Facts

Nicholas V. Economos filed an arbitration claim against Merrill Lynch Pierce Fenner & Smith Inc. in relation to a customer complaint.

CLAIMANT'S CONTENTIONS: Economos asserted a claim seeking expungement of a customer complaint from his Central Registration Depository records.

RESPONDENT'S CONTENTIONS: Respondent did not oppose the request for expungement.

Result

The arbitrator recommended expungement of the underlying complaint because it found the allegation was factually impossible or clearly erroneous. The arbitrator reasoned that the customer did not mean to file a complaint against the claimant, and he was just expressing his frustration with the market. At the time when claimant made the recommendation to invest, it was reasonable. Moreover, the arbitrator reasoned that it was unforeseeable that the market would crash.

Other Information

ARBITRATOR: Kenneth Paul Strongman.