Facts

Claimant Wells Fargo Advisors LLC filed an arbitration claim against respondent Justin McDonald in relation to two promissory notes entered into by respondent on April 1, 2013 and Aug. 8, 2014.

CLAIMANT'S CONTENTIONS: Claimant contended respondent breached the contract claimant and respondent entered into. Claimant further contended respondent was unjustly enriched when he breached the contract.

RESPONDENT'S CONTENTIONS: Respondent denied claimant's contentions and further contended all of respondent's loss of income and associated damages resulted from claimant's own false and misleading representations.

Result

The parties entered into an agreement and under the terms respondent was liable for and mandated to pay claimant $225,000 in compensatory damages. Additionally, respondent was liable for and mandated to pay interest on the amount of $225,000 at the rate of 5.66 percent per annum from July 25, 2016 to the date the damages are paid in full.