Wells Fargo Ordered to Pay $1.44 Million to Former Florida Advisor

Posted on October 28th, 2024 at 2:26 PM
Wells Fargo Ordered to Pay $1.44 Million to Former Florida Advisor

From the desk of Jim Eccleston at Eccleston Law

A FINRA arbitration panel has ordered Wells Fargo to pay $1.44 million in compensatory damages to Harry Pappas Jr., a former advisor based in Florida. He alleged that Wells Fargo wrongfully terminated him and had breached a succession agreement, withholding deferred pay and a loyalty bonus. As reported by AdvisorHub, Pappas sought more than $4.57 million in damages.

Wells Fargo terminated Pappas in September 2022, citing unmet expectations regarding colleague interactions, though the issues were unrelated to compliance or sales practices. The FINRA arbitrators denied Pappas’ request to expunge the termination allegations from his CRD.

 

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

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