Facts

Robert Z. Disman filed an arbitration claim against UBS Financial Services Inc. in relation to a customer complaint, Occurrence Number 700802, included in his Central Registration Depository records.

CLAIMANT'S CONTENTIONS: Disman sought expungement of the customer complaint from his CRD records on grounds that the claim, allegation or information was false, and factually impossible or clearly erroneous.

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

Result

The arbitrator recommended expungement of all references to Occurrence Number 700802 from Disman's CRD records because the claim, allegation or information was false. The arbitrator found that the complaint addressed a risky options trade, and Disman advised the customer to delay trades on two separate occasions. As such, the arbitrator concluded there was no support for the contention that Disman acted on his own without the customer's authority, and the subsequent trades were not unauthorized.

Other Information

ARBITRATOR: Kirtley M. Thiesmeyer