Silver Law Group has filed a FINRA arbitration claim against Wells Fargo Clearing Services, LLC (Wells Fargo) after its broker allegedly recommended unsuitable, high-risk investments to his elderly customers.
According to the securities arbitration complaint, the elderly Claimants were immigrants with the equivalent of a third grade education. The Claimants had worked hard to save and had been retired since 2005.
According to the FINRA arbitration complaint, the elderly Claimants sought a reputable broker who could speak Spanish in 2014. The Claimants had no experience investing, could not speak English, and greatly relied on Wells Fargo, according to the securities arbitration claim. Further, Claimants entrusted the entirety of the retirement money to Wells Fargo and did not want excessive risk.
Wells Fargo and its broker, according to the complaint, proceeded to recommend high-risk, high-yield investments to the elderly Claimants. Over the course of a year, the Claimants’ money would lose a sizeable amount of money due to Wells Fargo’s recommendation to invest in unsuitable, high-risk investments.
The Claimants had met their Wells Fargo broker in their Wells Fargo banking branch. Investors should exercise caution prior to investing with brokers in their banking branch. Sometimes, it isn’t clear whether or not the broker is actually affiliated with the bank or some other company. According to the complaint, the Claimants’ broker was affiliated with Wells Fargo. However, many investors remain confused about the distinction between the commercial bank and the investment side.
Contact Our Firm If You’ve Lost Money With Wells Fargo Due to Unsuitable Investments
If you’ve lost money investing with Wells Fargo due to unsuitable recommendations, we may be able to help you recover your losses. Contact our firm today to learn how we can try to recover your losses. We work on a contingency fee, meaning if we don’t recover money you owe us nothing. Our lawyers have extensive experience in claims against banks, accountants and financial advisors who aid or assist in fraud.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.