Tag Archives: Fortune Financial Services problem

Richard Wesselt-Former O.N. Equity Sales/Sterne Agee Broker-Discloses $10M Customer Dispute-Collegeville, PA

July 2019 – Collegeville, PA

According to publicly available records  Richard Michael Wesselt  (CRD# 2195569) ,  a   registered stockbroker currently employed by Fortune Financial Services, Inc. disclose 8 pending customer disputes , 9 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 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.

Wesselt discloses a business affiliation with Wesselt Capital Group.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James F. Fosbre-Former United Planners Broker-Discloses Termination From Employment-Bayville, NJ

April 2019-Bayville, New Jersey

According to FINRA records,  James F. Fosbre, IV  a stockbroker  who formerly worked for United Planners Financial Services ,  discloses a prior final customer dispute , a termination from employment and six pending judgment/liens.

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.

James F. Fosbre discloses that in 2/2016 he was permitted to resign from United Planners Financial Services , who made the following allegation in connection with the termination: “failure to update U4 Financial Disclosure (bankruptcy) in a timely manner“.

Fosbre discloses that he was discharged from Chapter 7 bankruptcy in 8/2015. He currently discloses six pending liens for taxes owed to the Internal Revenue Service and the State of New Jersey Division of Taxation.

Fosbre  was been employed by United Planners Financial Services  from 9/1999-2/2016. He has been employed by Fortune Financial Services since 2/2016.

If you have questions about an account handled  by James F. Fosbre, IV , call for a no charge consultation.

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

Summit Brokerage Services Broker Sanctioned for Borrowing from Customer

October 15, 2015 – Fredericksburg, VA

Jonathan D. Freeze  , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he borrowed $20,000 from a firm customer without providing notice and obtaining written pre-approval from his firm as required by FINRA rules.

AWC No. 2013036251001

Freeze was fined $5,000 and suspended for 10 business days.

According to FINRA records, Freeze  is currently registered with Fortune Financial Services. He was previously registered with Summit Brokerage Services  from 7/2013-7/2015. Prior to that he was registered with LPL Financial. 

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