Facts

Michael Kanigher was the subject of a complaint by a customer regarding a certain investment. The respondent in the matter settled with the aggrieved customer. The investment in question was in connection with auction rate securities. After the customer made the investment, the ARS market failed.

PLAINTIFF'S CONTENTIONS: Kanigher contended that the complaint against him should be expunged in connection with his Central Registration Depository records.

DEFENDANT'S CONTENTIONS: UBS Financial Services Inc. did not argue against the expungement request by Kanigher. However, the respondent that Kanigher be assessed the costs and fees in connection with his request.

Result

The customer in question was notified regarding Kanigher's expungement request. The expungement was recommended by the arbitrator.