Facts

G. Arnold Lawton and the G. Arnold Lawton Trust U/A dated 03/11/2004 filed an action against Wells Fargo Investments LLC and Jack Wong. The action related to claimants' investments in a variable annuity and FNMA note.

CLAIMANT'S CONTENTIONS:
Claimant alleged claims for breach of fiduciary duty, elder abuse, negligence, fraud, securities fraud, breach of contract, breach of the covenant of good faith and fair dealing, and constructive fraud. Claimant argued that respondents made improper attempts to maximize brokerage commission, and alleged unsuitability of investments.

RESPONDENT'S CONTENTIONS:
Respondents rejected the allegations.

Damages

Claimants sought $500,000, and disgorgement of excessive fees.

Result

The parties settled in advance of arbitration and claimant did not present a case. In an expungement proceeding the Panel recommended expungement from respondent Wong's registration records.