Wells Fargo’s Andrew Vitek Allegedly Made Unauthorized Trades

Soreide Law Group is reviewing possible investor claims against Andrew Vitek (CRD#: 2305884, Wyncote, Pennsylvania). Namely, the financial advisor, who joined Janney Montgomery Scott on October 12, 2017 and who used to work for Wells Fargo Advisors from November 17, 2006 to October 13, 2017, reports that his clients disputed his sales practices. Evidently, the Financial Industry Regulatory Authority (“FINRA”) shows that there are 3 investor disputes about Vitek’s allegedly bad sales practices. It appears from the clients’ claims, summarized below, that Vitek may have made unauthorized and unsuitable trades in client accounts and is responsible for their investment losses.

Wells Fargo Clients Suggest Andrew Vitek Made Unauthorized Stock Trades

First of all, a client of Wells Fargo Advisors brought a formal dispute about Andrew Vitek on September 16, 2019. Namely, the client alleged in this written complaint that Vitek made unauthorized trades which included trading stocks without the client’s permission. Not only that, but the client indicated that Vitek’s securities purchases were not suitable because they ran contrary to the client’s goals, needs, or risk tolerance. Allegedly, Vitek’s unsuitable and unauthorized trading took place between 2007 and 2017. For this reason, the client seeks compensatory relief in this ongoing matter.

Previously, a Wells Fargo client brought a claim making similar allegations as the other Wells Fargo client. Namely, this client asserted that Andrew Vitek purchased BP shares for the client’s account without consent. Supposedly, the client did not know of Vitek’s securities trades until after they were made. However, Wells Fargo denied this client’s allegations.

Janney Montgomery Scott Client Indicates That Vitek Gave Bad Advice About Equities

Evidently, a Janney Montgomery Scott client disputed Andrew Vitek’s sales practices through bringing a May 13, 2019 complaint. Allegedly, Vitek advised the client to purchase securities which were unreasonable and unsuitable. In addition, the client claimed that Vitek did not stick by an investment agreement and instead charged unreasonable fees. Given the circumstances; Janney Montgomery Scott chose to settle this client’s suitability claim by compensating the client on July 19, 2016.

Did Andrew Vitek Make Unauthorized Trades Or Unsuitable Trades Causing Your Losses?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Did you experience losses because of Andrew Vitek? If so, 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 advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.