Investors Sue Wells Fargo For Breach Of Fiduciary Duty

Michael Fisher of Melville New York a stockbroker formerly registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $50,000.00 in compensatory damages based upon Wells Fargo Advisors being found liable on the customer’s claims which included that (1) the customer’s account was handled in a negligent manner (2) transactions failed to be supervised by the securities broker dealer (3) transactions effected in the customer’s account were not suitable for the customer and (4) fiduciary duties owed to the customer had been breached in regard to preferred fixed rate cap securities sold by the stockbroker during the time that he was associated with Wells Fargo Advisors. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03250 (May 8, 2019).

FINRA Public Disclosure reveals that Fisher has been identified in three additional customer initiated investment related disputes containing accusations of his misconduct while the stockbroker was employed by Wells Fargo Advisors. Specifically, on December 15, 2015, a customer filed an investment related complaint involving Fisher’s conduct in which the customer sought unspecified damages based upon allegations that stock transactions effected in the customer’s account were not suitable for the customer.

Fisher is also the subject of a customer initiated investment related arbitration claim in which the customer was awarded $50,000.00 in compensatory damages based upon Wells Fargo being having been found liable on the customer’s claims including that inappropriate preferred fixed rate cap securities had been sold to the customer; recommendations and transactions were negligently effected by the stockbroker; and fiduciary obligations had been breached which resulted in the customer’s losses. FINRA Arbitration No. 17-00704 (Sept. 8, 2017). Another customer initiated investment related arbitration claim concerning Fisher’s activities was settled for $100,000.00 in damages founded on accusations that false or misleading statements were made to the customer concerning unit investment trust products; and the customer was poorly advised by the stockbroker. FINRA Arbitration No. 17-02314 (May 10, 2018).

Fisher’s registration with Wells Fargo Advisors has been terminated as of November 8, 2016. Since November 4, 2016, he has been registered with Ameriprise Financial Services.