Wells Fargo Sued By Customer For Suitability
Jeffrey Marc Grayson of Florham Park New Jersey is a stockbroker formerly registered with Wells Fargo Advisors who is the subject of a customer initiated investment related arbitration claim in which the customer requested thirty-eight thousand one hundred seventeen dollars in damages founded on allegations that Grayson concentrated the customer’s assets in investments that were not suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03186 (Dec. 5 2017).
FINRA Public Disclosure also reveals that a customer was awarded $50,000.00 in damages according to an investment related arbitration claim involving Grayson’s improper conduct, in which Wells Fargo was found liable for violating Nevada Revised Statutes anti-fraud provisions; breach of fiduciary duty; violation of Blue Sky laws; failure to supervise; suitability and misrepresentation in reference to the customer’s investments in junk bonds, real estate investment trusts, oil & gas products and stocks. FINRA Arbitration No. 17-01621 (Jan. 16, 2018).
The customer disputes were lodged after FINRA fined Grayson $10,000.00 and suspended him from associating with any FINRA member in any capacity between February 21, 2017 and April 20, 2017, based upon Grayson’s consent to findings that he executed trades in customer accounts on a discretionary basis without procuring customers’ written authorization; conduct violative of FINRA Rule 2010 and NASD Rule 2510(b). Letter of Acceptance, Waiver and Consent, No. 2016049558701 (Feb. 8, 2017).
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