An arbitration panel of the Financial Industry Regulatory Authority (“FINRA”), has entered an Award of over $360,000, plus interest, against Wells Fargo Advisors, LLC following a customer arbitration against the firm. 

The customer’s claims included allegations of violations of federal and state securities and business practices acts, breach of contract, fraud, breach of fiduciary duty, and negligence involving Wells Fargo’s sale of investments including: Oasis Petroleum, Inc.; Ritchie Bros Auctioneers, Inc.; TCF Financial Corp.; Arts-Way MFG Co., Inc.; Monsanto Co. New; James River Coal, Inc.; Intrepid Potash, Inc.; CNH Global NV; BP PLC SPONS ADR; and Pengrowth Energy Corp.

The claimant requested $172,000 in compensatory damages to recoup their investment losses. The FINRA panel of arbitrators awarded the claimant their requested $172,000, plus $68,800 in attorneys’ fees, $100,000 in punitive damages, $20,000 in costs, and post-judgment interest.

The panel found that Wells Fargo had violated numerous sections of the federal Securities Act, the Securities Exchange Act, and committed common law fraud, breach of fiduciary duty, and gross negligence in its sales of the securities at issue.

If you or someone you know has lost money as a result of an investment with Wells Fargo Advisors, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.