Podcast Center
Video Center
Webcasts
Resource Center
Events
August 05, 2016 at 09:52 AM
A financial advisor has been told to pay Wells Fargo Advisors (WFC) about $1.2 million, a FINRA panel ruled recently in a case that involve the repayment of promissory notes, interest on the notes and an advisor’s termination.
Robert Edward Loftus, now with New York-based Arcadia Securities, must pay his former broker-dealer $931,000 in compensatory damages and $300,000 for legal fees. He was let go by Wells Fargo in 2013, four years after he joined the firm.
According to FINRA records, Wells Fargo asked Loftus to leave the firm due to allegations that he deposited checks into an account without having sufficient funds to cover them.
Loftus says he was wrongfully terminated. In his FINRA records, he argues that he used a “command account” at Wells Fargo “in the standard manner” and that “at no time was my account considered to have an insufficient balance to pay checks.” The advisor also insists that he was “not advised at any time that the bank policies had changed.”
The FA has five FINRA disclosures, including liens totaling $554,000.
