Category Archives: Wells Fargo

Churning, Failure to Supervise, Finra Investigation of Stockbroker, Stockbroker Malpractice, StockBroker Misconduct, Theft, Unauthorized Trading, Wells Fargo

Ramon Arturo Herrera-Former Wells Fargo Broker-Discloses Customer DIsputes Alleging Theft-Jersey City, NJ

February 2020-Jersey City, NJ

According to publicly available records of Ramon Arturo Herrera (CRD#6021170) ,  a  former stockbroker who last worked for Wells Fargo Clearing Services,  discloses 2 regulatory events and and 3 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 10/2019 New Jersey securities regulators revoked Herrera’s registration  after FINRA  permanently barred him  from the securities industry in 7/2018 to resolve allegations that he failed to respond to FINRA request for information in connection with a regulatory investigation.

Herrera’s official FINRA record also discloses 3 prior customer disputes by Wells Fargo Advisors customers.      Allegations included unauthorized withdrawal from brokerage accounts and excessive trading.   The total settlements paid in these three cases was  over $215,000.

Herrera was employed by Wells Fargo  from 12/2009 until 1/2018.

If you had an account with Ramon Arturo Herrera 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Churning, Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments, Wells Fargo

Wells Fargo Advisors Fined by Regulator for Account Churning

January 2020

The Financial Industry Regulatory Authority (FINRA) assessed a fine of $175,000 and censured Wells Fargo Advisors for failing to supervise their financial advisor who churned the account of an 88 year old client.

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 Letter of Acceptance, Waiver and Consent No. 2017053034301 FINRA made the following findings:

  • The financial advisor place more than 2,000 trades in the accounts of the senior citizen
  • The customer paid over $300,000 in commissions and fees
  • Although the customer’s accounts were flagged 40 times due to the excessive trading, the firm did not reasonably address the problem

Ultimately the customer was paid $1 million in restitution and the financial advisor was was discharged.

NASD and FINRA rules require broker dealers like Wells Fargo to establish and maintain a  system to supervise the activities of their financial advisors.

Churning

The most basic type of churning comes from excessive trading by a broker to generate commissions.  When there are excessive commissions with no noticeable portfolio gains, churning might have occurred.

If you have an account with a brokerage firm that has been excessively traded or unexplained losses, call to learn more.

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

Finra Investigation of Stockbroker, Fraud, Morgan Stanley, Outside Business Activities, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft, Wells Fargo

Herbert “Elias” Hafen-Former Morgan Stanley Broker-Pleads Guilty to Fraud- New York, NY

November  2019- New York, NY

The FINRA records of  Herbert “Elias” Hafen ,  a  financial advisor previously employed by  Morgan Stanley, disclose a prior regulatory event,  a pending criminal matter, a pending civil matter, a prior customer dispute 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 2/2019  Hafen failed to respond to FINRA request for information in connection with a FINRA investigation and was permanently barred from the securities industry.

In September 2019 Hafen pled guilty to investment adviser fraud. Sentencing is scheduled for January 2020.

The Securities and Exchange Commission filed a complaint against Hafen in 9/2019 alleging that from July 2011-April 2018 Hafen defrauded clients of the financial institutions he worked for at that time. VIctims were promised 6% interest in an investment that had little risk. In reality there was no investment and Hafen used the money for personal expenses. Of the $1.6 million he raised from victims only about $650,000 was returned.

In 5/2019, a Morgan Stanley Smith Barney customer was paid $430,000 to resolve allegations that Hafen  misappropriated funds.

In 8/2018 Hafen was discharged from Wells Fargo Clearing Services  after he admitted to entering into financial arrangements with clients that were not approved by the firm.

Hafen was registered with Wells Fargo Clearing Services  from March to September of 2018.  Prior to that he was employed by Morgan Stanley Smith Barney from 6/2009-4/2018.

If you have losses in an account  handled by Herbert “Elias” Hafen , contact us for a no charge consultation to learn how 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

StockBroker Misconduct, Uhlmann Price Securities, Wells Fargo

Robert Batchen-Former Uhlmann Price Securities Broker-Discloses a Regulatory Event, Customer Suits and Terminations from Employment-Chicago, IL

June 2019 – Skokie, IL

According to publicly available records, former Uhlmann Price Securities  broker Robert James Batchen discloses  prior  regulatory events, 4 prior customer disputes and 2 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 11/2016, FINA suspended Batchen for 5 months and assessed a fine of $15,000 to resolve allegations that Batchen effected  discretionary trades in the accounts of a customers.   Although the customer was aware of the trading, Batchen did not obtain prior written authorization from the customer to exercise discretionary power in the accounts and the firm did not accept the accounts for discretionary trading.   The findings also stated that Batchen effected unsuitable purchases for the customer’s accounts which did not comport with the customer’s financial situation, conservative investment objectives and moderate tolerance for risk.

In September of 2015, the Illinois Department of Revenue filed case #1300130 alleging that Batchen failed to file his tax returns with the Illinois Department of Revenue for tax years 2012, 2013 and 2014.

In 12/ 2013, FINRA case 13-02485 was filed on behalf of a Wells Fargo Advisors customer alleging unsuitable and unauthorized trading.   That case was settled for $250,000.

In July of 2012, a customer of Wells Fargo Advisors, alleged the client was sold investments that were not suitable given her age and risk tolerance.   That case settled for $135,000.

In September of 2015 Robert Batchen was permitted to resign from Uhlmann Price Securities where he had been employed since September of 2012, for failure to notify firm of FINRA reportable events.

In August of 2012 Robert Batchen voluntarily resigned from Wells Fargo Advisors where he had been since January of 2008, after allegations of trading without authorization.

If you have questions about an investment account handled by Robert Batchen,  contact us for a no charge consultation to learn about your legal options for recovery of damages.

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