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Wells Fargo Advisors Financial Network (“Wells Fargo Advisors”) (CRD# 11025) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated Wells Fargo Advisors, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.

If you believe you have a claim against Wells Fargo Advisors, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.

Can I Sue Wells Fargo Advisors?

If you’ve lost money caused by Wells Fargo Advisors and/or its employees’ misconduct then the answer is, YES, you can sue Wells Fargo Advisors but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue Wells Fargo Advisors in FINRA arbitration proceedings, but WIN that arbitration. The easiest way to know if you have a viable case against Wells Fargo Advisors is to call Attorney Pearce at our office at 800-732-2889.

Investment Losses? We Can Help

Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

Robert Pearce

What is Wells Fargo Advisors?

Wells Fargo Advisors (CRD# 11025) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.

As a registered broker-dealer, Wells Fargo Advisors is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.

A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.

Wells Fargo Advisors Has Many Different Regulatory Problems 

Wells Fargo Advisors’ rapid growth has not been without consequences. There have been approximately 30 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against Wells Fargo Advisors for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record. 

We have reported and written about these regulatory problems and customer complaints over many years. Wells Fargo Advisors is a repeat offender: there are over 30 FINRA-reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.

A Brief Overview of Some of the Regulatory Problems Wells Fargo Advisors Has Faced Over the Years*

Wells Fargo Advisors has been repeatedly censured, warned, and fined multi-millions of dollars for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:

$2 Billion Settlement in Fake Account Scandal

Brief overview: Wells Fargo faced allegations of misleading investors about its rampant sales practice complaints, resulting in a $2 billion settlement. The SEC charged former CEO and Chairman John Stumpf for providing misleading statements about Wells Fargo Community Bank’s “cross-sell” strategy, which involved selling unnecessary and unused financial products to existing customers. The SEC also initiated litigation against Carrie Tolstedt, the former head of Wells Fargo Community Bank, for misrepresenting the cross-selling strategy as a measure of financial success. Wells Fargo previously settled for $500 million in February 2020 and paid a total of $3 billion for misleading millions of customers over 15 years by opening fake accounts and engaging in fraudulent practices.

Broker Barred for Complaint Alleging Misappropriation of Client Funds

Brief overview: Former Wells Fargo broker Tyler Rigsbee was barred by FINRA for allegedly misappropriating client funds. An internal review by Wells Fargo found evidence that Rigsbee transferred client funds from Wells Fargo to a third-party broker-dealer and then to his personal bank account without permission. When FINRA requested documents and information regarding the matter, Rigsbee failed to comply, violating FINRA rules and resulting in his association ban. Details about the customers affected by the alleged misappropriation were not provided.

$1.4 Million Penalty for Unsuitable Variable Annuity Complaint

Brief overview: Wells Fargo faced regulatory action for its failure to supervise representatives who recommended unsuitable variable annuity switches to approximately 100 customers. Between 2011 and 2016, Wells Fargo representatives made at least 101 potentially unsuitable switches, resulting in customers paying surrender fees and substantial new sales charges. Despite requirements to conduct supervisory reviews and send switch letters to confirm customer understanding, Wells Fargo failed to meet these obligations. The unsuitable recommendations caused customers to incur unnecessary fees, resulting in a total of $1,445,167.50. FINRA ordered Wells Fargo to pay $1.4 million in restitution to affected customers and imposed $657,000 in fines for supervisory failures.

Unsuitable Investments

Brief overview: In October 2017, Wells Fargo Advisors faced allegations of recommending unsuitable investments to investors. Securities representatives at the firm were found to be pushing customers to purchase risky volatility-linked exchange traded funds (ETFs) without considering their individual profiles or risk tolerance. As a result, Wells Fargo Advisors was ordered to pay $3,411,478.78 in financial restitution to affected investors.

Failure to Adequately Maintain Customer Records

Brief overview: In December 2016, it was determined by FINRA that Wells Fargo Advisors had failed to maintain over 1.5 million critical customer documents in a non-erasable format, as required by securities industry rules. Due to the loss of these records, certain terms and conditions agreed upon by investors were no longer accessible. Wells Fargo Advisors agreed to pay a fine of $1,500,000 without admitting or denying any wrongdoing.

