An irreverent Wall Street Blog
by Bill Singer

Wells Fargo Hit With $1.8 Million Arbitration Award

August 14, 2013

In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in March 2012, Claimants asserted causes of action including breaches of contract and fiduciary duty, negligence, and negligent supervision in connection with their investments in Jones Soda Co., Nektar Therapuetics, Poniard Pharma, Inc. and Helices Bioscience Corp. Claimants sought $9,000,000 in damages, costs, and attorneys' fees. In the Matter of the FINRA Arbitration Between Philip Lovell, Philip Lovell Pension Plan, and The Lovell Family Trusts, Claimants, vs. John Bulkley Meacham and Wells Fargo Advisors, LLC, Respondents (FINRA Arbitration 12-00793, July 30, 2013).

Respondents Meacham and Wells Fargo Advisors generally denied the allegations and asserted various affirmative defenses.

Bankruptcy (Protection)

Because of Meachan's February 2013 bankruptcy filing, all claims against him were indefinitely stayed and the Panel made no determination as against him. 

SIDE BAR: According to online FINRA records as of August 8, 2013, Wells Fargo Advisors "Discharged" Meacham on March 30, 2010, based upon allegations that he had been: 

DISCHARGED FOR VIOLATION OF FIRM POLICY RELATING TO HANDLING OF FIRM RECORDS  

Additionally, FINRA records disclose that on March 15, 2013, Meacham entered into an Acceptance, Waiver & Consent settlement, whereby, without admitting or denying the findings, he was suspended in all capacities for three months but no monetary fine was imposed because of the filing of his Chapter 7 bankruptcy petition. The AWC alleged that he had borrowed $50,000 from a customer in contravention of the firm's procedures.

Decision

The FINRA Arbitration Panel found Respondent Wells Fargo Advisors liable and ordered it to pay to Claimants $1,802,508 08 in compensatory damages.

Bill Singer's Comment

It is summer and things tend to get a tad slow in terms of news involving the industry. That being said, it's not every day that we see a $9 million customer arbitration claim -- and it's not every day that we see an award rendered for nearly $2 million.  Let's just call this a Wall Street rainbow. It's sort of dazzling to behold. It's not going to last that long. All in all, it's more about the spectacle than the substance. 

For iPhone/Mobile view visit: http://www.youtube.com/watch?v=cj9ZsSLauBg

Securities industry lawyer Robert Herskovits and Bill Singer, Esq. discuss how to handle a Wall Street termination. Putting out the employment brush fire before it becomes a forest fire.

NOW ONLINE

REUTERS.com

YouTube for iPhone / iPad Users
 http://www.youtube.com/watch?v=cj9ZsSLauBg


For iPhone/Mobile view visit: http://www.youtube.com/watch?v=vnyPjquKXNo

Veteran industry employment lawyer Jeffrey Liddle and Bill Singer, review the developing employment trends on Wall Street. Frank talk about bonuses, compensation packages, and severance.

