Facts

Claimant Mary Lee filed a complaint against respondents AXA Advisors LLC, Larry Dan George, and William Paul Evans, in relation to her late husband's IRA account.

CLAIMANT'S CONTENTIONS: Mary Lee contended she was entitled to be the beneficiary of her late husband's IRA account, and claimed negligence, as well as respondeat superior/responsibility.

RESPONDENTS' CONTENTIONS: The respondents denied the contentions of the claimant. The respondents contended all claims asserted by Lee should be dismissed. Two respondents also requested expungement of Central Registration Depository records in the matter. The respondents contended Lee's claims were not subject to compelled arbitration under the Financial Industry Regulatory Authority.

Damages

Lee asserted she should receive the amount of the IRA, which totaled $135,373.76, plus costs and fees.

Result

The panel concluded that Lee was not the respondents' customer, or the executor of the estate of her late husband. The panel decided that, as to the expungement request, it had no jurisdiction. The panel also concluded the action was not subject to arbitration under FINRA.

Other Information

ARBITRATORS: Harry G. Mason, presiding chairperson; Michael J. Ahlstrom; Darrell A. Hillis.