FINRA Finds Wells Fargo Advisors and E*Trade Securities Liable for Spousal Theft From Brokerage Account, Reports Maddox Hargett

FINRA Finds Wells Fargo Advisors and E*Trade Securities Liable for Spousal
Theft From Brokerage Account, Reports Maddox Hargett & Caruso P.C.

FISHERS, Ind., March 27, 2013 (GLOBE NEWSWIRE) -- The securities arbitration
law firm of Maddox Hargett & Caruso, P.C. announced today that an
Indianapolis, Indiana, arbitration panel of the Financial Industry Regulatory
Authority (FINRA) has ruled in favor of its investor-client in her arbitration
case against Wells Fargo Advisors LLC and E*Trade Securities LLC.

Specifically, the FINRA arbitration panel found Wells Fargo Advisors liable to
the investor for $50,253 in compensatory damages and E*Trade Securities liable
for an additional $33,502 in compensatory damages.

In addition, the FINRA panel held Wells Fargo Advisors and E*Trade Securities
responsible for paying the investor $11,960 in interest, as well as $22,500 in
attorney fees and $4,500 in arbitration hearing session and fees.

"This case involved the investor's ex-husband who, through the falsification
of documents and other classic signs of identity theft, transferred funds from
various Wells Fargo accounts into several E*Trade accounts without our
client's knowledge or consent," says Mark E. Maddox of Maddox Hargett &
Caruso, P.C. "Our client was the victim of a very focused and intentional
scheme that was permitted to occur – if not facilitated – by both Wells Fargo
and E*Trade."

"Incidences involving ex-spouses stealing from each other are becoming more
common, and our firm has been quite successful in the prosecution of these
claims," Maddox continues. "In this case, Wells Fargo Advisors and E*Trade
Securities had every opportunity to take responsibility for their misconduct
but did not. We are pleased that the FINRA arbitration panel not only ruled in
our client's favor, but that it also sent a strong message through its award
of interest, attorney fees and FINRA forum fees against Wells Fargo Advisors
and E*Trade Securities. The award represents a significant victory for our
client and demonstrates that if a spouse "steals" money from his or her
spouse's brokerage account, the brokerage firm can, in fact, be held liable
for those losses."

Additional information is available by contacting Maddox Hargett & Caruso at:

CONTACT: Mark Maddox
         317.598.2043 - Phone
         317.598.2050 - Facsimile
         mmaddox@mhclaw.com
         investorprotection.com
 
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