Wells Fargo Sued By For Defective Investment Advice

John Bradford Leonard of Toledo Ohio a stockbroker formerly employed by Wells Fargo Advisors is the subject of a customer initiated investment related arbitration claim which was resolved for $265,000.00 in damages supported by allegations of unsuitable stock recommendations having been made during the time that Leonard was employed by Wells Fargo Clearing Services LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03662 (May 20, 2019).

FINRA Public Disclosure confirms that Leonard is referenced in five more customer initiated investment related disputes that concern accusations of his misconduct while employed with Wells Fargo. Specifically, Leonard is referenced in a customer initiated investment related written complaint which was settled for $60,000.00 in damages on October 4, 2016 founded on allegations of bad direct participation program or limited partnership interest transactions between 2014 and 2016 that resulted in unjustified losses for the customer’s account.

Another customer initiated investment related arbitration claim concerning Leonard’s conduct was resolved for $25,000.00 in damages based upon accusations of bad advice relating to the securities held in the customer’s account. FINRA Arbitration No. 16-01730 (Jan. 19, 2017). Also, Leonard is the subject of a customer initiated investment related written complaint which was settled for $24,000.00 on February 2, 2017 supported by allegations that Leonard placed the customer in alternative investments which failed to be appropriate given the customer’s objectives for investing, tolerance for risk or investment circumstances.

In addition, Leonard is referenced in a customer initiated investment related written complaint which was resolved for $75,000.00 on July 13, 2017 founded on accusations of the customer’s account containing excessive amounts of master limited partnerships which poorly performed.

Leonard has been barred from associating with any FINRA member in any capacity based upon allegations that the stockbroker neglected to furnish information to FINRA during a formal inquiry into his activities. Case No. 2016050686801 (June 26, 2017). FINRA determined that Leonard’s lack of a response to its inquiry justified suspending him in all capacities at first. Leonard was issued a Notice of Suspension letter from FINRA on April 14, 2017, at which point he was warned that his failure to request termination of his suspension within three months would result in an automatic bar. Leonard was barred because of his failure to meet FINRA’s guidelines by the deadline.