Idelji Corporation Defined Benefit Pension Plan and Trust, by its trustees Khodayar Khodyayari and Navid Khodayari; and the Khodayar Family Trust dtd 5-12-05, by its trustees, Khodayar Khodyayari and Azar Ideiji v. UBS Financial Services Inc.
Published: Jan. 19, 2013 | Result Date: Dec. 21, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-02566 Arbitration – Expungement
Court
FINRA
Attorneys
Claimant
Respondent
Kendra S. Canape
(Gordon & Rees)
William McClelland Montgomery
(Keesal, Young & Logan)
Facts
The Idelji Corporation Defined Benefit Pension Plan and Trust filed suit against UBS Financial Services Inc., asserting causes of action for common law fraud and misrepresentation, securities fraud, breach of fiduciary duty, breach of contract, unsuitability, over concentration and negligence, violation of California state law, violation of California common law, and violation of FINRA rules. The causes of action related to a variety of UBS Financial Services Inc. recommended structured derivatives notes.
The claimants sought rescission and/or compensatory damages of $320,000.
Result
The arbitration panel recommended the expungement of references to the arbitration from the registration records of Bryan Mountain and Reza Zamani. The panel found that the registered persons were not involved in the alleged investment-related sales practice violation, forgery, theft, misappropriation or conversion of funds. Additionally, the panel found that there was no evidence that Bryan Mountain or Reza Zamani made any material misrepresentation or omission to Claimants.
Other Information
ARBITRATORS: Joyce L. Hurley, Arthur F. Brueggeman, Mary M. O'Neil.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390