Investors Accuse WFG Investments Of Exchange Trades Notes Fraud
Damian Marlon Bell of Daphne Alabama a stockbroker formerly employed by WFG Investments is the subject of a customer initiated investment related complaint on June 15, 2018 where the customer sought $72,000.00 in damages founded on allegations that the customer was placed into unsuitable exchange traded note and mutual fund products; and was assessed unwarranted commissions on the transactions effected in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Bell is referenced in eight more customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was associated with WFG Investments Inc. In particular, a customer initiated investment related arbitration claim concerning Bell’s activities was resolved for $250,000.00 in damages supported by allegations that fiduciary obligations to the customer had been breached; the customer was provided inappropriate investment advice; misrepresentations were made with respect to the customer’s private placement stock investments; and there was no reasonable due diligence conducted on the investments sold to the customer. FINRA Arbitration No. 16-00346 (Dec. 5, 2016).
Then, a customer filed an investment related arbitration claim involving Bell’s conduct in which the customer requested $1,100,000.00 in damages based upon accusations of the customer being placed into investments that were misrepresented at the time of purchase; and the failure of the firm to execute due diligence on the private placement stocks sold to the customer. FINRA Arbitration No. 16-03305 (Jan. 19, 2017). On May 18, 2017, another customer initiated investment related complaint was settled to resolve allegations of bad mutual fund and corporate debt investment recommendations having been made to the customer between April of 2015 and March of 2016.
Thereafter, a customer filed an investment related arbitration claim regarding Bell’s activities where the customer sought $505,000.00 in damages supported by accusations of the lack of due diligence on investments purchased by the customer; and omissions and misrepresentations concerning those investments. FINRA Arbitration No. 17-00822 (Mar. 23, 2017). Subsequently, a customer filed an investment related arbitration claim in which the customer requested $300,000.00 in damages founded on allegations that alternative investments had been sold to the customer without the firm conducting due diligence; and fiduciary obligations were breached with respect to the customer’s investment transactions. FINRA Arbitration No. 17-01407 (July 17, 2017).
Bell’s registration with WFG investments Inc. has been terminated as of May 26, 2017. Since June 9, 2017, Bell has been registered with International Assets Advisory LLC.