October 2020- The Woodlands, TX
According to publicly available records Richard DeYoung, Jr. (CRD#863849), a stockbroker with Wells Fargo Clearing Services, discloses that a FINRA arbitration panel awarded substantial damages to a Wells Fargo customer who claimed that he had been sold speculative, unsuitable investments.
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 FINRA case #17-01426 a Well Fargo customer whose account was handled by DeYoung alleged the following causes of action: unsuitability, common law negligence, breach of contract, respondeat superior, control person and aider liability and failure to supervise. The investments at issue included Breitburn Energy Partners and Linn Energy. After a full evidentiary hearing, the arbitration panel awarded damages of $750,000, plus interest and costs.
If you had an account with Richard Deyoung that suffered losses, you may be entitled to collect damages from his prior employer. 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.
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