Wells Fargo Ordered to Pay Former Credit Suisse Broker Nearly $1M Following Deferred Compensation Suit

BROKERS: Wells Fargo was ordered by FINRA to pay former Credit Suisse broker compensatory damages in the amount of $987k following deferred compensation dispute.

FINRA ordered Wells Fargo Advisors to pay former Credit Suisse Broker Anthony A. Dertouzos $987,300 in compensatory damages in a deferred compensation dispute. The claim arose out of a recruiting agreement signed by Credit Suisse that gave Wells Fargo “exclusive access” to its 300 U.S. brokers in October 2015 when the Swiss bank shuttered its private banking operations in the States. Brokers who joined other firms, like Dertouzos, have brought cases to recoup their deferred compensation.

In his 2018 statement of claim, Dertouzos alleged that Wells Fargo engaged in negligent misrepresentations, fraud, “aiding and abetting Credit Suisse’s scheme to steal the deferred compensation from its relationship managers,” as well as negligence and unjust enrichment.

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