UBS Recovers $219K from Former Broker in Promissory Note Case
Claimant: UBS Financial services, Inc. and UBS Credit Corp.
Respondent: Roger Bell
Nature of Dispute: Member and Non-Member vs. Associated Person
Overview of Allegations: UBS asserted that Bell breach his contract and failed to repay sums due to UBS upon his termination of employment with respect to four promissory notes.
Damages Requested: UBS requested a total of $219,187.38 in compensatory damages in addition to interest on each of the notes and unspecified amounts for attorneys’ fees and costs associated with arbitration.
Result: The Arbitrator decided that Bell is liable to pay UBS the requested $219,187.38 in compensatory damages for the balance on the four notes, interest on each notes and attorneys’ fees, pursuant to the terms of the notes.