Joe Solorsa v. Wells Fargo Advisors LLC
Published: Nov. 28, 2015 | Result Date: Oct. 14, 2015 | Filing Date: Jan. 1, 1900 |Case number: 13-02887 Arbitration – Expungement
Facts
Joe Solorsa filed a complaint against Wells Fargo Advisors LLC concerning his UPS stock.
Contentions
COMPLAINANT'S CONTENTIONS:
Respondent allegedly failed to recommend a risk management strategy to protect claimant's stock. As such, complainant asserted claims for breach of fiduciary duty, breach of contract, failure to recommend risk management strategies for a concentrated, leveraged position, unsuitable investment strategy, misrepresentations, omissions, failure to supervise, fraud, constructive fraud, negligence, gross negligence, and violation of FINRA rules and the Securities Exchange Act of 1934.
RESPONDENT'S CONTENTIONS:
Respondent denied the allegations and asserted various affirmative defenses. Respondent requested the expungement of non-party, William Schoeffler's CRD records.
Damages
Solorsa sought about $750,000 in compensatory damages and unspecified amount in underperformance and other damages.
Result
The parties ultimately reached a settlement. Thereafter, the FINRA Panel recommended the expungement of Schoeffler's CRD records.
Other Information
ARBITRATORS: Vincent J. Natoli, Jr.; Eric Gad Foster; salvatore A. Sciortino FILING DATE: Sept. 25, 2013
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