In a recent arbitration (FINRA Case #11-556) before the Financial Industry Regulatory Authority, Wells Fargo was ordered to pay a couple $1.3 Million dollars in connection with investments in exchange traded funds (ETFs).
The claimants brought charges of breach of fiduciary duty, breach of contract, fraud by omission and misrepresentation, failure to supervise and other claims against Wells Fargo. In addition to requiring Wells Fargo to pay damages, the panel denied the request of the selling broker to have her records expunged.
Whether you know it or not, when you open a brokerage account with virtually every firm in the country, you agree that all disputes shall be determined by arbitration before FINRA vs. state or federal court.
If you have questions about losses in your account we may be able to help.
561 391 1900