NOW ONLINE
Reuters.com



Post a job for $25

Permalink

Search BrokeAndBroker

Related Topics

Previous Entries

Tag Cloud

Bill Singer BrokeAndBroker FINRA Arbitration AWC SEC BrokeAndBroker.com Expungement BrokerAndBroker Employment Guest Blog Guest Blogger Wells Fargo Street Sweeper Bill SInger Jobs Aegis Frumento OBA U5 Fraud Promissory Note U4 Email Merrill Lynch Morgan Stanley UBS EFL Defamation CRD Elderly Wire Fraud InSecurities Statutory Disqualification BrokeAndBroker OHO Whistleblower NAC PST Suitability FBI Forbes Rule 3270 Ponzi DOJ ALJ Citigroup BrokerCheck Supervision Borrowing Form U4 IRS SDNY OIP Expenses Supreme Court Pro Se Willful Bank Outside Business Activity Ameriprise Felony Dodd Frank Securities Industry Commentator WSP Wrongful Termination Rule 2080 Discretion Rule 8210 Form U5 Discovery Rule 2010 Wachovia IRA RIA Raymond James Business Expenses JP Morgan Mail Fraud Wife NASD Insider Trading Conversion Bar CCO Punitive Damages Husband Bankruptcy TRO Rule 1122 Settlement Checks Forgery LPL Stephen Kohn Estate Edward Jones Tax Willfulness Rule 3240 Trump arbitration Margin Commissions 2Cir Employment Tuesday Outside Business Activities NYSE Credit Card Schwab Madoff Small Firm Promissory Notes Frumento Beneficiary Rule 3040 Wall Street FAA Insurance Corrective Action Statement Private Securities Transaction Annuities Injunction Options Facebook Rule 3280 Impersonation Tax Liens Bank of America Antitrust Power of Attorney Customer Real Estate CFTC Indictment Due Diligence Exam Crypto Tax Lien Trust Stay Rule 12206 Remand ETF Street Legal Test Spouse Mortgage Offer of Settlement SRO ATM Signature Barclays OTR Goldman Sachs OWB Trustee Retaliation Solicitation Misdemeanor Complaint COVID Securities Fraud Case In Point TD Ameritrade Motion to Dismiss Wire Schapiro NASDAQ VA email Explained Decision Eligibility Rule POA Away Account Sanctions Rule 2510 Annuity ACQ ARS DCCir Jurisdiction Spouses Appeal Loan Rule 4511 Lien Discrimination Blockchain Initial Decision Unauthorized Discretion E*Trade Rule 12200 Burris Conspiracy Liens NSF Employee Forgivable Loan Reg SP Rule 4530 JPMorgan 9Cir T&P Mandatory Arbitration Money Laundering HFT Deutsche Bank Cease And Desist Fidelity PCAOB NASAA Signatures Bonus Flash Crash Great Recession RBC Rule 3010 Class Action Retirement Unfair Competition LOA Personal Expenses Unsuitability REIT Dissent Reimbursement Manifest Disregard CRS Fiduciary Failure to Supervise AML Continuing Education Compliance expungement Vacatur Credit Cards Scottrade Undisclosed Settlement Disgorgement Motion to Vacate Hacking 10Cir Divorce Broker Protocol Huffington Post Due Process Chase Severance Willfully Hacker Gallagher FINRA Board Deceased BD Registered Rep Magazine Board RRBDLAW.com Lehman Brothers Bharara Will Sexist MC-400 Disclosure Customer Complaint Rule 3050 Identity Theft IAR SDFL Cryptocurrency MSSB Spoofing Unauthorized Trading Variable Annuity Sexism brokeandbroker Internet Malware Bitcoin employment Coronavirus Indemnification Variable Annuities Solicited Statute of Limitations Social Media Fees Audit Stifel Stockbrokers Examination Widow Lucia Forex Apple Emails LIBOR FINRA Arbitration Website Wey Loans Annual Compliance Questionnaire Private Placement Zipper Self Regulation Elder Abuse Away Accounts Rule 3110 Wedbush Kokesh Letter of Authorization Public Interest Commission Credit Suisse PNC BOP PIABA BrokeAndBroker Bill Singer RMBS Lehman Registration Confidential Information Rule 2150 Rule 12805 Postponement 3Cir 2nd Circuit Dakota Securities Crowdfunding Brummer Gensler WSPs Arbitraiton Bonds Trading Platform Second Circuit Rule 2111 Prison Rule 12904 Private Securities Transactions Unsolicited jobs FINOP Net Capital Bureau of Prisons bill singer Waiver Marijuana Judgments IC3 Whistleblowing Time And Price Bear Stearns Exhaustion of Administrative Remedies Cheating Telephone Unjust Enrichment Suspension Hedge Fund Morgan Keegan RR Rule 9552 BrokeAndBroker.com Blog Sanction Guidelines Plea CMA TOD Non-Solicitation Debit Card Newman CE Charles Schwab China MetLife Rule 13200 FOREX 4Cir Hilton Weiner Breach of Contract OIG Imposter Robinhood ADA RRBDlaw.com JPM BrokeandBroker NYAG Diversity Motion to Confirm IPO Mutual Funds Auction Rate Securities 11Cir Series 7 Confirm Rule 2210 JOBS Act Rakoff Tortious Interference Elder Fraud Knight Reg S-P Whistleblowers Botkin Rule 2081 Counterclaim Protocol Lawyer SunTrust OSHA Compensation Non Solicitation Statutory Disqualification Committee