Securities Fraud Lawyer Blog
In January, 2016, a three member FINRA arbitration panel issued a $346,881 binding arbitration award against Wells Fargo Advisors LLC for conduct related to one of its registered representatives, Zak Chivi.
The underlying matter involved claims by one of Zak Chivi’s customers that between 2011 and 2013 there were an excessive number of transactions executed in the customer’s account. After hearing evidence over four days at an arbitration hearing held in Newark N.J. the panel handed down the award for $346, 881. The panel also denied Zak Chivi’s request for expungement. In the claim, the Claimant brought claims for misrepresentations, breach of fiduciary duty, violations of FINRA rules and violations of the New Jersey securities Act. Zak Chivi was not named as a Respondent, and the award was issued solely against his employer, Wells Fargo Advisors.
As a result of this award The Law Office of David Liebrader has opened an investigation into Wells Fargo Advisors and Zak Chivi
In order to lawfully sell investments to the public, a broker dealer must be registered. According to FINRA’s CRD disclosure report, Wells Fargo Advisors LLC is a Deleware corporation, formed in March 2003, and registered with FINRA, the SEC and in all 50 states. The firm has been the subject of a staggering 321 customer complaints and 144 regulatory actions.
Zak Chivi’s broker check lists five customer complaints over 21 years in the brokerage industry. He has also been affiliated with First Union, Prudential Securities and Merrill Lynch.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Wells Fargo Advisors LLC has thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Wells Fargo Advisors LLC, please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.