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Securities
Breach of Fiduciary Duty
Failure to Recommend Risk Management Strategies

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

Court

FINRA


Attorneys

Claimant

Steven D. Toskes


Respondent

Andrew R. Park


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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