Case Conclusion Date:December 20, 2010
Practice Area:Securities & Investment Fraud
Outcome:Client recovered his large losses
Description:Senior citizen was sold a derivative securities called "Reverse Convertible Bonds" which were misrepresented to be safe and low risk "bonds". Client lost over $100,000 and recovered his losses through a hard fought 5 day securities arbitration. Wells Fargo had made no settlement offer and asserted that the claim was not worth even "one plug nickel". The securities were sold to client by a broker at his bank branch and relied on the prestige and conservative stature of the large branch.