November 2020- Fargo, N. Dakota
The FINRA records of Regan A. Rohl , a stock broker who was, until recently, employed by Wells Fargo Advisors Financial Network , disclose a pending customer dispute and 15 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 currently pending FINRA Case 18-3050 a customer of Wells Fargo alleges that Rohl engaged in authorized trading and made unsuitable investments to purchase master limited partnerships beginning in 2011 and is seeking damages of $3 million.
Customer disputes that have been previously resolved include:
- FINRA Case 18-562 in which a customer of Wells Fargo alleged that Rohl made unsuitable investments in direct investments and limited partnerships. The customer was paid a settlement of $375,000.
- FINRA Case 17-1013 in which a customer of Wells Fargo and his former employer Morgan Stanley alleged that Rohl misrepresented the risks associated with concentrated investments in energy stocks. The was paid a settlement of $15,000.
- FINRA Case 17-1914 in which a customer of Wells Fargo alleged that Rohl made unsuitable recommendations to invest in limited partnerships and direct investments. The customer received a settlement of $55,000
- FINRA Case 17-1577-a Wells Fargo customer alleged that between 4/2011 and 12/2016 Rohl made unsuitable recommendations to buy and concentrate their portfolio of four accounts into oil and gas sector master limited partnerships and closed end funds. They also allege that Rohl recommended they utilize a line of credit secured by their Wells Fargo account to refinance existing loans and that they paid exorbitant interest as a result. A settlement of $475,000 was paid to the customer.
- FINRA Case 17-782 in which a Wells Fargo client alleged that Rohl purchased unsuitable master limited partnership in their accounts between 2011-2015 and that they were moved into a discretionary trading account without authority. The case was settled for $68,500.
- FINRA Case 19-0891 in which a customer of Wells Fargo sought damages of $200,000 alleging that Rohl engaged in unauthorized trading and made unsuitable investment recommendations. That case was settled for $35,000.
- FINRA Case 19-0087 in which a customer of Wells Fargo alleged that Rohl made unauthorized trades and that he over concentrated their accounts in oil and gas related investments. The case was settled in 8/2019 for $296,500.
Regan Rohl was been employed by Wells Fargo from 3/2011 until 3/2020 when he was discharged by Wells Fargo who makes the following allegation on his FINRA record: “…advisor was disaffiliated from the Firm for exercising discretion in customer accounts and failing to meet heightened supervision expectations.” Rohl discloses a business affiliation with Rohl Arabians, a company that raises Arabian horses.
DUTY TO MAKE SUITABLE RECOMMENDATIONS-Brokers have a duty to make recommendations that are suitable, taking into account the age, health, level of financial sophistication, risk tolerance and investment objectives of the customer.
DUTY TO OBTAIN AUTHORIZATION TO TRADE-Unless a customer has granted permission, in writing, to trade an account, the broker is required to obtain the customer’s permission prior to executing any purchases or sales in the account.
If you have questions about an account handled by Regan Rohl, call 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.
Rex Securities Law
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