Dong v. Ernst & Young Capital Advisors, LLC

Dong v Ernst & Young Capital Advisors, LLC 2024 NY Slip Op 30836(U) March 14, 2024 Supreme Court, New York County Docket Number: Index No. 160149/2023 Judge: Nicholas W. Moyne Cases posted with a "30000" identifier, i.e., 2013 NY Slip Op 30001(U), are republished from various New York State and local government sources, including the New York State Unified Court System's eCourts Service.

This opinion is uncorrected and not selected for official publication.

FILED: NEW YORK COUNTY CLERK 03/14/2024 04:51 PM INDEX NO. 160149/2023 NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/14/2024

SUPREME COURT OF THE STATE OF NEW YORK NEW YORK COUNTY PRESENT: HON. NICHOLAS W. MOYNE PART 41M Justice X INDEX NO. 160149/2023 DANIEL FANGYANG DONG 11/03/2023, Plaintiff, MOTION DATE 11/03/2023 -v- MOTION SEQ. NO. 001 001 ERNST & YOUNG CAPITAL ADVISORS, LLC, DECISION + ORDER ON Defendant. MOTION -------------------------------X The following e-filed documents, listed by NYSCEF document number (Motion 001) 7, 8 were read on this motion to/for - CONFIRM/DISAPPROVE AWARD/REPORT The following e-filed documents, listed by NYSCEF document number (Motion 001) 7, 8 were read on this motion to/for VACATE - DECISION/ORDER/JUDGMENT/AWARD.

Upon the foregoing documents, it is Petitioner, Daniel Fangyang Dong (CRD Number 6508178), pursuant to CPLR § 7510 and 9 U.S.C. § 9 of the Federal Arbitration Act, is seeking an order confirming a Financial i Industry Regulatory Authority ("FINRA") arbitration award, dated May 15, 2023, rendered in - Daniel Fangyang Dong v. Ernst & Young Capital Advisors, LLC, FINRA Case No. 22-01027, and ordering FINRA to expunge frorri petitioner's registration records maintained by the Central Registration Depository ("CRD") the Reason for Termination and Termination Explanation in Section~ of the Form U5 filed by Ernst & Young Capital Advisors, LLC ("Ert?-st & Young") and all references to Occurrence Number 2126118. Respondent Errist & Young advised it will be taking no position regarding the requested relief and does not intend to participate in these proceedings (NYSCEF Doc. No. 8).

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Petitioner commenced the underlying Associated Person vs. Member arbitration proceeding with FINRA's Dispute Resolution Services against Ernst & Young, requesting: amendment of the Reason for Tennination entry in Section 3 of his Form U5; expungement of the Termination Explanation from his Form US; amendment of the answer to question 7F(2) on his Form U5; deletion of the Termination Disclosure Detail (US) from the CRD; deletion of the Termination Disclosure Detail (U4) from the CRD; and deletion of the Termination Disclosure Reporting Pages accompanying Occurrence Number 2126118 from the CRD. Petitioner and respondent entered into a Joint Agreement and Stipulation, to which petitioner stipulated that respondent did not engage in any wrongdoing or defame the petitioner in connection with a_ny of the matters at issue in or related to the arbitration and where respondent took no position on the request for expungement on equitable grounds (affirmation of respondent's counsel, exhibit A).

ln the award, the arbitrator recommended the expungement of the Reason for Termination and Tennination Explanation in Section 3 of Daniel Fangyang Dong's (CRD Number 6508178) Form US filed on May 6, 2021, and maintained by the CRD; the Reason for Termination shall be changed to "Voluntary", and the Termination Explanation shall be deleted in its entirety and appear blank (NYSCEF Doc. No. 4). The arbitrator also recommended the expungement of all references to Occurrence Number 2126118 from petitioner's registration records maintained by the CRD and any answers of "Yes" should be changed to "No" (id.).

The award further provided that petitioner, "must obtain confirmation of this Award from · a court of competent jurisdiction, before the CRD will execute the expungement directive" (id.).

Therefore, in accordance with CPLR § 7510, the petition was brought within one year of the arbitration award being issued. Additionally, in accordance with CPLR § 7511, there have been

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[* 2] 2 of 4 FILED: NEW YORK COUNTY CLERK 03/14/2024 04:51 PM INDEX NO. 160149/2023 NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/14/2024 no applications to vacate or modify the award made within ~he ninety-day time period. 1 Similarly, in accordance with 9 U.S.C. § 9 of the Federal Arbitration Act, the petition was brought within one year after the arbitration award was made, and the three-month time limit to.

vacate, modify, or correct the ar.bitration award has since·expired (see 9 U.S.C. §§ 10-12).

Therefore, the petition is granted.

Accordingly, it is hereby ORDERED AND ADJUDGED that the Verified Petition is granted, and . the arbitration .

award issued in FINRA Case No. 22-01027 that was rendered in favor of petitioner is confirmed; and it is further ORDERED that FINRA's Central Registration Depository expunge all references to Occurrence Number 2126118 from the registration records of Daniel Fangyang Dong (CRD No. 6508178); and it is further ORDERED that FINRA' s Ceritral Registration Depository expunge the Reason for Termination and Termination Explanation in Section 3 of Daniel Fangyand Dong's Form US, filed by respondent on May 6: 2021, and make any amendments as ~irected in the arbitration award; and it is further,.

ORDERED that the motion to vacate, which contains the same Motion Sequence number as the motion to confirm, and any relief sought therein, is denied; and it is further ORDERED that the Clerk of the Court enter judgment accordingly.

, In the Notice of Petition, petitioner states he is seeking an order, pursuant to CPLR § 7511-, vacating the arbitration award. However, as this request is contrary to the relief sought in the Verified Petition and papers, the evidence. presented, and the tenns of the Joint Agreement and Stipulation, the Court renders this an error. Accordingly, the request to vacate is denied.

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This constitutes the decision and order of the court.

3/14/2024 DATE NICHOLAS W. MOYNE, J.S.C.

~ CHECK ONE: CASE DISPOSED NON-FINAL DISPOSITION GRANTED □ DENIED GRANTED IN PART APPLICATION: CHECK IF APPROPRIATE: SETTLE ORDER INCLUDES TRANSFER/REASSIGN SUBMIT ORDER FIDUCIARY APPOINTMENT · □ REFERENCE

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