Facts

Randy Greene and Tanya Greene filed a complaint against Wells Fargo Advisors LLC, in connection with claimants' investments in unspecified stock, mutual funds, junk bond funds, and international investments.

CLAIMANTS' CONTENTIONS:
Claimants alleged that their investments were unsuitable, and that respondents were liable for it. Claimants asserted claims for breach of fiduciary duty, negligence, and negligent supervision.

RESPONDENT'S CONTENTIONS:
Respondent denied claimants' allegations, and asserted various affirmative defenses.

Damages

Claimants sought $135,000 in compensatory damages plus punitive damages, interest, attorney fees and costs as well as other relief.

Result

The parties reached a settlement in mid-2014. Wells Fargo then requested the expungement of non-party, Sandy Beauchamp's, CRD records, which claimants did not oppose. Ultimately, the FINRA Panel granted Wells Fargo's request for expungement. In addition, the Panel concluded that claimants' written statement regarding their tolerance for higher risk disproved their unsuitability assertions.

Other Information

ARBITRATORS: Richard D. Fincher, Charles E. Riggs and Bruce J. Pederson