Wells Fargo Ordered To Pay Former Credit Suisse Advisor Nearly a Million Dollars

Posted on June 3rd, 2022 at 1:36 PM
Wells Fargo Ordered To Pay Former Credit Suisse Advisor Nearly a Million Dollars

From the Desk of Jim Eccleston at Eccleston Law:

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Wells Fargo to pay $987,300 in compensatory damages to a former Credit Suisse advisor for aiding and abetting Credit Suisse. 

The former advisor, Anthony Dertouzos, accused Wells Fargo of “aiding and abetting Credit Suisse’s scheme to steal” deferred compensation owed to him and other Credit Suisse advisors. According to BrokerCheck, Dertouzos worked at Credit Suisse from 2008 until 2015 when he departed for Morgan Stanley. In the FINRA arbitration dispute, Dertouzos additionally alleged negligent misrepresentations, fraud, negligence and unjust enrichment by Wells Fargo. 

Dertouzos sought compensatory damages of at least $5.5 million and also named David Carroll, David Kowach, and Mary Mack of Wells Fargo as respondents in his statement of claim. However, the claims against Carroll, Kowach and Mack were denied. The panel additionally imposed a total of $41,662.50 of the FINRA Dispute Resolution Services hearing session fees jointly and severally to the respondents. 

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

 
 
 

Tags: eccleston law, finra, wells fargo

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