On February 16, 2018, a FINRA arbitration panel awarded $121,659.80 in favor of a retired farmer (Claimant) from Minnesota against Wells Fargo Advisors Financial Network, LLC.
The Claimant alleges that he opened an account with Wells Fargo in January of 2009 after receiving a cold call from broker, ADAM THOMAS MARQUARDT (CRD#: 5307192), from a Wells Fargo branch in Rochester, Minnesota. The Claimant alleges that Adam T. Marquardt recommended he invest $206,137.24 in high-risk energy investments. The majority of these energy investments filed bankruptcy in 2013-2016: Atlas Resource Partners, Breitburn Energy Partners, Kior Inc., Linn Energy, Lone Pine Resources, Midstates Petroleum and Pennsylvania Virginia Corp. The Claimant’s total losses were $102,940.73 while his account was with Wells Fargo invested in these high-risk energy stocks.
These investments were unsuitable for the Claimant and he alleges Adam T. Marquardt misrepresented the risks of these investments. The arbitration hearing was held in Minneapolis on January 29 - February 1, 2018. The FINRA Arbitration Panel found in favor of the Claimant, ordering Wells Fargo to pay the Claimant $102,940.73 that he lost on the energy investments and $12,915.08 commission on a MetLife annuity, for a total compensatory award of $115,855.81. The FINRA panel also added interest of $5,504.95 and ordered Wells Fargo to refund a portion of the Claimant’s filing fees for a total award of $121,659.80.
According to FINRA’s BrokerCheck, Adam T. Marquardt has been in the securities industry for 10 years and was listed with 3 firms. Marquardt is currently listed since 4/23/2010 with:
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC
310 S BROADWAY STE 200
ROCHESTER, MN 55901
Adam T. Marquardt was previously listed with:
01/01/2008 - 04/26/2010 WELLS FARGO ADVISORS LLC - ROCHESTER, MN
06/11/2007 - 01/03/2008 A.G. EDWARDS & SONS INC - ROCHESTER, MN
If you were/are a client of Wells Fargo Advisors of Rochester, Minnesota broker, Adam T. Marquardt, or any other broker who recommended high-risk energy stocks for your conservative portfolio and you experienced losses, call Soreide Law Group for a no-cost consultation with a securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee if no recovery.
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