Primevest Financial Services, Inc.
Primevest Financial Services Ordered to Pay Customers $100,000
A FINRA arbitration panel ordered Primevest Financial to pay an investor $100,000 to compensate the investor for damages suffered as a result of Primevest’s improper conduct. The investor asserted the following causes of action: indemnification pursuant to an agreement
between the parties; breach of fiduciary duty; breach of contract; and negligence. These causes
of action resulted because Primevest failed to indemnify Mid-Wisconsin Bank, pursuant to an
agreement, after Mid-Wisconsin reimbursed its customer for an erroneous IRA account
transaction in Bay Lake Capital Trust I Cumulative Series preferred Stock committed by the
parties’ dual employee.