Wells Fargo’s Charles Sherman Sanctioned By FOFR

Christopher Charles Sherman (CRD #: 2233839, Viera, Florida) is a prior Wells Fargo Advisors, LLC registered representative whose registration was terminated on June 18, 2014. The Florida Office of Financial Regulation issued an Order on April 5, 2017 requiring Sherman to cease and desist breaking rules relating to regulatory inquiries. He agreed to pay a $6,000.00 administrative fine to the Florida Office of Financial Regulation after admitting to his misconduct.

Christopher Charles Sherman Ordered To Cease And Desist

Apparently, the Final Order adopted a Stipulation and Consent Agreement that Sherman and the Office entered into. That Agreement involved Sherman’s admission that he violated rules as a result of his failure to disclose a regulatory inquiry to Wells Fargo. Apparently, Florida Office of Financial Regulation launched an inquiry into Sherman’s activities, but Sherman concealed the inquiry from Wells Fargo.
Sherman disclosed on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that his activities have given rise to a customer-initiated investment-related written arbitration dated June 22, 2018. The customer alleged in the arbitration that Sherman made unsuitable recommendations and misrepresentations to the customer. (FINRA Arbitration Case #18-02123). According to the customer, Sherman gave the customer poor investment advice in 2014 and inaccurate representations about the purchase of brokerage certificates of deposits. Because of this, the customer demanded $32,500.00 in damages. The complaint is pending a resolution.
Sherman also disclosed on FINRA BrokerCheck that another customer of Wells Fargo Advisors LLC complained about inappropriate activities. Specifically, the customer filed a complaint on December 12, 2013, arguing that mutual fund investments were not suitable for the customer. Those investments, according to the customer, were not appropriate because they did not match up with the customer’s investment objectives. The customer also alleged that the mutual funds were unsuitable because of the customer’s age. Wells Fargo indicated that more than $5,000.00 in damages have been alleged by the customer. The firm denied the customer’s complaint on February 12, 2014.
Sherman was employed with Morgan Stanley Smith Barney (Melbourne, Florida) between June 1, 2009 and August 23, 2010. He worked for Wells Fargo Advisors, LLC from August 13, 2010 to June 18, 2014. He started working for SunTrust Investment Services, Inc. on June 16, 2004.

Have you been inappropriately placed in mutual funds or certificates of deposits by a broker or financial advisor such as Christopher Charles Sherman? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of losses.