Facts

Shawn Victor Gruver filed an arbitration claim against UBS Financial Services Inc. in relation to a termination disclosure on his Form U5 filed by UBS on June 24, 2014 and maintained by the Central Registration Depository.

CLAIMANT'S CONTENTIONS: Gruver contended that the reason for termination in Section 3 of his Form U5 was defamatory, misleading, inaccurate, and erroneous. Gruver claimed that the reason for termination should have read "voluntary," and he sought expungement of the current entry. Gruver also sought expungement of "yes" answers to Questions 7F(1) and 7F(2) of his Form U5, and amendment of those responses to "no." Gruver requested deletion of any accompanying Internal Review and Termination Disclosure Reporting Pages in their entirety, or alternatively an amendment to his Form U5 Termination entry explanation to read "trading losses."

RESPONDENT'S CONTENTIONS: UBS did not oppose Gruver's request for expungement.

Result

The arbitrator recommended expungement of the reason for termination explanation in Section 3 of Gruver's Form U5 and that the reason for termination be changed to "voluntary" with a blank termination explanation. Further, the arbitrator recommended expungement of the "yes" answer to Question 7F(1) be changed to "no." The arbitrator found the information at issue to be defamatory, and thus expungement and amendment was proper.