Wells Fargo Advisors, LLC aka Wells Fargo Clearing Services, LLC (CRD #19616, St. Louis, Missouri) was fined $175,000 and censured due to an alleged lack of oversight and excessive trading on clients accounts.
FINRA findings found that the firm was allegedly “failed to reasonably supervise a former registered representative who excessively traded equity positions in accounts belonging to an elderly customer” (FINRA March 2020 Disciplinary Actions). An elderly lady’s investment resulted in over $300,000 in commissions and other fees. Although the firm’s software did flag the activity, the firm did not reasonably address the situation. The client filed a complaint and the firm paid $1,000,000 in restitution to her.
If you lost money with Wells Fargo Advisors, LLC (Wells Fargo Clearing Services) or any broker or brokerage firm, call us immediately to discuss your situation. We are here to attempt to recover your investment losses. NO RECOVERY, NO FEE! Costs are additional.
The Blum Law Group, a National Securities Arbitration and Litigation Law Firm, has recovered well over $100 Million for investors nationwide. Our attorneys have represented thousands of investors for approximately 25 years!