Wells Fargo Accused By Investors Of Reverse Churning
Leslie Anne Juron of Sarasota Florida a stockbroker and investment adviser representative of Wells Fargo Clearing Services has been identified in a customer initiated investment related written complaint on July 22, 2019 where the customer sought more than $5,000.00 in damages founded on accusations that the customer had been overcharged by Juron on investments held in the customer’s wrap accounts between January 1, 2019 and July 22, 2019 while Juron was employed by Wells Fargo.
Notice to Members 03-68, that it is required to evaluate customer accounts, based upon costs and commissions, “at least annually” to determine whether “the type of account is appropriate in light of the services provided,” or if “alternative fee structures” are available. Notice to Members 03-68 (“It generally is inconsistent with just and equitable principles of trade—and therefore a violation of Rule 2110—to place a customer in an account with a fee structure that reasonably can be expected to result in a greater cost than an alternative account offered by the member that provides the same services and benefits to the customer.”); See also, NASD Dept. of Enforcement v. Morgan Stanley DW, Inc., Action No. EAF 030116001 (July 27, 2005)($1.5 million fine and $4.6 order of restitution to customers for “failure to establish and maintain an adequate system of supervision, including written procedures, reasonably designed to review and monitor fee based vs. commission based business”)(additional citations omitted).
This is not the first time that Juron has been accused of misconduct by an investor. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally indicates that on July 21, 2016, a customer filed an investment related arbitration claim pertaining to Juron’s conduct in which the customer requested more than $100,000.00 in damages supported by allegations that Juron’s investment recommendations were in not suitable for the Wells Fargo Advisors customer. FINRA Arbitration No. 16-01954. The claim also alleges that the customer had been exploited because of his age.
Juron has been registered with Wells Fargo Clearing Services since 2008.