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ÍøÆØ³Ô¹Ïlls Fargo Deemed ‘Vindictive’ In Former Advisor’s Arbitration Win

Posted on March 7th, 2022 at 2:37 PM
ÍøÆØ³Ô¹Ïlls Fargo Deemed ‘Vindictive’ In Former Advisor’s Arbitration Win

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï:

A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded a former ÍøÆØ³Ô¹Ïlls Fargo advisor $1.43 million in a dispute pertaining to the advisor’s termination from the firm.


The arbitration panel determined that ÍøÆØ³Ô¹Ïlls Fargo’s actions were ‘vindictive’ against the former advisor, Aaron Olson, who worked at ÍøÆØ³Ô¹Ïlls Fargo between March 2019 and August 2020. Olson now serves as managing principal at Purpose Comprehensive ÍøÆØ³Ô¹Ïalth Management in Charlotte, North Carolina, according to BrokerCheck. The majority of awards administered by FINRA arbitration panels do not typically provide any reasoning for the decision. In this case, however, the arbitration panel commented on what ÍøÆØ³Ô¹Ïlls Fargo had claimed about Olson on his Form U5 termination notice.


According to the award, Olson’s alleged defamation against ÍøÆØ³Ô¹Ïlls Fargo as part of his lawsuit. “The panel concludes that, under all of the evidence and reasonable inferences therefrom, the filing of and the information in the amended U5 was both vindictive and defamatory in nature causing material and continuing harm to [Olson’s] reputation and career as a financial advisor,” according to the award. The arbitration panel ordered ÍøÆØ³Ô¹Ïlls Fargo to pay Olson $700,000 for two claims, including fraud and defamation. The panel additionally ordered ÍøÆØ³Ô¹Ïlls Fargo to pay Olson $400,000 in punitive damages pursuant to North Carolina law.


ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 

Tags: eccleston, eccleston law, finra

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