Wells Fargo Advisors Wins $233K in Promissory Note Dispute
Claimant: Wells Fargo Advisors, LLC
Respondent: Andrew Goodman
Nature of Dispute: Member vs. Associated Person
Overview of Allegations: Wells Fargo asserted a claim for repayment of a promissory note executed by Goodman, dated December 30, 2013.
Damages Requested: At the close of hearing, Wells Fargo requested $233,800.91 for the balance of the promissory note, $12,064.95 in pre-award interest on the note, post-award interest at the rate of 4.65%, attorneys’ fees of $6,325.00 and $3,825.00 for arbitration costs.
In statement of answer, Goodman requested the case be dismissed.
Result: The arbitrator determined that Goodman is liable to pay Wells Fargo $233,800.91 for the balance on the promissory note, $12,064.95 in pre-award interest, post-award interest at the rate of 4.65%, $6,325.00 for attorneys’ fees and $1,000 for a non-refundable filing fee paid to FINRA Office of Dispute Resolution.