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Ä¢¹½´«Ã½lls Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name

Posted on December 4th, 2024 at 3:55 PM
Ä¢¹½´«Ã½lls Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name

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

Ä¢¹½´«Ã½lls Fargo Advisors must pay nearly $500,000 in damages to Nicholas Takahashi, for allegedly using his name on their website long after he left for a competitor. According to AdvisorHub, Takahashi claimed Ä¢¹½´«Ã½lls Fargo violated a California law prohibiting the use of someone's name or likeness for advertising without consent.

According to the June 11 arbitration award, Takahashi left Ä¢¹½´«Ã½lls Fargo in 2013 for Morgan Stanley. Despite this, Ä¢¹½´«Ã½lls Fargo included his name on the website of a former partner who remained with the firm. This act potentially allowed the advisor to solicit Takahashi’s clients, according to a source close to Takahashi who spoke to AdvisorHub on the condition of anonymity.

Takahashi initially had sought over $1.8 million in damages. The total FINRA award includes $250,000 in punitive damages, almost $82,000 in compensatory damages, and roughly $163,000 in legal fees and other costs.

 

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

Tags: eccleston, eccleston law

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