A FINRA arbitration panel found Wells Fargo liable for $2.8 million after the firm allegedly failed to spot fraudulent activity in a client account.

College Health and Investment, a family limited partnership based in Boca Raton, Fla., accused Wells Fargo of breach of fiduciary duty and negligent supervision over the partnership’s assets held with Wachovia, which merged with Wells Fargo in 2008.

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