Failure to Obtain and Secure Relevant Customer Information

Brief overview: In December 2016, Wells Fargo Advisors was found to have failed in obtaining and recording certain investment holdings that some clients had outside of the firm. This lack of information made it difficult for brokers to recommend truly suitable investment opportunities. As a result, the brokerage firm was censured and fined $1,000,000 for this misconduct.

Broker Negligence: Misrepresentation and Omission of Material Facts

Brief overview: In August 2014, a FINRA arbitration panel awarded a Wells Fargo Advisors client $195,000 in financial compensation. The panel determined that a securities representative from Wells Fargo Advisors had misrepresented and omitted material facts regarding a municipal bond investment. The client suffered significant investment losses as a result of this misconduct.


*Above are only some of the regulatory disciplinary actions filed against Wells Fargo Advisors by FINRA. NASSA and other state securities regulator investigations and enforcement actions account for another 30 BrokerCheck disclosures.

Wells Fargo Advisors Customer Complaints

There have been scores of customer complaints filed against Wells Fargo Advisors stockbrokers and investment advisors over the years. We have launched many investigations of current and former Wells Fargo Advisors advisors:

  1. Regan Rohl of Wells Fargo Advisors Financial Network, LLC
  2. David White of Wells Fargo Cleaning Services, LLC
  3. Andrew Vitek of Janney Montgomery Scott, LLC
  4. Herbert Hafen of Wells Fargo
  5. James Seijas of Wells Fargo
  6. Kevin Schaefer of Wells Fargo Clearing Services, LLC
  7. Richard Bernstein of Wells Fargo Clearing Services, LLC
  8. Jason Jaynes of Wells Fargo Clearing Services, LLC
  9. Brian Jackson of Wells Fargo Clearing Services, LLC
  10. Henry Krich of Wells Fargo Clearing Services, LLC
  11. Harold Weber of Aegis Capital
  12. Frank Nickey of CUSO Financial Services L.P.
  13. David Frankel of National Asset Management, Inc.
  14. Daniel Pimental of Wells Fargo Advisors
  15. Charles Christiansen of Wells Fargo Clearing Services
  16. Gordon Bryan of Ameriprise Financial Services, LLC
  17. James Alioto of Raymond James Associates
  18. Patricia Bebber of Wells Fargo Clearing Services, LLC
  19. Russell Blum of International Assets Advisory, LLC
  20. Paul Akre of Merrill Lynch
  21. Michael Hickey of Wells Fargo Clearing Services
  22. Karen Higgins of Ameriprise Financial Services
  23. Adam Summers formerly with LaSalle St Securities, LLC
  24. Artemio Mercado of Wells Fargo Clearing Services, LLC
  25. Arthur Faren of Truist Investment Services, Inc.
  26. Aubrey Parker of Wells Fargo Clearing Services, LLC
  27. Bradley Frisk of Wells Fargo Clearing Services, LLC
  28. Brett Bellcase of Wells Fargo Clearing Services, LLC
  29. Brian Summers formerly with LaSalle St. Securities, LLC
  30. Guilherme Sahadi of Wells Fargo Clearing Services
  31. Hung Sam formerly with Wells Fargo Clearing Services
  32. Daniel Sebastian Formerly With Wells Fargo Clearing Services
  33. Kurt Sharp of Ameriprise Financial Services
  34. Joseph Shimko formerly with Merrill Lynch Pierce Fenner & Smith
  35. Daniel Smith of Wells Fargo Clearing Services
  36. Louis Taylor of Wells Fargo Clearing Services
  37. Archie Thompson of Synovus Securities
  38. Michael Fahsholtz Formally With Stifel, Nicolaus & Co.
  39. Thomas Tonkovich of Morgan Stanley
  40. James Watson of Wells Fargo Clearing Services
  41. Apostolos Pitsironis of Janney Montgomery Scott
  42. Sam Aziz of David A. Noyes & Company
  43. Matthew Perry of Stifel, Nicolaus & Company, Inc
  44. Adam Elgert of Wells Fargo Clearing Services
  45. Alan Fishman of Wells Fargo Clearing Services
  46. Joseph Hunt of Merrill Lynch Pierce Fenner & Smith
  47. Ricardo Guimaraes of Morgan Stanley
