Soreide Law Group Investigating Possible Claims Against Adam Thomas Marquardt

Soreide Law Group is investigating possible claims on behalf of those who invested with Adam Marquardt (CRD#: 5307192, Rochester, Minnesota), a securities representative who joined Wells Fargo Advisors Financial Network, LLC on April 23, 2010. Notably, Financial Industry Regulatory Authority (“FINRA”) reported that a customer brought FINRA Arbitration #17-00852 against Wells Fargo Advisors Financial Networks. Supposedly, this matter concerned Marquardt’s bad sales practices. Evidently, on February 16, 2018, the Arbitration Panel found the firm responsible for, among other things, defrauding the customer. Accordingly, the Panel ordered the firm to compensate the customer to the tune of $115,885.81.

FINRA Orders Wells Fargo To Pay Compensatory Damages To Customer Over Adam Marquardt's Misconduct

Notably, the customer asserted many allegations against Wells Fargo in regard to Marquardt’s sales practices. Those claims specifically included breach of contract; breach of fiduciary duty; negligence; violations of Minnesota Securities Act, Consumer Fraud Act, False Statement in Advertisement Act, Uniform Deceptive Trade Practices Act and federal securities laws; fraud in the purchase and the sale of securities; misrepresentation; and omissions of fact.
Evidently, the customer brought the claim because of the risky investments which the firm or Adam Marquardt made for the customer’s account. Apparently, those investments included Cliff’s Natural Resources, MidStates Petroleum, and Exco Resources. Consequently, the customer incurred drastic losses after the issuers of some of the securities went bankrupt.

Marquardt Reportedly Made Customer Pay Unreasonable Fees For Investing

Supposedly, Adam Marquardt selected investments for the customer’s account that conflicted with the customer’s investment objectives. Not only that, but Marquardt seemingly executed an unreasonable replacement of the customer’s annuity, subjecting the customer to higher expenses in the new annuity versus the annuity the customer previously held. Moreover, Marquardt reportedly made short-term trades in mutual funds and closed-end funds. Also, he advised the customer to buy investments which caused the customer to pay unreasonable fees and commissions.

Suffered losses by investing with Wells Fargo broker Adam Marquardt? contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advance all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.