Facts

William Isaacson asserted a claim against Quick & Reilly Inc. and Independent Financial Group LLC in relation to his Central Depository records.

CLAIMANT'S CONTENTIONS: Isaacson asserted a cause of action for inaccurate reporting on his Central Registration Depository records in relation to two customer complaints. In the first claim, the customer's sister alleged unsuitability and failure to explain different mutual fund classes but Isaacson contended that the claim was false because he fully advised the customer about all the pros and cons of the different mutual funds. In the second claim, the customers alleged that Isaacson lacked experience suggesting investments or provided misleading information. Isaacson contended this claim was clearly false and/or erroneous.

RESPONDENT'S CONTENTIONS: Quick & Reilly did not take a position on the request for expungement.

Result

As to the first claim, the arbitrator found that it appeared that the customer's sister made the complaint and that the claims were clearly false and erroneous. As to the second claim, the arbitrator found it was clearly false and/or erroneous. The arbitrator recommended expungement of both complaints.