Investors reportedly complained about securities broker Adam Marquardt [CRD: 5307192, Rochester, Minnesota], according to publicly available information on FINRA BrokerCheck. Evidently, Marquardt worked for Cetera Advisors LLC from August 7, 2020, to July 21, 2022, and Wells Fargo Advisors Financial Network LLC from April 23, 2010, to August 21, 2020. Keep reading to learn more about Marquardt’s disclosures and what they could mean for investors.
Evidently, on December 14, 2023, a Cetera Advisors LLC client filed FINRA Arbitration No. 23-03520 about Adam Marquardt. Mainly, the client alleged that Marquardt failed to supervise, made unsuitable recommendations, and was negligent. Because of this, the investor allegedly incurred damages linked to closed-end funds. As a result, the client requested $3,300,000 in compensation from Cetera Advisors LLC or Marquardt. Supposedly, this matter awaits a resolution.
Also, a client of Wells Fargo Advisors Financial Network LLC contested Adam Marquardt’s sales practices, according to a complaint. Allegedly, Marquardt converted funds that the client had intended to invest. For this reason, Wells Fargo Advisors Financial Network LLC opted to settle the matter on July 24, 2023, by paying compensation totaling $55,000.
Additionally, a Wells Fargo Advisors Financial Network LLC client filed FINRA Arbitration No. 23-00191 about Adam Marquardt. Primarily, the client claimed that Marquardt took $530,000 from her $700,000 investment. Therefore, on April 19, 2023, Wells Fargo Advisors Financial Network LLC settled this matter by paying the client $575,000 in damages.
Specifically, a client of Wells Fargo Advisors Financial Network LLC disputed Adam Marquardt’s sales practices by filing FINRA Arbitration No. 23-00091. Allegedly, Marquardt made unsuitable investments in master limited partnerships in 2015. As a result, Wells Fargo Advisors Financial Network LLC opted to settle the dispute on April 19, 2023, by paying $190,000.
Evidently, on July 21, 2022, FINRA issued Case: 2020067667201 sanctioning Adam Marquardt with a permanent bar from associating with any FINRA member in all capacities. Evidently, FINRA alleged that Marquardt failed to comply with its requests for testimony during an investigation related to a Form U5 filing by Wells Fargo Advisors Financial Network LLC.
According to the case, his former firm had disclosed in the Form U5 that at the time of his resignation, Marquardt was under internal review for allegedly placing checks into client accounts in part to offset certain investment losses without firm authorization. FINRA requested Marquardt’s testimony on multiple occasions, but he confirmed through his lawyer that he would not appear. By refusing to testify, Marquardt violated FINRA Rules 8210 and 2010. As a result, FINRA imposed a permanent bar effective July 21, 2022.
Do you need clarification on any investment losses relating to Adam Marquardt? You can get in touch with Soreide Law Group at (888) 760-6552 or online and talk with a securities lawyer regarding a possible recovery. For over a decade, Soreide Law Group has recovered losses for clients throughout the country. Also, the firm takes cases on a contingency fee basis and advances all costs. Marquardt and brokerage firms Marquardt worked for deny accusations relating to sales practices.
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