ÍøÆØ³Ô¹Ïlls Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name
From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï
ÍøÆØ³Ô¹Ïlls Fargo Advisors must pay nearly $500,000 in damages to Nicholas Takahashi, for allegedly using his name on their website long after he left for a competitor. According to AdvisorHub, Takahashi claimed ÍøÆØ³Ô¹Ïlls Fargo violated a California law prohibiting the use of someone's name or likeness for advertising without consent.
According to the June 11 arbitration award, Takahashi left ÍøÆØ³Ô¹Ïlls Fargo in 2013 for Morgan Stanley. Despite this, ÍøÆØ³Ô¹Ïlls Fargo included his name on the website of a former partner who remained with the firm. This act potentially allowed the advisor to solicit Takahashi’s clients, according to a source close to Takahashi who spoke to AdvisorHub on the condition of anonymity.
Takahashi initially had sought over $1.8 million in damages. The total FINRA award includes $250,000 in punitive damages, almost $82,000 in compensatory damages, and roughly $163,000 in legal fees and other costs.
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