Membership Continuance DOL CPA Stifel Nicolaus Oppenheimer NoCA WB-APP FNMA Restaurant Concentration Unsuitable Covid Check Kiting 9/11 Private Placements Sexual Harassment Puerto Rico Piwowar Board of Governors Obstruction of Justice Joshua Brown CNBC Small Firm Governor Broke And Broker Charge Testimony Gold Embezzlement Racism Regulation SP Employment Agreement Rule 4513 Mother TCR Customer Information Service SAC Circuit Court Form ADV VIX Article V Wire Transfer Leggett Lawyers Ketchum Deferred Compensation Rationale TSSB USERRA Affinity Fraud Termination Reg D HSBC Customers Rule 12504 Research Funds MF Global Rosenthal Recruiting Standing Rule 13805 Puts ING Charity Aleynikov EDNY PN Passcode Saad Appointments Clause Khuzami Biden 10b-5 1Cir Medicare Dementia Hurry Stanford supervision Taxes Confidential Enforcement Unregistered Affiliate EIA CEO Wine Michael King Associates Michael King Conflict Pennystock Robert Cook Testing Test Center Preliminary Injunction Corruption Check AAA Woody Allen Raiding High Frequency Trading Margin Call Federal Reserve Day Trading Johnny Burris Bandimere Information guest blog Leveraged ETF Written Supervisory Procedures aegis frumento insecurities guest blogger Sales Assistant Shah Gilani Executor Irreparable Harm Immunity Trade Secrets TheBlot Phishing Churning Bloomberg Confidentiality fraud Banc of America Cannabis Bank Fraud Inability to Pay securities industry commentator Pennystocks Sarbanes Oxley Morgan Stanely Feigenbaum Star Wars Medical Condition Outside Account Trader Conflict of Interest Vietnam Negligence AXA McDuff Absolute Immunity Third Party Vendor ICO 6Cir Accounting Morgan Stanley Smith Barney Ethereum Sexual Discrimination Finder\'s Fee Pruco Subpoena NRF ACH Obstruction NPR Rule 12212 Marines Probate Excessive Trading IM Amazon Marketplace Marine Corps Administrative Remedies Talman Harris NDCA FINRA AWC Poteroba Lincoln Financial Rule 9554 Bid Rigging money laundering FINRA Small Firm Statement of Corrective Action Aguilar Relevant Disciplinary History Vault Default Beneficiaries Hugh Hewitt Wanger Argentina Joint Account BrokeAndBroke Consent Order Death Google DNJ Casino PAQ Honorarium Corzine Penson Self Regulatory Organization Sharemaster CDO Privilege Attorneys Fees JPMS Unauthorized Practice of Law Rule 21F Rule 3310 White Layering Ride the Thunder Moon Hester Peirce Stipulated Award OCIE David Sobel Over Concentration Commodities Fraud Disability Motion to Compel Nietzsche Eligibility Spoliation Side Bar Mutual Fund Chief Compliance Officer Teleconference Smith Barney Chase Investment Services Failure To Supervise Hearing Rule 3030 Whitman Finra 6th Circuit Congress Guitron Parking Yesenia Guitron Constitution Government Accountability Project 401k Kon Online Superior Court Laptop signature FMLA Timban Extortion Inmate Life Insurance Money Market Blank Forms Obama Newport Coast Securities Inside Information Motion Fine Regulation Netschi Moore SIFMA GameStop Microcap Red Flags Fee Guest Bloggers Gross WaMu Disciplinary History First Amendment Backstage Wall Street Confirmation Gamification Capital Gains ESOP Elder Law Rule 2430 Rule 9216 Reuters Arbitration Penalty Reverse Life Insurance Rule 1031 Offset Extraordinary Circumstances Hotel Trading BrokeAndbroker Christian Stanley Risk 401(k) Taft Correctional Institution Copyright RICO Counterfeit DMD Chiasson Fowler Expert Witness Texting 11th Circuit Kiting Non Solicit Arrest Turnover Control Person Johnson Daughter Judgment Crime State Actor Relevant Outside Accounts Revocation SD Dell Restitution Investor Alert Hospital 10b-10 Cold Spring Advisory Group FCPA LLC Rule 13504 Resignation Conflicts Reform UIT Electronic Communications Rule 2370 Schneiderman Subject Matter Jurisdiction Tesla Commissioner Stein Scholander RRBDlaw Withdrawals Jennifer Tarr Settling Away Stop Loss NY Life Female Department of Justice Wires Cantor Fitzgerald Escrow David Lerner FOCUS For Cause Florida wire fraud mail fraud Respondeat Superior Pension SP Zoom OWWP Fiduciary Duty Chase Bank CGMI Self Reporting Regulation S-P Attorneys\' Fees Scottsdale YouTube Commodities Puerto Rico Bonds Civil Rights NYG Capital wrongful termination Ethics Stockbroker BATS Equity Indexed Annuities Investment Adviser Meals Tax Fraud Liquidation Thain Selling Away Falsification Book of Business Title VII elderly Son Prudential Rory Flynn VXX 5Cir FAP BrokerAndBroker.com Self Directed Slander Verbal Discretion 17a-5 Series 79 Acosta WhatsApp Permanent