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 securities, the Certified Financial Planner Board of Standards (CFP) issued Frieda an interim suspension as it investigates the suitability allegations.
In a news release, the Board reiterated FINRA's finding that Frieda and Lynch's unsuitable recommendations caused a notable overconcentration in oil-and-gas securities, resulting in significant potential losses.
FINRA's report barring Frieda and Lynch noted that the speculative energy securities concentration exceeded 50% of some customers' net worth, were unsuitable, and subjected 50 customers to unnecessary risk, resulting in losses for conservative and moderate risk-tolerant customers, including some elderly or retirement-aged clients who did not consent to risky and speculative investments.
Magnum Hunter Resources and Halcon Resources Corp are two of the speculative oil-and-gas products associated with Frieda and Lynch's recommendations.
If you have invested with former Wells Fargo Advisors (Irvine, CA) brokers Charles Henry Frieda or Charles Bernard Lynch or with any broker or financial adviser who has unsuitably recommended speculative energy-sector securities, or whose overconcentration in these risky securities has proven harmful to your investments or interests due to principal loss or other damages, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.