Lax & Neville Wins Expungement of Nine Customer Complaints for Former UBS Registered Representative

FINRA Arbitration Results in Expungement of Customer Complaints
By: Lax & Neville
MANHATTAN, N.Y. - Dec. 16, 2014 - PRLog -- On December 4, 2014, Lax & Neville LLP won expungement relief for James R. Young, a registered representative formerly employed by UBS Financial Services, Inc. The ruling resulted in the expungement of nine (9) customer complaints on his Central Registration Depository record (CRD). CRD is the central licensing and registration system for the U.S. securities industry and its regulators.  The FINRA Statement of Claim alleged that Mr. Young and his clients were all victims of UBS’s “product problem” relating to its offering, developing, marketing and selling structured product investments issued by Lehman Brothers Holdings, Inc.  The Statement of Claim further asserted that Mr. Young was not involved in the alleged wrongdoing.

In its Arbitration Award, the Panel recommended expungement of all references to the nine customer complaints, concluding that the registered person was not involved in the alleged-related sales practice violation, forgery, theft, misappropriation or conversion of fund, and that the claim, allegation or information was false.

During the arbitration, attorney Raquel Terrigno of Lax & Neville LLP claimed that UBS never should have reported any of these customer complaints on Mr. Young’s CRD.  Not only was Mr. Young not named in any of the aforementioned arbitrations, but there were no allegations that he was involved in any of the alleged sales practice violations in the arbitrations or customer complaints. The Panel agreed that these disclosures should never have been reported on Mr. Young's CRD and awarded expungement, which is significant to Mr. Young's career because his CRD record contained disclosures which were false and misleading to investors.

Lax & Neville LLP is a boutique litigation law firm focused on broker-dealer, securities arbitration, regulatory, and employment matters. Headquartered in New York City, they are committed to serving clients nationwide in securities, employment and investment law.  They can be reached at 212-696-1999 or on the web at

Jessica Graf
Source:Lax & Neville
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Tags:Expungement, Finra Arbitration, Lax & Neville, Product Problem, Ubs Financial Services
Industry:Investment, Legal
Location:Manhattan - New York - United States
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