Wells Fargo Advisors Recoups $427K Bonus Money from Former Broker
Claimant: Wells Fargo Advisors, LLC
Respondent: Jose A. Landin, Jr.
Nature of Dispute: Member vs. Associated Person
Overview of Allegations: Wells Fargo asserted that Landin breached the terms of his promissory note and failed to pay the outstanding balance of the loan made to him which became due upon Landin’s departure from Wells Fargo.
Damages Requested: Wells Fargo requested $427,808.85 in compensatory damages in addition to unspecified amounts for interest, attorneys’ fees and other costs associated with the arbitration.
Result: The arbitrator determined that Landin is liable to pay Wells Fargo $427,808.85 in compensatory damages, interest at the rate of 4% and $250.00 in attorneys’ fees.