Wells Fargo and Former Employee Go Toe To Toe Over Promissory Note and Deferred Compensation

In a Financial Industry Regulatory Authority (“FINRA”) Arbitration Statement of Claim filed in December 2009, Claimant Wells Fargo Advisors sought to recover the principal balance allegedly due and owing on a promissory note executed on August 17, 2004 in the amount of $1,110,592.00 by former employee Respondent Elliott. As a result of Respondent’s alleged breach, Claimant requested damages of $631,473.56 plus interest at the rate of 7% per annum from the January 5, 2009, date of default, attorneys’ fees, and costs. At the close of the hearing, Claimant requested $150,729.46 in attorneys’ fees; $4,700 in FINRA filing fees; and $139,148.88 in interest through February 29, 2012. In the Matter of the FINRA Arbitration Between Wells Fargo Advisors, LLC, Claimant/Counter-Respondent vs. Kent Robert Elliott, Respondent/ Counter-Claimant (FINRA Arbitration 09-06810, February 29, 2012).

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