Wells Fargo Sued For Unauthorized Trading
Howard Barry Steinman of Coral Springs, Florida, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, is the subject of a customer initiated investment related civil action brought in the Circuit Court of Broward, Florida, in which the customer requested more than $5,000.00 in damages supported by accusations that Steinman effected unauthorized transactions in the customer’s trust account. Civil Action No. PR-C-0003682 (Aug. 14, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Steinman has been referenced in five more customer initiated investment related disputes containing allegations of his misconduct while employed with Citigroup Global Markets Inc. and Salomon Smith Barney. Specifically, on May 21, 2002, a customer filed an investment related written complaint involving Steinman’s conduct, where the customer sought $9,455.00 in damages founded on accusations that mutual fund and equity investment transactions were not suitable for the customer in consideration of the customer’s conservative investment objectives.
Subsequently, on October 11, 2002, a customer filed an investment related written complaint regarding Steinman’s activities, alleging churning, misrepresentation and suitability pertaining to mutual fund and variable annuity transactions. On September 23, 2005, another customer filed an investment related written complaint concerning Steinman’s conduct, wherein the customer alleged that a variable life insurance policy had been misrepresented and that trades placed in the customer’s account were not suitable.
Then, on February 17, 2010, a customer brought an investment related written complaint involving Steinman’s activities, alleging that the customer’s variable annuity was misrepresented. Afterward, a customer initiated investment related arbitration claim regarding Steinman’s conduct was resolved for $14,999.00 in damages based upon allegations that Steinman made unsuitable investment recommendations to the customer concerning purchases of preferred stock in Fannie Mae and Freddie Mac. FINRA Arbitration No. 09-04162 (May 28, 2010).
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