Customer Sues Wells Fargo For Unauthorized Trading
Marco Fragnito, of Laguna Hills, California, a stockbroker registered with Wells Fargo Advisors Financial Network, LLC, is the subject of a customer initiated investment related arbitration claim, which was settled for $1,200,000.00 in damages on July 20, 2017, based upon allegations that Fragnito effected trades in the customer’s account that the customer never authorized. The customer further alleged that the financial advisor effected unsuitable and excessive over-the-counter equities transactions.
FINRA Public Disclosure additionally confirms that on May 12, 2017, a customer initiated investment related arbitration claim regarding Fragnito’s activities was resolved for $50,000.00 in damages supported by allegations including suitability, breach of contract and fiduciary obligations, and negligence on Fragnito’s part while associated with Raymond James & Associates, Inc.
Guiliano Law Group
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