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FINRA Arbitration Deals With Overpaid Commissions and Trade Error. Wachovia / Wells Fargo

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Jul 29, 2010 11:10 am

Wells Fargo / Wachovia awarded
promissory note balance, overpaid commissions, and trade errors

In a Statement of Claim filed on July 23,2009. Claimant Wells Fargo Advisors, LLC f/k/a Wachovia Securities, LLC alleged that Respondent William G. Adelsberger

failed to repay sums allegedly due Claimant pursuant to the terms of a fully executed promissory note dated June 15, 2007 (the "Note"), owed repayment of overpaid commission fees from Claimant; and owed repayment of payments made by Claimant to settle Customer Complaints #1, #2, #3 and #4, which involved Respondents' trading errors. 

Claimant requested:

outstanding principal due on the Note in the amount of $52,500.00, plus Interest on the principal amount at the annual percentage rate of 8.25% that has accrued since August 22, 2008 until paid in full; damages from overpaid commissions in the amount of $5,474.01, plus interest at the applicable judgment rate from August 22,2008 until paid full; damages with applicable interest until paid in full resulting from Respondent's trade errors in the amount of Complaint #1: $  4,444.98 Complaint #2: $  9,119.63 Complaint #3: $11,498.80 Complaint #4: $  3,934.72; attomeys' fees, arbitration costs, and such other relief to which Claimant is entitled.

In the Matter of the Arbitration Between Wells Fargo Advisors, LLC, f/k/a Wachovia Securities, LLC, Claimant, vs. William G. Adelsberger, Respondent (FINRA Arbitration  09-04418, July 9, 2010).