Eccleston Law LLC Is Pleased to Announce Successful Expungement of Customer Complaint Reference
Attorneys from Eccleston Law LLC successfully have represented a Texas financial advisor who should not have been named in a FINRA customer arbitration claim. To remedy that situation, Eccleston Law LLC represented the financial advisor in a FINRA expungement proceeding. Following an evidentiary hearing pursuant to Rule 13805, the arbitration panel was convinced to make all three of the Rule 2080 affirmative findings of fact, at least one of which is required to expunge (or remove) an occurrence reference contained in a broker’s CRD registration records. Those affirmative findings were that: (1) the claim, allegation or information is factually impossible or clearly erroneous; (2) the registered person was not involved in the alleged investment-related sales practice violation, forgery, theft, misappropriation, or conversion of funds; and (3) the claim, allegation, or information is false.
Specifically, it was proven that the financial advisor did not participate in the sale of the variable annuity product that was the basis of the underlying customer’s complaint. The sale was made by another financial advisor. As a result, Eccleston Law LLC was able to demonstrate that its client did not participate or engage in any sales practice which was the subject of the underlying customer’s complaint. Any claim to the contrary, the arbitration panel found, was clearly erroneous and false.
To complete the expungement process, and pursuant to Notice to Members 04-16, Eccleston Law now turns to a Texas court for confirmation of the FINRA expungement award. Upon confirmation, the CRD’s customer complaint reference will be expunged from the financial advisor’s record.
Related Attorneys: James J. Eccleston
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