  48. Hollis Jefferies of Wells Fargo Clearing Services
  49. Mark James of J.P. Morgan Securities
  50. Jeremy Kientz of Wells Fargo Clearing Services
  51. Colby King of Wells Fargo Clearing Services
  52. Daniel Kroll of Wells Fargo Clearing Services
  53. Adam Lacey of Wells Fargo Clearing Services
  54. Adam MacDonald of First Republic Securities
  55. Justin Lotano of Wells Fargo Clearing Services
  56. Charles Turner of LPL Financial LLC
  57. Steven Urosevich of Wells Fargo Clearing Services
  58. Matthew Walker of Wells Fargo Clearing Services
  59. Rafael Menier of Wells Fargo Clearing Services
  60. Melissa Minikes of Wells Fargo Advisors Financial Network
  61. Fernando Panizzutti of Wells Fargo Clearing Services
  62. Jose Parker of Morgan Stanley
  63. Michael Pope of Wells Fargo Clearing Services
  64. Megan Phillips of D.A. Davidson
  65. Taylor Powell of DFPG Investments
  66. Steven Polk of Wells Fargo Clearing Services
  67. Sharaff Rathur of Wells Fargo Clearing Services
  68. Sean Reardon of Wells Fargo Clearing Services
  69. Reed Rubin of Wells Fargo Clearing Services
  70. Ronald Reilly Of Wells Fargo Clearing Services
  71. Donald Rich Of Wells Fargo Clearing Services
  72. Clinton Tighe Of Wells Fargo Clearing Services
  73. James Stein of Wells Fargo Clearing Services
  74. George Venizelos of Wells Fargo Clearing Services
  75. Roger Vlach formerly with RBC Capital Markets
  76. Jerry Adam of The Leaders Group
  77. William Horan of Ameriprise Financial Services
  78. Thomas Hunt of LPL Financial
  79. Marc Alport of Wells Fargo Clearing Services
  80. Evan Wuhl Of Wells Fargo Clearing Services
  81. Lawrence Anderson of Wells Fargo Advisors Financial Network
  82. Joseph Andreoli of Raymond James & Associates
  83. Joseph Aldi Of Wells Fargo Clearing Services
  84. James Arness of Wells Fargo Clearing Services
  85. Yan Binder of Morgan Stanley
  86. Lary Bloom of Wells Fargo Clearing Services
  87. Mark Bluestein of Wedbush Securities
  88. Catherine Bartle Formerly With Wells Fargo Clearing Services
  89. Alexander Batt of Wells Fargo Advisors Financial Network
  90. Steven Bonavita of Wells Fargo Clearing Services
  91. Clifford Bryan of Benjamin F. Edwards & Company
  92. Jeffrey Burton of Wells Fargo Advisors Financial Network
  93. Jeffrey Carter of Raymond James Financial Services
  94. Bain Chadsey formerly with Wells Fargo Clearing Services
  95. Fabian Chichester of Wells Fargo Clearing Services
  96. Stephen Von Clausburg of Wells Fargo Clearing Services
  97. Mary Cobb of Wells Fargo Clearing Services
  98. Jonathan Lake of Wells Fargo Clearing Services
  99. David Leblond of Wells Fargo Clearing Services
  100. Christopher Cochrane of Wells Fargo Clearing Services
  101. Ralph Melfi of Allstate Financial Services
  102. Richard Coronel of Wells Fargo Clearing Services
  103. Mark Conway of Wells Fargo Clearing Services
  104. Marcus Parker of Wells Fargo Clearing Services
  105. Michael Ovitt of RBC Capital Markets
  106. Matthew Quall of Raymond James Financial Services
  107. Robert Powers of Wells Fargo Clearing Services
  108. Corey Engelhard of Morgan Stanley
  109. Vincent Fiorentino of Wells Fargo Clearing Services
  110. John Foery of Wells Fargo Clearing Services
  111. Patrick Gaitens of Wells Fargo Clearing Services
  112. Alfonso Gialanella of Wells Fargo Clearing Services
  113. Keith Goldstein of Wells Fargo Clearing Services
  114. Matthew Gordon of Wells Fargo Clearing Services
  115. Scott Gordon of Wells Fargo Advisors Financial Network
  116. Douglas Goss Formerly With Wells Fargo Clearing Services
  117. Irwin Davidson of Wells Fargo Clearing Services
  118. Jay Gravley Formerly With Wells Fargo Advisors
  119. Ricardo Harmsen of Cantella & Co.
  120. Christopher Harper of Wells Fargo Clearing Services
  121. Robert Hart of Morgan Stanley
  122. Joseph Diller of Wells Fargo Clearing Services
