The Financial Industry Regulatory Authority (FINRA) awarded a former Wells Fargo client, Mark Schroeder, more than $400,000 because the bank negligently permitted the client’s ex-wife to empty his IRA over a period of 10 years. A panel of three arbitrators forced Wells Fargo to pay $106,000 for attorneys fees and $317,000 for compensatory damages. Allegedly, in August 2001, Schroeder’s then wife changed the address on his IRA to a P.O. Box she controlled. The wife was not listed on his account. The first withdrawal she made was $30,000 and this continued for ten years. Wells Fargo neglected to contact Schroeder about the change of address and the ex-wife’s withdrawals. No one else but Schroeder himself was authorized to do anything on the account when it was opened.
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