April 2020 – Collegeville, PA
According to publicly available records Richard Michael Wesselt (CRD# 2195569) , a registered stockbroker currently employed by Fortune Financial Services, Inc. disclose 4 pending customer disputes , 10 prior customer disputes and 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.
In May 2019 a customer of Sterne Agee filed FINRA Case 19-1187 alleging that Wesselt made unsuitable recommendations and omissions of material facts regarding a promissory note and is seeking damages of $10 million.
In April 2019 a customer of Sterne Agee/ O.N. Equity Sales filed a complaint seeking $200,000 and alleging that Wesselt recommended the purchase of whole life products funded by taking loans against cash values of existing policies and by withdrawing money from annuities, IRA and 529 savings accounts.
In 9/2019 a customer of Sterne Agee/ O.N. Equity Sales Co. alleged that Wesselt made several unsuitable recommendations related to life insurance which caused damages of $100,000. That matter was recently settled for $112,725.
Currently pending cases include:
FINRA Case 18-3363 in which a customer of Sterne Agee, Fortune Financial and O.N. Equity Sales Co. seeks damages of $900,000 and alleges Wesselt made unsuitable recommendations related to the investment in annuities.
In 3/2019 a customer of Sterne Agee Financial Services filed FINRA Case 19-0728 alleging that Wesselt made unsuitable investments causing damages of $350,000.
In 2/2019 a customer of Sterne Agee Financial Services filed FINRA Case 19-0475 alleging that Wesselt made unsuitable investment recommendations and implemented an unsuitable strategy causing damages of $220,000.
In December 2018, a customer of O.N. Equity Sales Company, where Wesselt was previously employed, alleged Mr Wesselt engaged in unsuitable sales practices relating to sale of insurance and annuities. The alleged damages are $750,000 and the case is still pending.
In September 2018, a Sterne Agee Financial Services customer, where Wesselt was previously employed, filed FINRA case #18-03363 alleging unsuitable investment recommendations, deceptive and unfair trade practices in annuity variable insurance products. The alleged damages are $900,000.
In June 2018, another Sterne Agee Financial Services customer filed FINRA case #18-02233 alleging unsuitable investment recommendations and misrepresentations and/or omissions of material information siting damages of $150,000. This case is also pending.
Wesselt was employed by Sterne Agee Financial Services, Inc. from May 2002 until March 2014. He was then employed with O.N. Equity Sales Company until September 2017. He has been employed with Fortune Financial Services, Inc. since 9/2017. Earlier in his career, in 1997, Wesselt was discharged by W.S. Griffith & Co. who alleged that Wesselt placed a customer’s signature on a document.
Wesselt discloses a business affiliation with Wesselt Capital Group in Collegeville, PA.
If you have losses in an account handled by Richard Wesselt, contact us for a no charge consultation to learn how you may be entitled 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.
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