  123. Brian Kalamar of Wells Fargo Clearing Services
  124. Paula Kalandiak of Wells Fargo Clearing Services
  125. Michael Hartman of Wells Fargo Clearing Services
  126. John Hoekman formerly with Wells Fargo Clearing Services
  127. David Heide of RBC Capital Markets
  128. Prince Lankford of Wells Fargo Clearing Services
  129. Anthony Lapia of Wells Fargo Clearing Services
  130. David Logsdon of Wells Fargo Clearing Services
  131. Alan Lewis of Wells Fargo Clearing Services
  132. Vladislav Madatov of Wells Fargo Clearing Services
  133. Edward Moffitt of Wells Fargo Clearing Services
  134. William Moore of Janney Montgomery Scott
  135. Kevin Mounkes of Wells Fargo Clearing Services
  136. Lester Noisom of Raymond James Financial Services
  137. David Nelson of Wells Fargo Clearing Services
  138. Thomas Oley of Wells Fargo Clearing Services
  139. Frank Ortiz of Wells Fargo Clearing Services
  140. Richard Martinson of Raymond James Financial Services
  141. John McCarthy of Wells Fargo Clearing Services
  142. Peter McColgan of Wells Fargo Clearing Services
  143. Michelle Parker Formerly With Wells Fargo Clearing Services
  144. Gustavo Miramontes of Oppenheimer & Co.
  145. Gregory Pease Formerly With International Assets Advisory
  146. Massimo Romano of Wells Fargo Clearing Services
  147. Robert Schultz of Wells Fargo Clearing Services
  148. Tracy Randle of Wells Fargo Clearing Services
  149. Scott Pugan of Wells Fargo Clearing Services
  150. Paul Porter of Wells Fargo Clearing Services
  151. Michael Piccolo of Wells Fargo Clearing Services
  152. Charles Shields of Wells Fargo Clearing Services
  153. Steven Seimears of Ameriprise Financial Services
  154. Tim Ridley of Wells Fargo Clearing Services
  155. Serge Suleimani of Wells Fargo Clearing Services
  156. John Weber of Wells Fargo Advisors Financial Network
  157. Vincent Weir of Wells Fargo Clearing Services
  158. William Wickham of Wells Fargo Clearing Services
  159. Michael Wilhelm of Wells Fargo Clearing Services
  160. Wesley Wong of Wells Fargo Advisors Financial Network
  161. Joe Abbott of Wells Fargo Clearing Services
  162. Justin Bailey of Nationwide Investment Services
  163. Matthew Biggie of Wells Fargo Clearing Services
  164. Michael Cormier of RBC Capital Markets
  165. Charles Fenner of Wells Fargo Clearing Services, LLC
  166. Christopher Hughes formerly with Wells Fargo Clearing Services, LLC
  167. Bruce Roberts of Wells Fargo Clearing Services, LLC
  168. Charles Mannel of Wells Fargo Clearing Services, LLC
  169. Charles Lanzillotto formerly with Wells Fargo Clearing Services, LLC
  170. Christopher Black formerly with LPL Financial LLC
  171. Christopher Hill of Wells Fargo Clearing Services, LLC
  172. Christopher Lein of Wells Fargo Advisors Financial Network, LLC
  173. Corey Owen formerly with Wells Fargo Clearing Services, LLC
  174. Corydon Wheat of Wells Fargo Clearing Services, LLC
  175. Daniel Luna of Wells Fargo Clearing Services, LLC
  176. Daniel Torres formerly with Wells Fargo Clearing Services, LLC
  177. Daniel Madura of Wells Fargo Clearing Services, LLC
  178. David Sager of Wells Fargo Clearing Services, LLC
  179. David De Nitto of Wells Fargo Clearing Services, LLC
  180. Dennis Goldy formerly with Wells Fargo Clearing Services LLC
  181. Denny Chu of formerly with J.P. Morgan Securities LLC
  182. Dmitry Matousov of Wells Fargo Clearing Services, LLC
  183. Douglas Allen of LPL Financial LLC
  184. Elad Rahamim of Wells Fargo Clearing Services, LLC
  185. Eric Moreno of UBS Financial Services Inc.
  186. Eric Harding formerly with United Planners’ Financial Services of America A Limited Partner
  187. Florindo Volpacchio formerly with Oppenheimer & Co. Inc.
  188. Frank Olender of Wells Fargo Clearing Services, LLC
  189. Fred Berens of Oppenheimer & Co. Inc.
