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Wells Fargo recently appealed a Georgia judge’s decision that the financial institution and its outside lawyer committed fraud on FINRA, rigging the investor dispute process and putting into question the fairness of the regulator’s entire arbitration system. We’ve discussed the legal woes surrounding Wells Fargo in the past; however, this […]
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A former Wells Fargo financial advisor has pleaded guilty to defrauding investors in a $450,000 scheme. Facing up to 20 years in federal prison for wire fraud, the former advisor received a sentence of 27 months from a federal judge. According to news reports, the former advisor defrauded approximately 40 […]
The Financial Industry Regulatory Authority (FINRA) is one of various authorities tasked with promoting transparency and investor safety within the retail investment industry. Specifically, among other roles, FINRA maintains a broker registration system under which all individual brokers and brokerage firms must register before offering their services to individual investors. […]
The law firm is investigating former Wells Fargo financial advisor John Greg Schmidt (“Schmidt”) also known as Greg Schmidt. On September 25, 2018 the Securities and Exchange Commission (SEC) filed a complaint against Schmidt, alleging he engaged in a “Ponzi” scheme for years where he stole funds from customers’ accounts. […]
The law firm is investigating sales of Puerto Rico municipal bonds by large U.S. based brokerage firms such as Wells Fargo and Morgan Stanley to their brokerage customers. Since 2006, even before Hurricane Maria devastated the Island, Puerto Rico has suffered from a protracted economic recession. The government has incurred […]
We have filed several FINRA arbitrations on behalf of Wells Fargo brokerage account customers to recover losses suffered in Puerto Rican bonds. These customers were elderly or retired with conservative and low risk investment objectives who sought to preserve principal while earning income. During 2011 through 2014, these brokerage customers […]
We are investigating Matthew Maczko, the former financial advisor employed by Wells Fargo Advisors LLC from 2008 through 2016, and its branch office in Oakville, Illinois. The Financial Industry Regulatory Authority (“FINRA”) recently suspended Mr. Maczko’s stockbroker’s license and barred him permanently from conducting any securities business. According to FINRA, […]
The worst of American corporate ethos was on display last week when the CEOs of two leading companies, Wells Fargo & Co. and Mylan N.V., were called on the carpet by Congress for deeply flawed cultures that put greed and profits over customers and clients. Cross-selling, or selling a different […]
We filed a FINRA arbitration on behalf of a 63 year-old New York investor who is a brokerage customer of Wells Fargo Advisors LLC. The Statement of Claim alleges that the investor was retired and living off of the income from his bond portfolio. He alleges he was advised to […]