Facts

Joseph Mizrahi filed a complaint against Douglas Solorzano and Wells Fargo Advisors LLC in connection with claimant's investments in ING Golden Select Guaranty Annuity.

CLAIMANT'S CONTENTIONS:
Claimant asserted causes of action for negligent and/or intentional failure to follow specific instructions, omission of material facts, misrepresentations and omissions, breach of fiduciary duty, failure to supervise, violation of FINRA Rules, breach of contract, and violation of California Civil Code Section 3345.

RESPONDENTS' CONTENTIONS:
Respondents denied the allegations and asserted various affirmative defenses. Respondents sought the expungement of Solorzano's CRD record.

Damages

Mizrahi sought $11,647 in compensatory damages plus interest as well as enhanced damages. Mizrahi also sought the recovery of attorney fees and costs.

Result

In November 2014, Mizrahi informed FINRA that he had dismissed all claims against Solorzano with prejudice. In December, he informed FINRA that he and Wells Fargo Advisors had reached a settlement and the one case was dismissed with prejudice. Thereafter, respondents requested the expungement of Solorzano and non-party Charles Christiansen's CRD records. Ultimately, the arbitrator recommended the expungement of Solorzano and Christiansen's CRD records.

Other Information

FILING DATE: March 31, 2014