Esposito Securities Wins Again As Texas Judge Rules Against WFG Investments, Inc.

DALLAS, Sept. 29, 2011 /PRNewswire/ -- Esposito Securities' over $1.46 million FINRA arbitration award against WFG Investments, Inc., Daniel Mele, Francis Robert Merrill, Michael Marchand, and Stephen Capurso was confirmed by a judge in its entirety in Texas District Court on September 14, 2011.  At the same time, WFG's motion to vacate was denied by the judge.

In June 2011 a FINRA Arbitration Panel awarded Esposito Securities over $1.46 Million in damages and attorney fees, along with pre-judgment interest dating back to October of 2009.  The Arbitration Complaint alleged that WFG had recruited Esposito employees in violation of a contract between Esposito and WFG, entered into while Esposito was an independent broker for WFG, and induced Esposito employees to breach their contracts with Esposito.  The claims asserted included breach of contract, raiding and tortious interference.

Mark Esposito, President of Esposito Securities:  "We are very happy that the FINRA arbitration process was confirmed by the Texas District Court. We are gratified that our efforts to protect the firm and its clients were successful." Esposito added, "In confirming the Award the court showed that the FINRA arbitration process is binding and final" and reaffirmed that "Esposito is entitled compensation for the actions of WFG and the loss of revenue suffered. We are delighted that this ruling is now final and will send a message to others that conduct like WFG's is unacceptable." Esposito's lawyer, Deborah Deitsch-Perez of Lackey Hershman, commended the Dallas court for its speedy decision, confirming the Award within a record 37 days of Esposito's motion to confirm.

FINRA case number 09-06133 was filed in October 23, 2009.  The Award was rendered on June 24, 2011.  Esposito's motion to confirm was filed on August 8, 2011 and Dallas County District Court Case No. 11-09613 confirmed the award on September 14, 2011. WFG satisfied the Award on September 23, 2011.

Esposito Securities, LLC, is a part of the Esposito Global family, and provides global equity trading services. A growing list of clients use our services, including registered investment advisors, mutual funds, hedge funds, ETF's, closed end funds and unit investment trusts with trillions of dollars in assets. The hallmark of Esposito is a commitment to customer service.

SOURCE Esposito Securities

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED