Hooman Moshar and May Moshar v. Wells Fargo Advisors, LLC
Published: Jan. 26, 2013 | Result Date: Jan. 9, 2013 | Filing Date: Jan. 1, 1900 |Case number: 11-00556 Arbitration – $1,333,930
Court
FINRA
Attorneys
Claimant
Marc I. Zussman
(Law Office of Marc I. Zussman)
Respondent
Elizabeth H. Lindh
(Keesal, Young & Logan)
Facts
Hooman Moshar and May Moshar filed a complaint against Wells Fargo Advisors LLC alleging breach of fiduciary duty; breach of written contract; fraud by misrepresentation and omission; failure to supervise and control; and violation of federal and state securities laws and statutory common laws, including NASD Rules of fair practice and NYSE Rules. The allegations were related to unsuitable investment strategy of using Claimants' securities portfolio as collateral for $5 million in loans and multiple investments in Exchange Traded Funds (ETFs).
Damages
Claimants requested approximately $1.9 million in full rescission or compensatory damages, lost opportunity costs, profits generated by Respondent's predecessor in interest, attorney's fees and costs, interest, punitive damages, and other relief.
Result
The FINRA panel found Wells Fargo liable to claimants in excess of $1.3 million and $600 in fees. The entire FINRA forum fees of $28,000 were assessed on Respondent Wells Fargo Advisors.
Other Information
ARBITRATORS: Donald S. Simons, Brent J. Rosenbaum, Joel D. Davidman.
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