A Financial Industry Regulatory Authority panel sided with Wells Fargo Advisors in an arbitration dispute with one of its former brokers, reports Advisor Hub.
The FINRA arbitrators ruled that ex-broker Carl Buhr would have to pay back over $680,000 from two promissory notes that were signed in 2013 and 2014. Buhr was terminated by Wells Fargo in 2017. The firm said that he had violated company policies by acting as a paid trustee for a deceased unrelated client’s trust and co-executor for her estate.
Buhr contended that he had been discriminated against by Wells Fargo over his age and disabilities. But Wells Fargo denied the allegations, and filed a claim that accused Buhr of breach of promissory notes and unjust enrichment.
The three-member FINRA arbitration panel rejected Buhr’s claims and awarded Wells Fargo $541,721 and $137,077 on the two promissory notes, along with annual interest.
Buhr and his attorney were not available for comment in the report, while a spokesperson for Wells Fargo was quoted as saying that the award “speaks for itself.”
Buhr had worked for five other firms before joining Wells Fargo in 2013. The discharge from Wells Fargo was the first disclosure listed on his BrokerCheck record.
The attorneys at Hyman Cotter PC have handled thousands of promissory note matters for some of the largest financial services firms in the world, as well as on behalf of registered representatives. In this capacity, we have handled claims before FINRA, AAA and JAMS arbitration panels in contested and protracted hearings. If you need guidance on matters related to promissory or forgivable notes, contact Hyman Cotter PC at 312-291-4600 or through our online contact form for a free consultation.
