Tag Archives: wells fargo complaints

Leonard “Lenny” Kinsman-Former Wells Fargo Broker- Subject of Customer Suits & Regulatory Bar-Staten Island, NY

June 2020-Staten Island, NY

According to publicly available records of Leonard “Lenny” Kinsman (CRD#2816535) ,  a former broker who was last registered with Wells Fargo Advisors Financial Network, discloses 5 prior customer disputes and a regulatory action resulting in his bar from the securities industry..

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 5/2020 FINRA barred Kinsman from the industry after he failed to appear for on the record testimony in an investigation related to his termination from his firm and sales practice complaints. The findings stated he had been discharged for unprofessional conduct.

A customer of Kinsman’s previous employer, Wells Fargo Advisors Financial Network,  alleging that they were told their investment was principal protected, would be guaranteed an annual return of at least 5%, and had no fees associated with it.   The case settled for $24,000.

A customer of Citigroup Global Markets, Inc., alleged the sale of an auction rate security that was made prior to the widespread illiquidity in the ARS Market.    The case was settled for $200,626.

A Royal Hutton Securities Corp. customer alleged suitability, misrepresentation, churning and omission of facts.    The case settled for $180,000.

A Wells Fargo Advisors Financial Network, customer alleged that from 2012 through 2017, Kinsman made unsuitable investment recommendations as well as forging and falsifying business records.  That case was settled for $995,000. FINRA case 19-0957.

Kinsman was employed with Wells Fargo Advisors Financial Network, from June 2014 until July 2019.   Before that time he was employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Advisors, Citigroup Global Markets, inc., Citigroup Investment Services, and Royal Hutton Securities. 

If you have questions about an account with Leonard Kinsman , 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

Richard Ohrn-Boca Raton Broker Sanctioned by Securities Regulators for Converting Customer Funds

April 28, 2015-Boca Raton, FL

Richard Winsor Ohrn ,  was named in an Order Accepting Offer of Settlement (Order) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  while he was registered with Chase Investment Services he converted over $15,000 from two of his elderly customers. In addition, the findings state that Ohrn forged the signatures of four customers on firm documents.

Ohrn  was barred from associating with any FINRA member in any capacity.

Disciplinary Proceeding NO. 2012030987301

According to FINRA records , after leaving Chase Investment Services, Ohrn was registered with Wells Fargo, LLC.

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

Wells Fargo Hit with $1.5 Million Regulatory Fine Over Anti Money Laundering Compliance Issues

The Financial Industry Regulatory Authority (FINRA) fined Wells Fargo Advisors $1.5 million due to its failure to comply with anti-money laundering regulatory requirements.

According to the FINRA action, from 2003-2012 Wells Fargo failed to properly review about 220,000 new customer accounts by performing the required identity verification, which requires firms  to maintain customer identification and verify information about who is opening an account. Wells Fargo discovered the problem in January 2012 and remedied it, ultimately prohibiting activity in 345 accounts where it could not complete verification of customer identity.

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

Wells Fargo Accuses Workers of Opening Fake Accounts

In a recent Los Angeles Times article Wells Fargo said it fired 30 branch employees in the Los Angeles area who had opened accounts that were never used and attempted to manipulate customer satisfaction surveys.

According to the article, employees were trying to take shortcuts to meet sales goals. In some cases signatures were forged and customers had accounts opened in their names without their knowledge.
Brokers and brokerage firms have a duty to make recommendations that are appropriate and suitable for investors, taking into account their age, health, education and risk tolerance.
If you have questions about losses in your account or the way your account is being handled, call to speak with an experienced securities attorney.

Rex Securities Law , located in Boca Raton, FL, 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

561 391 1900