS:
UBS did not oppose Nagel's expungement request.

Result

The arbitrator determined that Nagel was not involved in the alleged investment-related violations and recommended expungement of the customer complaints.