Facts

Charles Schwab & Co. Inc. filed a complaint against their customers, Brian DeWitt and Mila DeWitt in connection with a FINRA Arbitration case.

CLAIMANT'S CONTENTIONS:
Claimant alleged that the arbitration case should be expunged from non-party Robert Bianusa's Central Registration Depository records because respondent's allegations in that matter, as they relate to Blanusa, were factually impossible, and false or clearly erroneous. Claimant also denied Blanusa's involvement in the alleged sales practice violations.

Result

The FINRA Panel recommended the expungement of Blanusa's records. The Panel also found that Blanusa was not even respondents' broker, and that respondents directly purchased the subject investments from Charles Schwab and without Blanusa's help or knowledge. The Panel found that the totality of the circumstances supported expungement of Blanusa's records.

Other Information

ARBITRATORS: Philip Aaron Tymon, Linda M. McCoy, E. Duane Stephens