Wells Fargo Advisors Accused Of Bad Investment Advice

stockbrokerfraud8 - Wells Fargo Advisors Accused Of Bad Investment Advice

Donald Anthony DeVito II of Albany New York a stockbroker formerly registered with Wells Fargo Advisors is referenced in a customer initiated investment related complaint which was resolved for $47,000.00 in damages on December 14, 2018 based upon allegations of DeVito having mismanaged the customer’s equity portfolio during the time that he was associated with Wells Fargo Advisors.

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that DeVito has been identified in ten additional customer initiated investment related disputes containing accusations of DeVito’s misconduct while employed with Wells Fargo Advisors. Specifically, DeVito is the subject of a customer initiated investment related written complaint which was settled for $300,000.00 on May 17, 2017 founded on allegations that stock trades were effected by the stockbroker without the customer’s knowledge or consent.

Also, a customer initiated investment related complaint involving DeVito’s activities was resolved on November 14, 2017 for $50,000.00 in damages supported by accusations that the customer had been overcharged on common and preferred stock trades placed in the customer’s account. Another customer initiated investment related arbitration claim concerning DeVito’s conduct was settled for $520,000.00 in damages based upon allegations that between 2012 and 2017, while DeVito was associated with Wells Fargo Advisors, investment recommendations failed to be suitable, and the customer’s account had been excessively traded which resulted in unwarranted losses. FINRA Arbitration No. 17-01944 (June 12, 2018).

DeVito was discharged by Wells Fargo Advisors founded on accusations that he executed excessive or unsuitable trades in customer accounts.