Joe D. Roberts IRA, Barbara J. Roberts, Joe D. Roberts v. Fidelity Brokerage Services LLC, David Cari Ursem, Wells Fargo Advisors, LLC
Published: Jul. 7, 2012 | Result Date: May 21, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-02505 Arbitration – Expungement
Court
FINRA
Attorneys
Claimant
Montgomery G. Griffin
(Law Offices of Montgomery G. Griffin)
Respondent
Judy Louie
(Wells Fargo Advisors LLC)
Facts
Joe D. Roberts IRA, Barbara Roberts, and Joe Roberts filed an arbitration claim against Fidelity Brokerage Services LLC, David Ursem, and Wells Faro Advisors LLC in relation to taxes paid by Claimants purportedly in relation to a distribution check issued by Wells Fargo, and in relation to Claimants' investment in funds and municipal bonds in their IRA held with Fidelity.
Contentions
CLAIMANT'S CONTENTIONS:
Claimants alleged breach of fiduciary duty, violation of California's Financial Elder Abuse Act, and violation of industry standards.
RESPONDENT'S CONTENTIONS:
Respondents denied the claims.
Damages
Claimants sought $127,287 against Fidelity and $82,554 against Wells Fargo.
Result
The arbitration panel recommended the expungement for nonparty Wells Fargo Advisors, LLC employee Michael McGraw, and found the claim impossible or clearly erroneous.
Other Information
ARBITRATORS: Joseph C. Watson, Robert A. Klein, Cynthia R. Saffir.
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