Wells Fargo Sued By Investors For Hedge Fund Fraud

Mediation - Wells Fargo Sued By Investors For Hedge Fund Fraud

Mikhail Filshtinskiy of Brooklyn New York a stockbroker formerly employed by Wells Fargo Advisors Financial Networks is the subject of a customer initiated investment related arbitration claim in which the customer requested $8,674,063.93 in damages founded on accusations that the customers were victim to a fraudulent scheme involving Filshtinskiy and a hedge fund manager. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01773 (Aug. 14, 2017).

FINRA Public Disclosure additionally reveals that Filshtinskiy has been suspended from associating with any FINRA member in any capacity based upon allegations that Filshtinskiy failed to comply with FINRA’s inquiry into his activities. Case No. 2015048323901 (July 5, 2016). According to FINRA, Filshtinskiy was asked to provide information to the regulator but failed to do so. Consequently, FINRA issued Filshtinskiy a Suspension from Association letter dated July 5, 2016.

Filshtinskiy was discharged by Wells Fargo Advisors Financial Network because of the firm’s lack of confidence in Filshtinskiy based on his suspicious job-related activities.