Facts

Claimant provided financial services to certain customers starting in 2000. The customers presented themselves as experienced investors with a net worth of $1 million. Claimant offered an array of investment options to the customers. The customer's chosen investments lost money. In response, the customers lodged a complaint against claimant in the claimant's Customer Registration Depository record. Claimant sought expungement of the complaint through arbitration.

CLAIMANT'S CONTENTIONS: Claimant contended that the complaint was false, factually impossible, and erroneous. Claimant contended that the losses were caused by the tech bubble burst in late 2000, bot through any malfeasance by the claimant.

RESPONDENT'S CONTENTIONS: Respondent contended that it took no position as to expungement.

Result

The arbitrator found for claimant. The complaint was deemed factually impossible and erroneous. Expungement was granted.

Other Information

ARBITRATOR: Laurel Littman Gothelf.