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Recent Posts in Wells Fargo Category

58 results found. Viewing page 1 of 3. Go to page 1 2 3   Next

Broker Bonuses and Forgivable Loans - When Brokers Place Personal Profits Above Client Interests, a William Mark Heiden Case Study

On the heels of FINRA's January 2019 complaint charging former Wedbush Securities broker William Mark Heiden of Southern California with unauthorized trading in elderly clients' brokerage ...
Continue reading "Broker Bonuses and Forgivable Loans - When Brokers Place Personal Profits Above Client Interests, a William Mark Heiden Case Study" »

SEC Joins FINRA in Barring Arrested WF Broker John Schmidt over Elder Fraud

Two months after his arrest for fraud and forgery in an alleged Ponzi scheme targeting "particularly vulnerable" clients, including elderly investors and those with diminished mental ...
Continue reading "SEC Joins FINRA in Barring Arrested WF Broker John Schmidt over Elder Fraud" »

John Gregory Schmidt Arrested, Accused of Elder Abuse, $1.1 Million Fraud

In a textbook example of red flags and warning signs to watch out for, prosectors charged former Wells Fargo Advisors Financial Network representative John Gregory Schmidt with 128 felony counts, ...
Continue reading "John Gregory Schmidt Arrested, Accused of Elder Abuse, $1.1 Million Fraud" »

Annemarie Thomas Suspended for Facilitating Wire Without Proper Authorization

FINRA fined and suspended former Wells Fargo Clearing Services (Carlsbad, CA) broker Annemarie Thomas aka Anne Marie Seeman for her role in facilitating a $100,000 wire transfer by falsely stating the ...
Continue reading "Annemarie Thomas Suspended for Facilitating Wire Without Proper Authorization" »

CFP Board Issues Revocation to Barred Wells Fargo Broker Charles Frieda

Barred from FINRA in December 2017 for unsuitable over-concentration in speculative oil and gas securities, resulting in significant losses for elderly customers, Anaheim's Charles Henry Frieda no ...
Continue reading "CFP Board Issues Revocation to Barred Wells Fargo Broker Charles Frieda" »

Robert Torcivia Disciplined Over Beneficiary Designations, Inheriting Money from Clients

FINRA fined and suspended former Ameriprise Financial Services and Moors & Cabot, Inc broker Robert Charles Torcivia for improperly accepting and failing to disclose fiduciary and beneficiary ...
Continue reading "Robert Torcivia Disciplined Over Beneficiary Designations, Inheriting Money from Clients" »

Uncooperative Juergen Weber (Unsuitable, Unauthorized Trades) and Benjamin S. Johnson (Failure to Report Liens) Barred

Former Benjamin & Jerold Brokerage representative Juergen received a permanent bar from the securities industry after failing to cooperate with a FINRA investigation into allegations that he made ...
Continue reading "Uncooperative Juergen Weber (Unsuitable, Unauthorized Trades) and Benjamin S. Johnson (Failure to Report Liens) Barred" »

Richard Hughes Suspended for Coaxing Elderly Client to Lie About Excessive Commissions for Unsuitable UIT and Mutual Fund Recommendations

FINRA fined and suspended former Wells Fargo Advisors Financial Networks broker Richard Stephen Hughes for instructing an elderly client to lie about the commissions charged in short-term trading unit ...
Continue reading "Richard Hughes Suspended for Coaxing Elderly Client to Lie About Excessive Commissions for Unsuitable UIT and Mutual Fund Recommendations" »

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 ...
Continue reading "Ex-Wells Fargo Broker Joseph Eschleman Sanctioned for Unauthorized Use of Discretion" »

Wells Fargo Advisors Pays $5 Million to Settle SEC's MLI Short-Term Trading Charges

Having found that Wells Fargo Advisors' improper sales of complex financial products imposed "substantial costs" on the firm's retail customers while generating commissions for the ...
Continue reading "Wells Fargo Advisors Pays $5 Million to Settle SEC's MLI Short-Term Trading Charges" »

Banks and Brokers Recommending Risky Reverse Convertibles to Combat Volatility Despite Prior Discipline

Though one might think banks and brokerages would choose simplicity in the wake of February's volatility-induced panic when uninformed brokers took on too much risk, it turns out the market for ...
Continue reading "Banks and Brokers Recommending Risky Reverse Convertibles to Combat Volatility Despite Prior Discipline" »

Wells Fargo Survey Finds Two-Thirds of Financial Crimes Against Elderly Are Committed By Trusted Individuals

Wells Fargo released its 2018 Wells Fargo Elder Needs Survey, finding that although older Americans are targeted for scams because of wealth, isolation, and/or cognitive decline, a vast majority think ...
Continue reading "Wells Fargo Survey Finds Two-Thirds of Financial Crimes Against Elderly Are Committed By Trusted Individuals" »

Wells Fargo Filing Admits Investigation into 401(k)-to-IRA Rollover Recommendations

