Wedbush Securities Gets Popped for $233,000 in Alaska
A Financial Industry Regulatory Authority (FINRA) arbitration panel in Anchorage, Alaska ordered Wedbush Securities, Incorporated to pay $233,000 in damages. The Claimant had asserted various causes of action in the case, including the violation of FINRA Rules of Fair Practice, breach of fiduciary duty, negligence and intentional or negligent misrepresentations, among other things.
The two day hearing concluded with the arbitration panel finding Wedbush liable and ordering them to pay $177,791 in compensatory damages; $42,026 in attorneys’ fees, $3,604 in costs and $5,000 for the Claimant’s expert witness fee. The panel also assessed the entire $5,000 in forum fees against Wedbush. (FINRA# 09-02143).