  190. Frederick Hughes of Wells Fargo Clearing Services LLC
  191. Garth Allan of UBS Financial Services Inc.
  192. George Clayton of Wells Fargo Clearing Services, LLC
  193. Gerald Kessler formerly with Wells Fargo Clearing Services, LLC
  194. Glen Wilk of Ameriprise Financial Services
  195. Grant Birkley formerly with Sagepoint Financial, Inc.
  196. Gregory Duncan-Peters of Wells Fargo Clearing Services LLC
  197. Gilherme Sahadi of BTG Pactual US Capital LLC
  198. Henry Hernandez of UBS Financial Services Inc.
  199. Herbert Weith, IV formerly with Equitable Advisors, LLC
  200. Jamie Lloyd of Wells Fargo Clearing Services, LLC
  201. Jason Zoch of Morgan Stanley
  202. Jean-Pierre Fernandez of Wells Fargo Clearing Services, LLC
  203. Jeffrey Oliverio of Truist Investment Services, Inc.
  204. Joe Gainer, Jr. formerly with Wells Fargo Clearing Services, LLC
  205. John Kellar of Wells Fargo Advisors Financial Network, LLC
  206. Jerry Holcomb formerly with Wells Fargo Clearing Services, LLC
  207. John Ter-Oganesyan of Wells Fargo Clearing Services LLC
  208. John Arensdorf of Wells Fargo Clearing Services, LLC
  209. John Donovan, Jr. of Wells Fargo Clearing Services, LLC
  210. Jordan Varela of Wells Fargo Advisors Financial Network LLC
  211. Jorge de Apodaca III of Insigneo Securities LLC
  212. Joseph Pratt formerly with Stifel, Nicolaus & Company, Incorporated
  213. Juan Ley of Wells Fargo Clearing Services, LLC
  214. Kevin Broderick of Bankers Life Securities, Inc.
  215. Kevin Scott of Ameriprise Financial Services, LLC
  216. Larry Tarleton of Wells Fargo Clearing Services, LLC
  217. Lauchie Martin, III of Ameriprise Financial Services, LLC
  218. Leif Olson of Wells Fargo Clearing Services, LLC
  219. Lester Dennis of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  220. Lily Pryce of Wells Fargo Clearing Services, LLC
  221. Lisa Thorpe of Wells Fargo Clearing Services, LLC
  222. Louis Pietig, II of Northwestern Mutual Investment Services, LLC
  223. Luis Vivas-Sardi of Miura Capital, LLC
  224. Lynn Michael formerly with First Citizens Investor Services, Inc.
  225. Mara Schainuck of Morgan Stanley
  226. Mark Hebert formerly with Deutsche Bank Securities Inc.
  227. Matthew Macek formerly with LPL Financial LLC
  228. Matthew Smith of Wells Fargo Clearing Services, LLC
  229. Michael Walker formerly with Wells Fargo Clearing Services, LLC
  230. Mitchel Maldonado Lopez of Wells Fargo Clearing Services, LLC
  231. Patrick Callaghan of Wells Fargo Clearing Services, LLC
  232. Paul Haberek, Jr. of Wells Fargo Clearing Services, LLC
  233. Peter Ianace formerly with Wells Fargo Clearing Services, LLC
  234. Raul Benitez of Wells Fargo Clearing Services, LLC
  235. Richard Schultz formerly with Stifel, Nicolaus & Company, Incorporated
  236. Richard Coronel of Wells Fargo Clearing Services, LLC
  237. Robert Eberst, Jr. of LPL Financial LLC
  238. Robert Buckman of Pruco Securities, LLC
  239. Ronald Nagy of Wells Fargo Clearing Services, LLC
  240. Russell Chaney of Wells Fargo Clearing Services, LLC
  241. Ryan Stevens of Ameriprise Financial Services, LLC
  242. Scott Kaminsky of Janney Montgomery Scott LLC
  243. Scott Reed formerly with First Financial Equity Corporation
  244. Sheila Spicehandler of Wells Fargo Advisors Financial Network, LLC
  245. Steven Melton of Wells Fargo Clearing Services, LLC
  246. Steven Earl of Wells Fargo Advisors Financial Network, LLC
  247. Terrence Volk of Wells Fargo Clearing Services, LLC
  248. Theodore Rich of D.A. Davidson & Co.
  249. Thomas Kieffer formerly with Ceros Financial Services, Inc.
  250. Thomas Swan of Western International Securities, Inc.
  251. Richard DeYoung, Jr. of LPL Financial LLC
  252. Tracy Raynor of Ameriprise Financial Services, LLC
  253. Travis Johnson of Wells Fargo Clearing Services, LLC
