California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Securities
Broker Misrepresentation
Brokerage Firms Sued
FINRA
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Misconduct
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Products
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Name:
Email:
Phone:
Are you a new client?
Message:
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

Ex-Wells Fargo Broker Joseph Eschleman Sanctioned for Unauthorized Use of Discretion

FINRA fined and suspended ex-Wells Fargo Clearing Services and current Purshe Kaplan Sterling Investments (both Sacramento, CA) broker Joseph Frederick Eschleman for exercising discretion without authorization from his customer (since deceased) or firm to do so. Eschleman also allegedly changed his notes on the client's purported verbal (but not written) discretion instruction upon learning that the client had recently passed away.

AWC #2017054395501

The findings state that while associated with Wells Fargo, Eschleman (CRD #3237843) in 2015 and 2016 improperly executed discretionary transactions when he sold a securities product in a customer's IRA account in order to fund a distribution, and when he sold three securities from a trust account.

Eerily, according to Wells Fargo's separation disclosure upon Eschleman's termination from the firm, Eschleman had indicated to an associate that he spoke to the client prior to inputting the trades. Upon learning that this client had recently passed away, however, Eschleman allegedly revised his notes to reflect that the client had previously and verbally authorized him to utilize trade discretion in order to issue a required minimum distribution.

Furthermore, investigators found that a Wells Fargo supervisor had discussed with Eschleman the "need to have proper authorization to place orders" before his discretionary transactions in 2016 and that the firm had not accepted either account as discretionary.

A settled customer dispute from 2014 alleged that Eschleman misrepresented his services. Eschleman presently holds a registration with Purshe Kaplan Sterling Investments in northern California and lists several outside business activities, including Towerpoint Wealth, LLC and PKS Financial, an insurance firm.

If you have invested with former Wells Fargo and current Purshe Kaplan Sterling Investments broker Joseph Frederick Eschleman or with any financial adviser or representative who has exercised discretion in your accounts without written permission from an account holder or acceptance of the accounts as discretionary by the firm, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

accolades
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
Website: