Category Archives: Wells Fargo

Wells Fargo Securities Fined $3.25M For Supervisory Deficiencies

JUNE 2017

Wells Fargo Securities   entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that they failed to report, or had inaccurately reported over-the-counter options trades between 2008 and March 2017.

Although FINRA’s investigation of this issue in 2008 led to an agreement by Wells Fargo to remedy this deficiency, the firm’s reporting system was never fully developed or implemented due to deficient written supervisory procedures.

AWC 20140403261-01

Wells Fargo Securities was censured, assessed a fine of $3.25 million and agreed to an undertaking requiring the firm to review its supervisory systems and take adequate steps to remedy the deficiencies within 120 days.

If you have questions about an account with Wells Fargo Securities , call to learn about your remedies.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jeffrey R. Wilson-Wells Fargo Broker-Loses Arbitration to Customer Over Energy and Real Estate Investments-Las Cruces, NM

May 2017-Las Cruces, NM

The FINRA records of  Jeffrey R. Wilson  ,  a  stockbroker who is currently  registered with Wells Fargo Clearing Services disclose a recent arbitration award to a customer and 2 other prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In March 2017, following a three day hearing,  a FINRA arbitration panel ordered Wells Fargo to pay  a former customer of Wilson $357,000, plus 8.75% interest, for damages related to investments in energy and housing products and the use of a margin line of credit. Pryor vs. Wells Fargo Advisors, Case #16-01123. 

In December 2016, Wells Fargo paid another Wilson customer $250,000 to settle allegations that direct investments purchased in 2014-2015 were unsuitable.

In October 2016, Wells Fargo paid a Wilson customer $275,000 to resolve allegations that the account had been excessively traded in unsuitable and risky investments.

Wilson   has been employed by Wells Fargo since 5/2014. Prior to that he was employed by Morgan Stanley.

If you have questions about an account  handled by Jeffrey R. Wilson , contact us to discuss your options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Charles R. Constant-Former WaveCrest Securities Broker-Discloses Termination From Employment-Dallas, TX

April 2017-Dallas, TX 

According to publicly available records Charles R. Constant , (CRD#2247839) ,  a  stockbroker who is not currently registered and who last was employed by Wavecrest Securities  discloses  a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Charles Riley Constant was employed by Wavecrest Securities from 2/2015-12/2016. In 12/2016 Parks was discharged by WaveCrest Securities who made the following allegation on his FINRA record: “The representative violated both firm policies and FINRA Rules 3270 and 3280.”

FINRA Rules 3270 and 3280 requires brokers to provide notice to their firm before engaging in outside business activities.

Charles Constant’s prior securities industry employment includes, M Holdings Securities, Merrill Lynch and Wells Fargo Advisors. He discloses business affiliations with PKS Insurance and Truth Data Insights.

If you have questions about  an account handled by Charles R. Constant call to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Richard T. Lucker-Former Morgan Stanley Broker-Discloses $14M Customer Dispute-El Paso, TX

April 2017-El Paso, Texas

The FINRA records of  Richard T. Lucker ,  a  stockbroker who is currently  employed by  Wells Fargo Clearing Services  disclose a pending dispute in which a customer seeks damages in excess of $14 million.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA Case 17-0311 , a customer of Lucker’s former employer Morgan Stanley Smith Barney alleges damages of $14,447,501 for failure to supervise with the management of her account.

Lucker , regional manager at Wells Fargo Advisors, has been employed by Wells Fargo since 3/2014. Prior to that he was registered with Morgan Stanley from 6/2009-2/2014. He previously resided in Tucson, AZ, Billings, MT, and Bellevue, WA.

 

If you have losses in an account in an account handled by Richard T. Lucker  , you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

German Mora-Former Merrill Lynch Broker-Discloses Terminations From Employment-San Antonio, TX

April 2017- San Antonio, Texas

The FINRA records of  German Ricardo Mora ,  a  former Merrill Lynch stockbroker who is currently not registered discloses two recent terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In November 2016, German Mora was discharged by Merrill Lynch who made the following comment in connection with the termination of Mora: “Conduct including exercising time and price discretion in client accounts and mismarking trades as unsolicited” .

In January 2017 Mora was discharged by his new employer Wells Fargo Clearing Services who made this comment in connection therewith: “Provided inaccurate information regarding discharge at prior employer. “

German Mora  was employed by Merrill Lynch from 1/2015-12/2016. His industry employment prior to that includes BBVA Securities, CP Capital Securities and UBS Financial.

If you have losses in an account in an account handled by German Mora  , contact us to discuss how you may be able to recover damages for those losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Securities Regulators Fine 12 Firms over $14 million for Failing to Protect Records

December 2016- Washington

In a News Release, the Financial Industry Regulatory Authority (FINRA) announced that the following firms were fined a total of $14.4 million for deficiencies relating to the preservation of brokerage firm records and customer records in a format that prevents alteration:

  • Wells Fargo Securities & Wells Fargo Prime Services, fine $4 million jointly
  • RBC Capital Markets & RBC Capital Markets Arbitrage fined $3.5 million jointly
  • RBS Securities, fined $2 million
  • Wells Fargo Advisors, Wells Fargo Advisors Financial Network & First Clearing, fined $1.5 million jointly
  • SunTrust Robinson Humphrey, fined $1.5 million
  • LPL Financial, fined $750,000
  • Georgeson Securities, fined $650,000
  • PNC Capital Markets, fined $500,000

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Bruce R. Clark-Wells Fargo Broker-Disciplined by Texas Regulator-Longview, TX

December 2016- Longview, Texas

The Texas State Securities Board (TSSB) sanctioned  Bruce Russell Clark (CRD# 2848753) of Longview, Texas,  reprimanding him and assessing an administrative fine of $5,000.

According to the TSSB Disciplinary Order, from June 1996 to July 2016, Clark had five liens entered against him which he failed to disclose as required by the Rules and Regulations of the Texas State Securities Board.

According to publicly available records Clark is currently employed by Wells Fargo Clearing Services. His prior employment includes Stifel, Nicolaus & Co. , UBS Financial Services and Citigroup Global Markets.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870