Wells Fargo announced its Board of Directors is reviewing whether the firm made inappropriate referrals or recommendations in regards to 401(k) plan participants, alternative investments, or other ...
Continue reading "Wells Fargo Filing Admits Investigation into 401(k)-to-IRA Rollover Recommendations" »

Dallas York Barred for Refusing to Cooperate with Investigation into Unauthorized Withdrawal of Customer Funds

FINRA barred former Wells Fargo Clearing Services broker Dallas Richardson York of Arizona after he failed to provide requested information and documents to FINRA during the course of an investigation ...
Continue reading "Dallas York Barred for Refusing to Cooperate with Investigation into Unauthorized Withdrawal of Customer Funds" »

Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing

With Wells Fargo's credit card and savings divisions already disciplined by the Federal Reserve over a fake account scandal during which the bank opened bogus accounts on behalf of its customers, ...
Continue reading "Wells Fargo Wealth Management Investigated for Unsuitable Investments, Self-Dealing" »

DOJ Orders Review of Wells Fargo Advisors' Sales Practices and Recommendations

Wells Fargo began an investigation into potentially inappropriate referrals and recommendations after the Department of Justice ordered the firm to conduct a review of its sales practices, including ...
Continue reading "DOJ Orders Review of Wells Fargo Advisors' Sales Practices and Recommendations" »

Suitability and Firms' Duty to Disclose Comes into Focus as VelocityShares Daily Inverse VIX Exchange Traded Notes (XIV) Falls

After losing 95% of its value in early February, issuer Credit Suisse announced plans to liquidate VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note (NASDAQ:XIV), capping off a rough ...
Continue reading "Suitability and Firms' Duty to Disclose Comes into Focus as VelocityShares Daily Inverse VIX Exchange Traded Notes (XIV) Falls" »

FINRA Warned of Volatility-Linked ETNs Before February Stock Market Plunge

A CNBC report traced the source Wall Street's recent rout—including a single-day Dow Jones loss of over 1,000 points—in part, to volatility-linked exchange-traded notes (ETNs) that ...
Continue reading "FINRA Warned of Volatility-Linked ETNs Before February Stock Market Plunge" »

CFP Board Suspends Charles Frieda Following FINRA Overconcentration Bar

A month after FINRA barred former Wells Fargo representatives Charles Henry Frieda and Charles Bernard Lynch for unsuitably over concentrating customer funds in speculative oil and gas industry ...
Continue reading "CFP Board Suspends Charles Frieda Following FINRA Overconcentration Bar" »

NASAA Identifies Notes, Real Estate, Ponzi, Oil and Gas, Affinity Fraud, and Variable Annuities as Biggest Investor Threats

The North American Securities Administrations Association (NASAA) announced the top threats to investors, identifying the most frequent sources of current investor complaints or industry ...
Continue reading "NASAA Identifies Notes, Real Estate, Ponzi, Oil and Gas, Affinity Fraud, and Variable Annuities as Biggest Investor Threats" »

Ex-Wells Fargo Reps Charles Frieda and Charles Lynch Barred for Energy Sector Overconcentration and Millions in Losses

FINRA barred Charles Henry Frieda and Charles Bernard Lynch, formerly of Wells Fargo Advisors and Wells Fargo Clearing Services in Irvine, California, finding that the duo unsuitably over-concentrated ...
Continue reading "Ex-Wells Fargo Reps Charles Frieda and Charles Lynch Barred for Energy Sector Overconcentration and Millions in Losses" »

Seadrill Limited (NYSE: SDRL) Runs Aground with Debt Restructuring Fiasco

Touted by investment firms such as Wells Fargo and Morgan Stanley to their clients, Seadrill Limited (ticker symbol SDRL) reached its lowest price in 2017 after warning shareholders and bond owners of ...
Continue reading "Seadrill Limited (NYSE: SDRL) Runs Aground with Debt Restructuring Fiasco" »

Wells Fargo Ordered to Pay Restitution of $3.4 Million for Unsuitable Volatility-Linked Exchange-Traded Products

FINRA ordered Wells Fargo Advisors Financial Network, LLC and Wells Fargo Clearing Services, LLC to pay over $3.4 million in restitution to customers who purchased volatility-linked exchange-traded ...
Continue reading "Wells Fargo Ordered to Pay Restitution of $3.4 Million for Unsuitable Volatility-Linked Exchange-Traded Products" »

Charles Cumber Sanctioned for Undisclosed Outside Business Activity and False Attestation

FINRA fined Brokers International Financial Services, LLC representative Charles Anderson Cumber, Jr. of the firm's Albuquerque, New Mexico branch, for undisclosed selling away from his ...
Continue reading "Charles Cumber Sanctioned for Undisclosed Outside Business Activity and False Attestation" »

Say Nie Sam Sanctioned for Falsifying Wire Transfer Forms

FINRA fined and suspended broker Say Nie Sam, formerly of Wells Fargo Clearing Services (San Mateo, CA) and Morgan Stanley (Menlo Park, CA) for falsifying five wire transfer forms by placing ...
Continue reading "Say Nie Sam Sanctioned for Falsifying Wire Transfer Forms" »
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