Jamal Abdul-Kabir, Joyce L. Hanson v. Wells Fargo Investments, LLC
Published: Oct. 20, 2012 | Result Date: Sep. 25, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-01158 Arbitration – Expungement
Court
FINRA
Attorneys
Claimant
Thomas C. Costello
(Costello Law Group)
Respondent
Gordon C. Young
(Barr & Young Attorneys)
Facts
Jamal Abdul-Kabir and Joyce L. Hanson filed suit against Wells Fargo Investments LLC, asserting causes of action for fraud, negligent misrepresentation, breach of contract, negligence, and negligent supervision. The causes of action related to the claimants' investment in preferred Fannie Mae stock.
Result
The arbitration panel recommended the expungement of all references to Joseph Frank and Miles Armstead. The panel concluded that the investment was suitable and not a concentration of the claimants' net worth. The investment was rated AA and its failure was outside the respondents' control. There was no evidence to support the claimants' claims.
Other Information
ARBITRATORS: Thomas D. Reese, James N. O'Orso, Fern M. Laethem.
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