Wells Fargo Broker Suspended For Defaulting On Promissory Note

Darren Thomas Walton (CRD: 2936629) is a former registered representative of Wells Fargo Advisors, LLC located in Los Angeles, California. According to Walton’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile, he has been suspended in all registration capacities by FINRA on December 1, 2017 for failing to repay a loan to Wells Fargo Advisors, LLC that was due under a promissory note. In the Matter of the Arbitration between Wells Fargo Advisors, LLC and Darren Thomas Walton, November 29, 2016.

According to the Award issued by the FINRA Office of Dispute Resolution, Walton and Wells Fargo executed a promissory note on June 1, 2011. Wells Fargo alleged that Walton breach this note. The firm alleged in the Statement of Claim that Walton owed $67,729.15, which reflected the balance under the promissory note and interest that had accrued at 2.27% per year.

Wells Fargo also claimed that since Walton’s January 16, 2015 default, his interest on the balance due was 5.27%. In addition to seeking the balance and interest, Wells Fargo sought attorneys’ fees in connection with pursuing the collection of the funds from Walton. FINRA’s Arbitrator ruled that Walton was liable for the unpaid debt, and ordered him to pay Wells Fargo $67,729.15 in compensatory damages. FINRA suspended Walton based upon his failure to pay that debt or otherwise demonstrate his legal obligations to Wells Fargo were satisfied.

Gregory Tendrich, P.A. represents FINRA member brokerage firms in FINRA arbitration proceedings to recover unpaid debts from former financial advisors and employees. If a former financial advisor or employee of yours has defaulted on a promissory note, contact Gregory Tendrich today to discuss your legal options on recovering unpaid debts.