Facts

Duncan Rolph filed an arbitration claim against City National Securities Inc. for expungement of a single customer dispute.

CLAIMANT'S CONTENTIONS: Claimant contended that the complainant customers had shared a collective understanding of their fund investments and that they could have easily done their due diligence and researched their investment decision. Claimant alleged that he remained in contact with the customers and discussed the fund's status with them. Claimant claimed that he disclosed the fund's risks and those risks were plainly written for the Customers to observe and consider the investments.

RESPONDENT'S CONTENTIONS: Respondent addressed that it did not take a position as to claimant's request for expungement but denied that claimant was entitled to any damages.

Result

The arbitrator found that claimant adequately and accurately represented that the subject fund investment was highly speculative and claimant didn't commit any of the alleged investment practice violations. The arbitrator recommended expungement to the single reference to the underlying claims from his CRD record.