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FINRA Arbitration Awards Ä¢¹½´«Ã½lls Fargo Over $3 Million in Dispute with Ohio RIA Founders

Posted on May 1st, 2024 at 10:29 AM
FINRA Arbitration Awards Ä¢¹½´«Ã½lls Fargo Over $3 Million in Dispute with Ohio RIA Founders

From the desk of Jim Eccleston at Ä¢¹½´«Ã½

A recent FINRA arbitration decision has ordered a Cincinnati-based registered investment advisor firm and two of its founders to pay Ä¢¹½´«Ã½lls Fargo more than $3 million in combined damages.

According to AdvisorHub, Ä¢¹½´«Ã½lls Fargo alleged that DayMark Ä¢¹½´«Ã½alth Partners, Michael W. Quin, and Daryl J. Demo violated their employment contracts and engaged in unfair competition when they departed from the wirehouse in May 2022. The claims also included outstanding promissory notes owed by Quin and Demo.

The FINRA arbitrators held Quin and DayMark jointly liable for $1.86 million in compensatory damages, with Quin individually responsible for over $121,000. Separately, Demo was ordered to pay more than $1 million in compensatory damages. The panel did not explain their decision, which is standard practice unless both parties request a reasoned award. Initially, Ä¢¹½´«Ã½lls Fargo sought between $18 million and $41 million in compensatory damages.

 

Ä¢¹½´«Ã½ LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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