Edith Seely, individually, and as Trustee of the Seely Family Trust dated 07-21-2001, and as Beneficiary of the Jonathan F. Seely IRA v. Wells Fargo Advisors LLC, Joseph Stradling Ballantyne
Published: Jan. 12, 2018 | Result Date: Jun. 21, 2017 | Filing Date: Jun. 17, 2016 |Case number: FINRA 16-01789 Arbitration – Expungement
Arbitrator
Attorneys
Claimant
J. Owen Murrin III
(Murrin Law Firm)
Respondent
Edwin A. Barkel
(Lewis Roca Rothgerber Christie LLP)
Facts
Claimant Edith Seely, individually, and as Trustee of the Seely Family Trust dated 07-21-2001, and as Beneficiary of the Jonathan F. Seely IRA filed suit against Wells Fargo Advisors LLC and Joseph Stradling Ballantyne in relation to the handling of claimants' accounts.
Contentions
CLAIMANTS’ CONTENTIONS: Claimants contended that respondents violated the law with respect to their accounts and alleged speculative investments in the Puerto Rico Bond fund and in an oil and gas investment.
Claimants asserted causes of action against Wells Fargo Advisors LLC and Joseph Stradling Ballantyne for fraudulent unauthorized trades, violation of FINRA Rules, churning and excessive trading, unsuitability, violation of Arizona state common law fraud and/or negligent misrepresentation, the Arizona Securities Act and FINRA Rule 2210, failure to supervise, and respondeat superior.
RESPONDENTS’ CONTENTIONS: Respondents denied claimant’s allegations and asserted various affirmative defenses.
Result
The panel found claimants’ allegations false, and returned an award in respondents’ favor. The panel also recommended expungement of all references to the arbitration from Ballntyne’s CRD records.
Other Information
ARBITRATORS: Marc Kalish, Loren S. Buell, David S. Eisenberg.
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