Court Opinion

ID: 9952468
Source: CourtListenerOpinion
Date Created: 2024-03-19 20:09:12.917849+00
Date Added: 2024-06-11T14:39:58.533814
License: Public Domain

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
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 This opinion is uncorrected and not selected for official
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  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).

                                                                                     ... -
                                                                                        £· -

            160149/2023 DONG, DANIEL FANGYANG vs. ERNST & YOUNG CAPITAL ADVISORS, LLC             Page 1 of4
            Motion No. 001 001

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

                  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

            160149/2023 DONG, DANIEL FANGYANG vs. ERNST & YOUNG CAPITAL ADVISORS, LLC            Page 2 of 4
            Motion No. 001 001                                       ·

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  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.

                                                                                                              ,
           1 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.
            160149/2023 DONG, DANIEL FANGYANG vs. ERNST & YOUNG CAPITAL ADVISORS, LLC                             _ Page 3 of4
            Motion No. 001 001

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

                   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

            160149/2023 DONG, DANIEL FANGYANG vs. ERNST & YOUNG CAPITAL ADVISORS, LLC                  Page4 of4
            Motion No. 001 001

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