Wells Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name

Posted on December 4th, 2024 at 3:55 PM
Wells Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name

From the desk of Jim Eccleston at Eccleston Law

Wells 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 Wells 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 Wells Fargo in 2013 for Morgan Stanley. Despite this, Wells 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.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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