Bar Fifth Amendment TIC Do Not Call Libel Outside Counsel CD 40 Act Data Racial Discrimination Fines Oral Discretion Password Chevron Elles FCI Beaumont S&P FCI Client Information Annual Audit Solomon Bob Dylan Quasi Governmental Merger No Show Hearsay Blackbook Forfeiture MBS Non-Solicit Supervisor BIll Singer Particularity Texas State Securities Board NFA Newbridge Exception Report SEC Rules of Practice Schottenstein Twitter DWI Series 66 AI Altered Motion to Postpone College NFT GME Father Berthel Fisher PSRO Section 1332 State Farm Payroll Fiero Reasonable Binary Options Non Compete Martoma Compromise Hayden Wire Transfers Jon Corzine Apartment Goble Short Sale Flash Drive Well Managed Portfolio Tennis Court Retired Woman With Cane Traders Janney Montgomery Scott Bill Singer BrokeAndBroker Lexicon FDA Expense iPhone Rule 3210 Brokeandbroker.com Proctor Clearing Firm DCO Tysk ALJ Foelak ACT! Checking Rule 13904 Form TCR Rule 12511 Production Travel Third Party Beneficiary Back Dated Preet Bharara Tipper Discharge Motion to Exclude NPI Swaps McCartney Altered Records Examinations Principal Customer Files Oilpro JPMorgan Chase NMS Exhaustion Doctrine Allocation Cherry Picking Kent whistleblower Molchatsky Rule 13212 Daspin bank DDC Clayton Ecuador South Park Interactive Brokers Hostile Workplace Gnomes Kovack Securities ETFs House Financial Services MDLA Orders Municipal Bonds Summary Judgment Led Zeppelin Stephen A. Kohn Disparate Treatment Capitalism Executrix Harris Overtime Initials Practice Sale Harassment Fourth Amendment Bezos Lewis Carroll Currency Merill Lynch Cybercrime Production Bonus Transitional Bonus Wages Notice At Will FINRA Eligibility Rule Constructive Discharge Books and Records ALJ Grimes Undercover Sterne Agee Sharing Agreement Witness Tampering Vacate Pacifico Non-Prosecution Agreement finra Corporate Credit Card Cybersecurity Jury Instructions false statements Covid-19 Alcoholism Motiion to Acquit Vaccarelli BBVA securities fraud Women Cryptocurrencies Pershing Guardian Success Fee Punitive Compliance Officer Promoter Tippee National Securities WBAPP annuities Elon Musk God Public Arbitrator ADEA NYLIFE Stock Promotion Nasdaq Communications Purshe Kaplan Vungarala Turbeville Prime Bank Rule 420 Dylan Obamacare Evidence Res Judicata Khan Subway Hackers Income Diamonds FINRA Foundation NML Silver Mary Jo White Rule 2330 Exotic ETF Life Settlement Bequest BitTorrent Section 206 Frivolous Beatles Gabelli Peirce Lek Expert EEOC Broy Laser Motion To Dismiss Trainee Fee Springsteen Voya EB-5 Allstate JAMS Exception Reports Training Kennedy CAT Branch Manager Liu Fidelity Brokerage Services Sears Age Discrimination SDOH Dostoevsky Eric Stein Coin Mattera Impersonator Romer RRBDLAW Rule 21F-17 Undertaking Rule 13201 Rules of Practice Disney Excel FNI Media FinCEN Tax Advice Retroactive defamation Retroactive Bar Unauthorized Trades Bank Secrecy Act Hurtado SDCA CMO Boyland Game of Thrones Bribe Cellphone Nationwide 1099 QuadrigaCX Securities and Exchange Commission William Faulkner Collateral Bar Bank Guarantee Bill singer Confidential Customer Information HBO Bartko Wells Fargo Advisors Deferred Prosecution Agreement Salman Books And Records DPA Collateral ADR AWC. FINRA Patriot Act Municipal Advisor Margin Calls Financial Disclosure NRSRO Martin Credit Repair Jay Clayton Ten Commandments Stipulation Malice Work Product Powell Last Known Address JP Morgan Securities In Connection With Scam Ruder Task Force Reverse Merger IBM Transfer Law School Mantar Naskovets DMCA Legend Motion to Compel Arbitration Skimming Audit Committee AIG Costa Rica Hertz Kenneth Starr FTC PHC EDPA Rule 144 Rule 12104 Investacorp Justice DRS US Airways Arbitrator Arbitrability SIPC Dissident Personal Information Investment Advisers Act Banks Murray Koval Rule 13104 Leveraged ETFs Grievance Citibank Advisor Placement Group Office of Special Counsel Reason for Termination Theft Baby Boomers Court of Appeal Gifts Galleon MSPB Anderson Rule 13206 Tran 9th Circuit Espionage Merrill Dinner GAP Walter Compliance Questionnaire Lee Nicolas Corcione Guardianship Fraudulent Inducement Transamerica Sex Howey Fundacion Nicor Panama expenses Preliminary Determination BrokeandBroker.com In House Counsel Countrywide Kierkegaard Dow Schumer ESG Joint Production Diabetes 8210 sexism Statute of Limitation Criminal reimbursement MAP Securities America Lorenzo Mail Deceased Customer Varney Burden of Proof Wang Mary Schapiro Mistake Willfull Press Release Spam