A Finra arbitrator has ordered the estate of a deceased advisor to repay $1.3 million to Wells Fargo—money he allegedly owed under the terms of a promissory note after he was fired by the bank.
Wells Fargo brought the case, contending that Thomas Braley of Saginaw, Mich., had failed to honor a promissory note he signed when he was hired by the bank in 2015.
The bank argued that under the terms of the note, $1.3 million plus interest immediately became “due and owing” upon Braley’s firing in October 2023.
During the arbitration, Wells Fargo said it learned that Braley had passed away and requested additional time to allow Braley’s estate to file a response to the claim. “No response was ever received,” the award document noted.
Braley, 67, died on June 29, according to a listing by a funeral home in Saginaw.
The arbitrator on Wednesday ruled that Braley’s estate must pay the bank $1.3 million, $53,516.64 in interest as of June 18, and 5.58% annually from that date until the award is fully paid.
The estate also was held liable for $9,924.10 in attorney's fees and $2,450 in other fees.
Braley's estate did not retain an attorney in the arbitration case and did not respond to the claim, which was filed on January 10, according to the award document.
Braley began his career in 1984 with Merrill Lynch and moved to Thomson McKinnon Securities Inc. in 1986. He rejoined Merrill Lynch in 1988, where he spent 27 years before leaving for Wells Fargo. His BrokerCheck record shows five customer disputes, two of which were settled for alleged unsuitable investment recommendation and excessive trading. Three civil judgments/liens also appear on his record.
A spokeswoman for Wells Fargo declined to comment.
The attorneys representing the bank did not respond to a request for comment.