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Richard Jay Bernstein with Wells Fargo Clearing Services, LLC Has 8 Customer Complaints For Alleged Broker Misconduct

Who is Richard J. Bernstein with Wells Fargo Clearing Services, LLC?

Richard Bernstein (CRD #1113777) who is currently registered with Wells Fargo Clearing Services, LLC and located in Incline Village, Nevada is a subject of one of our many securities industry sales practice abuse investigations. Prior to Wells Fargo Clearing Services, LLC, Richard Bernstein was associated with Morgan Stanley and 9 other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Wells Fargo And Morgan Stanley Broker Misconduct

In his career, Richard Bernstein has been the subject of 8 customer complaints that we know about, 1 of those complaints were filed in the last year to recover investment losses. Two of those customer cases proceeded through an arbitration and an award was entered in their favor. Four of Richard Bernstein’s 8 customer complaints were settled by Wells Fargo, Morgan Stanley, and UBS Financial Services, Inc. in favor of investors. The 2 other customer complaints were denied by his former employer UBS Financial Services, Inc. and the customer took no further action.

Allegations Against Richard Bernstein

A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:

  • Claimant alleged unsuitable investments and unauthorized trading in breach of Richard Bernstein’s fiduciary duties which resulted in an arbitration award in the investor’s favor.
  • Customer alleged and proved excessive and unauthorized trading in an arbitration hearing and received an award for his damages.
  • Claimant alleged unsuitable investment recommendations.
  • Claimant alleged that Richard Bernstein made unauthorized transactions which conflicted with his stated, investment goals.
  • Customer complaints related to the sale of auction rate securities.
  • Client alleged that the financial advisor purchase a higher risk mutual fund without his permission.
  • Client alleged unsuitable investment recommendations and overconcentration in the financial sector despite instructions to avoid market risk and to preserve capital.

Richard Bernstein Red Flags & Your Rights As An Investor

Of course, Richard Bernstein did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Richard Bernstein at Wells Fargo Clearing Services, LLC and Morgan Stanley on alert to review carefully the activity and performance of their accounts and question whether Richard Bernstein has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Wells Fargo Clearing Services, LLC and Morgan Stanley also raises questions about their supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Wells Fargo Clearing Services, LLC And Morgan Stanley

If you have questions about Wells Fargo Clearing Services, LLC, Morgan Stanley and/or Richard Bernstein and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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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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