An arbitration panel of the Financial Industry Regulatory Authority (FINRA) has ruled in favor of the investor in an arbitration case against Wells Fargo Advisors LLC, and E*Trade Securities LLC. The FINRA arbitration panel found Wells Fargo Advisors liable to the investor for $50,253 in compensatory damages, and E*Trade Securities liable for an additional $33,502 in compensatory damages. Also, the FINRA panel held Wells Fargo Advisors and E*Trade Securities responsible for paying the investor $11,960 in interest, as well as $22,500 in attorney fees and $4,500 in arbitration hearing session and fees.
The case involved the investor's ex-husband who, through the falsification of documents and other signs of identity theft, transferred funds from various Wells Fargo accounts into several E*Trade accounts without the client's knowledge or consent.
Incidences involving ex-spouses and identity theft, unfortunately are becoming more common. In this case, the FINRA arbitration panel not only ruled in the client's favor, but it also sent a powerful message through its award of interest, attorney fees and FINRA fees against Wells Fargo Advisors and E*Trade Securities.
If you or a family member have experienced losses through unauthorized trades due to identity theft, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses at 888-760-6552.
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