Wells Fargo Sued By Investors For Bad Fixed Income Advice

Michael Jay Sharenow of Florham Park New Jersey a stockbroker formerly registered with Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim which was settled for $150,000.00 in damages founded on allegations that Sharenow placed the customer in bad municipal debt investments including municipal bonds. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03065 (Dec. 4, 2018).

FINRA Public Disclosure confirms that Sharenow is referenced in five more customer initiated investment related disputes containing accusations of his violative conduct while employed with Wells Fargo Advisors LLC and J.B. Hanauer Co. In particular, a customer filed an investment related complaint regarding Sharenow’s activities in which the customer requested $23,078.00 in damages based upon allegations that unauthorized withdrawals had been executed from the customer’s investment account at some point when Sharenow was employed by J.B. Hanauer Co.

Then, a customer filed an investment related complaint involving Sharenow’s conduct where the customer sought damages estimated to exceed $5,000.00 in damages supported by accusations that false or misleading statements had been made to the customers concerning the unit investment trusts held in the customer’s account; and trades were effected in the customer’s account without the customer’s permission, causing the customer losses.

Another customer initiated investment related arbitration claim regarding Sharenow’s conduct was resolved for $165,000.00 in damages founded on allegations that between 2011 and 2015, while Sharenow was associated with Wells Fargo Advisors, he placed the customer in municipal debt investments which failed to be consistent with the customer’s financial circumstances, needs, tolerance for risk, and objectives for investing. FINRA Arbitration No. 16-01468 (Jan. 27, 2017).

Sharenow is also the subject of a customer initiated investment related complaint which was settled January 27, 2017 to resolve accusations that inappropriate corporate debt securities had been selected for the customer’s account contrary to the customer’s instructions of purchasing higher quality debt investments. Moreover, a customer initiated investment related arbitration claim involving Sharenow’s activities was resolved for $225,000.00 in damages based upon allegations of the over-concentration of the customer’s assets in a bond fund which poorly performed and caused the customer losses. FINRA Arbitration No. 16-03094 (Apr. 11, 2018).

Sharenow’s employment with Wells Fargo Advisors LLC has been terminated as of November 7, 2016.