Wells Fargo Sued By Customer For Suitability
Jeffrey Randolph Wilson of Las Cruces New Mexico is a stockbroker currently registered with Wells Fargo Clearing Services that is subject of a customer initiated investment related arbitration claim in which the customer sought at least five thousand dollars in damages founded on accusations that Flaum made unsuitable investment recommendations to the customer regarding energy-sector securities. FINRA Arbitration No. 17-02235 (Aug. 22 2017).
FINRA Public Disclosure reveals that Flaum has been identified in three additional customer initiated investment related disputes containing allegations of Flaum’s misconduct during the time he was employed with Wells Fargo Advisors, LLC. Particularly, a customer initiated investment related written complaint pertaining to Flaum’s conduct was settled on October 6, 2016, for $275,000.00 in damages based upon accusations that between June 4, 2014 and December 7, 2015, over-the-counter equities transactions were placed in the customer’s account on an excessive and unsuitable basis.
Subsequently, a customer initiated investment related arbitration claim in regards to Flaum’s activities was resolved for $357,000.00 in damages supported by allegations that Flaum made unsuitable investment recommendations and misrepresentations relating to the customer’s investment portfolio. FINRA Arbitration No. 16-01123 (May 3, 2016). Thereafter, on December 1, 2016, a customer initiated investment related written complaint regarding Flaum’s conduct was resolved for $250,000.00 in damages founded on accusations that Flaum executed energy sector investment transactions that were not suitable for the customer between June 1, 2014 and November 1, 2015.
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