Our firm is investigating Wells Fargo Clearing Services broker and investment adviser Allen H. Wilson (CRD# 2420229) of Florham Park, New Jersey for potential investment-related misconduct.
Financial Advisor’s Career History
- Wells Fargo Clearing Services, LLC (Registered Rep/Adviser Rep), Florham Park, NJ — 08/10/2012–Present; branch: 200 Campus Dr., Ste. 220, Florham Park, NJ 07932.
- Wells Fargo Advisors, LLC — 08/2012–11/2016 (Registered Rep).
- Stifel, Nicolaus & Company, Incorporated — 08/2007–08/2012.
- Ryan Beck & Co. — 10/2005–08/2007.
- J.B. Hanauer & Co. — 01/1994–10/2005 (broker) and 06/2003–10/2005 (adviser).
- Chatfield Dean & Co., Inc. — 11/1993–01/1994.
Exams & Registrations (abbrev.)
- Series 7 (11/24/1993); SIE (10/01/2018); Series 65 (05/16/2002); Series 63 (11/26/1993). Currently approved with multiple SROs and licensed in numerous U.S. states/territories.
Branch Office
- 200 Campus Dr., Ste. 220, Florham Park, NJ 07932.
Disclosures Snapshot
- Regulatory Events: 2 (final)
- Criminal: 1 (final disposition)
- Customer Disputes: 3 (2 settled; 1 pending)
Allen H. Wilson Fraud Allegations and Investor Complaints Explained
Below is a summary of publicly reported FINRA BrokerCheck disclosures for Mr. Wilson. Allegations are drawn from customer complaints/arbitrations and are not determinations of liability.
Customer Disputes
- Over-concentration Arbitration — Settled for $225,000
- Allegation: Over-concentrated portfolio (unspecified period).
- Product: Listed equities.
- Filed: 12/20/2023 (FINRA Arbitration 23-03587).
- Claimed damages: ~$450,000.
- Disposition: Settled 10/18/2024 for $225,000 (no individual contribution).
- Unsuitable Bank Preferred Shares — Partial Settlement/Denial
- Allegation: Recommended unsuitable preferred shares of a bank that later failed (7/14/2021–6/22/2023).
- Filed: 06/22/2023.
- Product: Listed equities (preferred stock).
- Disposition: $70,000 settlement on 12/21/2023 for one customer; firm denial on 04/29/2024 as to another. No individual contribution.
- Unsuitable Recommendations — Pending Arbitration (~$475,000)
- Allegation: Beginning in late 2020, unsuitable recommendations inconsistent with risk tolerance and strategy.
- Filed: 06/05/2024 (FINRA Arbitration 24-01125).
- Product: Other: Miscellaneous.
- Status: Pending; claimed damages $475,000.
Regulatory Events (Final)
- Florida Dept. of Insurance (2000)
- Issue: Application to conduct insurance business denied after an inadvertent failure to disclose a 1998 New Jersey $250 fine; right to reapply after 3 months; no fine imposed by Florida.
- Resolution: Consent (Final on 07/20/2000).
- New Jersey Dept. of Banking & Insurance (1998)
- Issue: $250 civil fine for failure to disclose prior misdemeanor offenses on an insurance renewal; license renewed upon payment.
- Resolution: Consent (Final on 05/01/1998).
Criminal Matter (Final Disposition)
- Charge (08/31/2022) — Dismissed (09/12/2023)
- Court: U.S. District Court (Newark, NJ); Docket 22-11257.
- Allegation: Nonconsensual physical interaction in U.S. maritime jurisdiction (felony).
- Plea: Not guilty; dismissed following pre-trial diversion per broker statement.
Disclosure List (Quick Reference)
- Customer Dispute (FINRA 23-03587): Over-concentration; settled $225,000 on 10/18/2024; alleged ~$450,000. Action: Arbitration. Disposition: Settled.
- Customer Complaint (06/22/2023): Unsuitable preferred shares; settled $70,000 on 12/21/2023 (partial); denial as to another customer on 04/29/2024. Action: Written complaint. Disposition: Settled/Denied.
- Customer Dispute (FINRA 24-01125): Unsuitable recommendations since late 2020; pending; claimed $475,000. Action: Arbitration. Disposition: Pending.
- Regulatory (Florida, 2000): Insurance application denied; Consent; right to reapply after 3 months; no fine. Disposition: Final.
- Regulatory (New Jersey, 1998): $250 insurance fine; Consent; license renewed after payment. Disposition: Final.
- Criminal (Federal, 2022): Charge dismissed 09/12/2023 after diversion. Disposition: Final (dismissed).
To obtain a copy of Allen H. Wilson’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 — Suitability
FINRA Rule 2111 requires that a broker have a reasonable basis to believe a recommendation is suitable for the customer based on information obtained through reasonable diligence (e.g., risk tolerance, time horizon, investment profile). Allegations that a customer’s portfolio was over-concentrated in risky positions or that recommendations did not match the stated strategy are commonly analyzed under Rule 2111 in arbitrations like those reported above.
FINRA Rule 2010 — Standards of Commercial Honor
FINRA Rule 2010 is a broad conduct rule requiring high standards of commercial honor and just and equitable principles of trade. Even where specific product rules are not implicated, patterns of unsuitable recommendations, failure to balance risk, or other unethical conduct can be charged as violations of Rule 2010 in regulatory matters or cited by arbitrators when assessing liability and damages.
FINRA Rule 3110 — Supervision
Although complaints here are directed at the financial advisor, many investor cases also raise Rule 3110 issues, which require firms to establish and maintain a supervisory system reasonably designed to achieve compliance. Claims involving sustained over-concentration or repeated unsuitable trades often explore whether the firm’s reviews, exception reports, and managerial oversight should have prevented or halted the activity sooner. For investors, these facts frequently support a failure to supervise theory of liability, which we pursue in failure to supervise cases.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by stockbroker fraud and negligence. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced stockbroker fraud attorney.