  254. Wilber Aguirre of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  255. William Lewis of Wells Fargo Advisors Financial Network, LLC
  256. George Cairnes of Wells Fargo Clearing Services, LLC
  257. Yuting Cheng of Wells Fargo Clearing Services, LLC
  258. Ryan Culpepper of Wells Fargo Clearing Services, LLC
  259. Elinar Deghbashyan of NYLife Securities LLC
  260. Matthew Kutcher of Wells Fargo Clearing Services, LLC
  261. Donald Laurence, Jr. formerly with Raymond James & Associates, Inc.
  262. King Cavalier of Raymond James Financial Services, Inc.
  263. Lawrence Burke of Wells Fargo Clearing Services, LLC
  264. Adam Marquardt formerly with Cetera Advisors LLC
  265. David Mulford formerly with J.P. Morgan Securities LLC
  266. James Paige of Wells Fargo Clearing Services, LLC
  267. Larry Schwartzman of Oppenheimer & Co. Inc.
  268. Stanley Smith of Wells Fargo Clearing Services, LLC
  269. Mickey Yablans of Wells Fargo Clearing Services, LLC
  270. Michael Chapman of Wells Fargo Clearing Services, LLC
  271. John Enright of Wells Fargo Clearing Services, LLC
  272. Brieane Kelley of Wells Fargo Clearing Services, LLC
  273.  Michael Levine of Wells Fargo Clearing Services, LLC
  274. Bryan Musso formerly with Wells Fargo Clearing Services, LLC
  275.  Boris Niko of Ameriprise Financial Services, LLC
  276. Joseph Randolph of Wells Fargo Clearing Services, LLC
  277. Richard Rogers, Jr formerly with Wells Fargo Clearing Services, LLC
  278. Jordan Samelson of Wells Fargo Clearing Services, LLC
  279. Alex Stolper of Wells Fargo Clearing Services, LLC
  280. Kevin Dery of Wells Fargo Advisors Financial Network, LLC
  281. Scott Brown of Wells Fargo Advisors Financial Network, LLC
  282. Douglas Frank of Wells Fargo Advisors Financial Network, LLC
  283. Deanna Quintanilla of Wells Fargo Clearing Services, LLC
  284. Xiangyu Zhang formerly with Wells Fargo Clearing Services, LLC
  285. Giuseppe Mauceli of Wells Fargo Advisors Financial Network, LLC
  286. Todd Demoss of Wells Fargo Advisors Financial Network, LLC
  287. Summer Diaz of Ameriprise Financial Services, LLC
  288. Robert McKinnon of Wells Fargo Advisors Financial Network, LLC
  289. Matthew Peterson of Wells Fargo Clearing Services, LLC
  290. Roger Follis of B. Riley Wealth Management
  291. Jeremy Strickler formerly withWells Fargo Advisors Financial Network
  292. Michael Spector of Morgan Stanley
  293. Richard Stone of Stifel, Nicolaus & Company, Incorporated?
  294. Scott Sadar of Somerset Securities, Inc
  295. Robert Scherzer of Wells Fargo Advisors Financial Network, LLC

If you have lost money investing with any of these Wells Fargo Advisors advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call us at 800-732-2889.

Why Does Wells Fargo Advisors Have So Many Regulatory Problems And Customer Complaints?

Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.

The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers. 

Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.

These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.

Did Wells Fargo Advisors Advisor Misconduct Cause You Investment Losses?

When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Wells Fargo Advisors is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Wells Fargo Advisors without representation with an attorney about their complaints and have their complaints denied.

Related Read: Can You Sue Your Brokerage Firm?

Investment Losses? We Can Help

Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

Robert Pearce

Consult With An Attorney Who Recovers Investment Losses Caused By Wells Fargo Advisors Today!

The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 40 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Wells Fargo Advisors cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.

Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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