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Wells Fargo must pay $1.15 million to woman wrongly arrested by FBI

San Diego Union Tribune

Paula Whitsell was at her desk in Wells Fargo’s branch in Chula Vista when the FBI burst in, put her in handcuffs and led her past a line of stunned customers and bank clerks. Five years later – long after federal prosecutors dropped their charges – arbitrators with the National Association of Securities Dealers last […]

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Panel Rules Wells Fargo Must Pay, Admit Mistake

Wall Street Journal

An arbitration panel of the National Association of Securities Dealers ordered Wells Fargo Securities Inc., a subsidiary of Wells Fargo & Co., San Francisco, to pay a former financial consultant $1.15 million and admit that an error by the company caused her to be arrested and indicted. In 1997, federal authorities charged the consultant, Paula […]

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Wells Fargo Securities, Inc. Found Liable and Ordered To Pay

PR Newswire

Paula Whitsell, a former financial consultant at Wells Fargo Securities, Inc. (“Wells Fargo”) in San Diego, California, a subsidiary of Wells Fargo & Company (NYSE: WFC – news) was awarded $1.15 million by an NASD Dispute Resolution arbitration panel. The award against Wells Fargo came after more than two years of litigation stemming from a […]

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Stock Exchange Says It Will Skirt California's ADR Standards

The Recorder

The securities industry thumbed its nose Wednesday at California’s Judicial Council, announcing it would simply circumvent the state’s new ethics standards for arbitrators now that it has lost a battle over them in federal court. The New York Stock Exchange said it would allow parties with disputes in California to move ahead with arbitrations if […]

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Law & Order: Client-Broker Disputes

Registered Representative

The last couple of years have been hell on anyone who owns stock. And someone must pay. Rightly or wrongly, that person typically is you. Case in point: the rate of NASD arbitration cases is expected to increase nearly 35 percent in 2002 compared with 2000. That’s a lot of brokers on the hot seat. […]

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