Facts

Claimant David Anthony Pickler filed an arbitration claim seeking to expunge a customer complaint relating to an investment from his Central Registration Depository records. The original investment was a share in a collective of properties, which were progressively sold one at a time. The customer received distributions after each sale. Ultimately all of the properties were sold.

CLAIMANT'S CONTENTIONS: Claimant sought to expunge a customer complaint that alleged that a limited partnership bought in 1988 was unsuitable because she invested $5,300 and only received $1,600 when she closed the account, which resulted in financial loss.
Claimant contended that the customer held the investment and had significant gains over the life of the investment and distributions. Claimant argued that while the final value was next to nothing, when taking the distributions into account, the customer made significant gains.
Claimant contended that the complaint thus was erroneous and subject to expungement.

RESPONDENT'S CONTENTIONS: Respondent contended the complaint had no merit as well.

Result

The arbitrator found for claimant and ruled that the complaint was factually impossible and thus clearly erroneous. Therefore, expungement was recommended.

Other Information

ARBITRATOR: Michael J. Ahlstrom.