AUBREY DEXTER PARKER & WELLS FARGO

Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:

WELLS FARGO CLEARING SERVICES, LLC (Respondent).

The Claimant, in his mid-70s, is retired and living in Georgia. According to the lawsuit, the Claimant maintained his funds in cash accounts at Wells Fargo Bank and was referred to WELLS FARGO broker, AUBREY DEXTER PARKER. The lawsuit alleges the Claimant had little to no investment experience or knowledge and made it clear that he needed a stable, risk-free, reliable income to support him through retirement without any risk to his principal.

According to the lawsuit, around 2021, AUBREY DEXTER PARKER allegedly began buying perpetual preferred bank stock.  Allegedly, the risks of these investments were not explained to the Claimant, and he assumed they were safe and insured. One such purchase was First Republic Bank which ultimately collapsed and wiped out $100,000 of the Claimant’s retirement savings. The Claimant’s entire portfolio was invested in new issue preferred which are down in total $140,000.

The lawsuit alleges that WELLS FARGO and their registered representative AUBREY DEXTER PARKER’s actions have caused Claimant damages of approximately $140,000.00. The lawsuit alleges negligence, breach of fiduciary duty, and negligent supervision.  AUBREY DEXTER PARKER is not named in the lawsuit. It is anticipated that WELLS FARGO and their representatives will deny all wrongdoing.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, AUBREY DEXTER PARKER has been in the securities industry for 28 years and was listed with 5 firms. Parker has one disclosure on his FINRA CRD report. In May of 2020 there was a “Customer Dispute” filed against AUBREY DEXTER PARKER listing these allegations, “Claimant alleges that from 2013 through 2019 the Claimant's son directed the FA to execute transactions in the Claimant's account without Claimant's authorization.” The settlement amount was $125,000.00.  Parker denies the allegations. He has been registered as an investment advisor and broker with WELLS FARGO in Stone Mountain and Snellville, Georgia, since 2010.

To discuss this article or any other securities issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis.