On July 19th, a FINRA arbitration panel in Portland, Oregon awarded Sammy Kaye Duncan and his partner Sylvia Duncan $8.7 million in compensation (Case Number: 16-01066). These investors were granted this award after filing a claim against Wells Fargo Advisors, LLC and registered broker Marc Francis Rogers (CRD#: 1008145). Mr. Rogers has been associated with Wells Fargo since 2010.
FINRA Arbitration Award: $8.7 Million
This case relates to investment losses that were sustained in Puerto Rico municipal bonds. In recent years, Puerto Rico has defaulted on a wide range of government held debt. As a result, many investors have suffered enormous financial losses. Notably, these losses were far beyond what many brokerage firms and brokers told their investors was even possible in these supposedly ‘safe’ financial products.
In this case, Mr. and Mrs. Duncan raised several causes of action, including breach of fiduciary duty, unsuitable investments, and manipulative and deceptive sales practices. Evidence was presented that suggested that Wells Fargo Advisors and its broker Marc Francis Rogers kept their money in Puerto Rican bonds even while analysts at the company were actively raising red flags. The FINRA arbitration panel found the investor’s claim credible, awarding them a total of $8.7 million in damages.
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