Investors Accuse Wells Fargo Of Fraud
Vincent Charles Meleco of Albany New York a stockbroker registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related complaint on September 24, 2019 in which the customer requested $123,000.00 in damages based upon allegations that omissions were made to the customer by the stockbroker and that the customer had been misled in regards to the exchange of universal life policies by Meleco when he was associated with Wells Fargo Advisors.
Meleco has been identified in seven more customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Merrill Lynch Pierce Fenner Smith Incorporated. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that a customer initiated investment related complaint involving Meleco’s conduct was settled for $85,000.00 in damages based upon allegations of Meleco’s unsuitable and unauthorized trading of mutual funds in the customer’s Merrill Lynch account.
Another customer initiated investment related arbitration claim concerning Meleco’s activities was resolved for $498,000.00 in damages founded on accusations of Meleco’s unsuitable trading in the account of a Merrill Lynch customer. According to the claim, mutual fund transactions were unsuitable for the customer. The claim also alleges that the customer’s investment instructions were not complied with and that the customer’s account was churned.
Meleco is also the subject of a customer initiated investment related arbitration claim that was settled for $498,000.00 in damages supported by allegations of churning of the customer’s investment account by Meleco and his placement of the customer’s assets in bad mutual funds during the period in which the stockbroker was employed by Merrill Lynch.
On June 22, 2017, Wells Fargo discharged Meleco based upon accusations that transactions were effected by the stockbroker without authorization. He became associated with Purshe Kaplan Sterling Investments on November 28, 2017.