Brokers Charles Henry Frieda and Charles Bernard Lynch of Wells Fargo Advisors in Irvine, California have racked up an alarming number of customer disputes over the last 15 months alone—31 total disclosure events, including 17 for Frieda and 14 for Lynch filed by a variety of customers, including several retirees alleging that Frieda and Lynch unsuitably over concentrated their funds in speculative oil and gas holdings, including the recently-bankrupt Magnum Hunter Resources.
Among the most common allegations filed against the duo are unsuitable concentration and recommendations, misrepresentation, and negligence in speculative energy, oil & gas securities.
Specifically, several customers accused Frieda and Lynch of putting their funds into risky speculative securities and over concentrating the investments in energy and commodity stocks, which were not suitable or otherwise not in line with the customers' conservative, low risk and diversified investment profiles.
With cumulative alleged damages exceeding several millions of dollars, Wells Fargo Advisors purportedly settled several claims so as to avoid the expense of further arbitration, though many others remain outstanding.
If you have invested with brokers Charles Henry Frieda or Charles Bernard Lynch of Wells Fargo Advisors' Irvine, CA branch, or with any brokers or financial advisers whose unsuitable recommendations or over concentration in unnecessarily high-risk securities has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.