A FINRA Panel awarded Claimants Malvin G. Johnson, Jr. and Dana Johnson damages against investment bank Wells Fargo Advisors, LLC stemming from their investments in real estate related products.
According to the FINRA award, “Claimants alleged that [Wells Fargo] improperly invested them in risky sub-prime real estate related products and that [Wells Fargo] did not institute stop loss orders on these products.” As a result, the Claimants accounts suffered damages when the market declined.
The FINRA Panel awarded the Johnsons $10,600 in compensatory damages as well as interest on that sum at 5% per year beginning January 21, 2013.
The FINRA Case No. is 13-03327.
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