Wells Fargo Stockbroker Discharged For Unauthorized Trading
Regan Allen Rohl of Fargo North Dakota a stockbroker formerly employed by Wells Fargo Advisors Financial Network LLC has been discharged on March 11, 2020 based upon allegations that he traded in Wells Fargo customer accounts without authorization and did not abide by the expectations that Wells Fargo set forth while he was under heightened supervision.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Rohl is the subject of sixteen customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Wells Fargo Advisors and Morgan Stanley Smith Barney. On August 11, 2018, a customer initiated investment related arbitration claim pertaining to Rohl was settled for $15,000.00 in damages supported by allegations that the energy sector securities recommendations which Rohl made at Wells Fargo had failed to be suitable. FINRA Arbitration No. 17-02191. The claim also alleges that Rohl misrepresented information relating to the customers’ investments when he was associated with Morgan Stanley Smith Barney.
On September 6, 2018, a customer filed an investment related arbitration claim in reference to Rohl’s conduct where the customer sought at least $3,000,000.00 in damages based upon accusations that the customer was poorly advised with regard to master limited partnerships and that transactions were effected by Rohl without approval from the Wells Fargo Advisors customer. FINRA Arbitration No. 18-03050. Rohl is also referenced in a customer initiated investment related arbitration claim which was settled for $375,000.00 in damages based upon allegations of inappropriate direct investments including direct participation program interests or limited partnership interests that had been purchased for the customer by Rohl while at Wells Fargo Advisors. FINRA Arbitration No. 18-00562 (Oct. 11, 2018).
On October 29, 2018, another customer filed an investment related complaint concerning Rohl’s activities where the customer sought more than $5,000.00 in estimated damages founded on accusations that the Wells Fargo Advisors customer was falsely told by Rohl that there would be no losses on direct investments that the customer made between October 17, 2014 and March 2, 2017.
Rohl is referenced in another customer initiated investment related arbitration claim which was settled for $296,500.00 in damages supported by allegations that the customer’s account was overconcentrated in bad energy sector investments and that transactions were executed in the customer’s account by Rohl without consent from the customer during the period in which he was employed by Wells Fargo Advisors. FINRA Arbitration No. 19-00087 (Aug. 10, 2019).
Rohl has also been identified in a customer initiated investment related arbitration claim which was resolved for $35,000.00 in damages founded on accusations that the customer was provided with bad investment recommendations and that unauthorized trades were made in the customer’s Wells Fargo account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00891 (Aug. 12, 2019).