On October 11,2013, a Letter of Acceptance Waiver and Consent was finalized between FINRA and James Arnold Busch, a broker with Wells Fargo Advisors since 2000, barring him from the securities industry. The AWC, which can be viewed here, alleged the following:
- Busch worked in various branch offices of the securities division of Wells Fargo that were located in banks operated by Wells Fargo
- From 2006-2013, he misappropriated approximately $1.3 million from at least eight of his Wells Fargo brokerage customers
- Busch requested payments from the victims bank accounts to pay his personal credit cards
- Busch liquidated securities in victims’ accounts in order to generate cash which was then transferred from the brokerage account of the victim to the bank account in order to fund his credit card payments
If you have questions about the way your brokerage account is being handled, if you are concerned about losses in your account that you feel are the result of bad advice from your broker or think you may be the victim of securities fraud, call for a no charge consultation with an experienced securities attorney to discuss your legal rights.
Rex Securities Law , located in Boca Raton, FL, 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.
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