Facts

Yangchen Lama filed an arbitration claim against UBS Financial Services Inc. seeking expungement of a customer complaint from his Central Registration Depository records.

CLAIMANT'S CONTENTIONS: Lama requested expungement of all references to the underlying complaint from her Central Registration Depository records.

RESPONDENT'S CONTENTIONS: Respondent consented to Lama's request for expungement relief and requested all costs and fees be assessed solely against Lama.

Result

The arbitrator recommended the expungement of all references to the underlying complaint from registration records maintained by the Central Registration Depository for Lama. The arbitrator found the claim, allegation, or information was factually impossible or clearly erroneous, and that the claim, allegation, or information was false. Further, the arbitrator found Lama was not involved in the alleged investment-related sales practice violation, forgery, theft, misappropriation, or conversion of funds. Specifically, the arbitrator stated the customer who filed the complaint had all information available, and Lama did not recommend the investment, the failure of which was caused by the unpredictable bankruptcy of Lehman Brothers in 2008.