UBS Claws Back $168K from Broker
Claimant: UBS Credit Corp. and UBS Financial Services Inc.
Respondent: Timothy Stephen Fannin
Nature of Dispute: Non-Member and Member vs. Associated Person
Overview of Allegations: UBS asserted that Fannin breached his contract and failed to repay the sums due to UBS pursuant to the promissory notes when he left the firm in February 2016.
Damages Requested: UBS requested $127,165.36 in compensatory damages for the first note, $40,847.39 in compensatory damages for the second note, $67,716.39 for the balance on the third note in addition to unspecified amounts for interest, attorneys’ fees and costs associated with the arbitration.
Result: The arbitrator determined that Fannin is liable to pay UBS $127,165.36 plus interest for the first note, $40,847.39 plus interest for the second note, $67,716.39 plus interest for the third note and is responsible for reimbursing UBS for attorneys’ fees. The arbitrator denied all other claims and relief.