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Securities
Securities Fraud
Breach of Fiduciary Duty

Lyle W. Swenson Jr., Michelle Swenson v. Wachovia Securities, LLC n/k/a Wells Fargo, Advisors, LLC, Craig Alan Riley

Published: Feb. 25, 2012 | Result Date: Jan. 20, 2012 | Filing Date: Jan. 1, 1900 |

Case number: 09-03569 Arbitration –  Dismissal

Court

FINRA


Attorneys

Claimant

Peter K. Rundle


Respondent

G. Thomas Fleming III
(Jones, Bell, Abbott, Fleming & Fitzgerald LLP)


Facts

Lyle and Michelle Swenson filed a claim against Wachovia Securities LLC nka Wells Fargo Advisors LLC and Craig Riley related to unauthorized distribution of funds and wire transfers from claimants' accounts. Claimants asserted breach of fiduciary duty, fraud, and negligence against respondents.

Damages

Claimants sought lost principal of at least half a million dollars, lost interest and investment return on the lost principal, interest, punitive and exemplary damages, attorney fees and costs as well as other relief.

Result

The Panel dismissed claimants' claims without prejudice as against both respondents following the parties' resolution.

Other Information

Respondent Craig Alan Riley is in pro per. ARBITRATORS: Mary M. O'Neil, Robert A. Lombardi, Kenneth E. Kreh.


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