ells Fargo Clearing Services Brokers Face Troubling Allegations
Wells Fargo Clearing Services, LLC (CRD#: 19616) is a Financial Industry Regulatory Authority (“FINRA”) regulated brokerage firm and (“SEC”) regulated investment adviser firm. Wells Fargo’s main offices are in St. Louis, Missouri. Wells Fargo has accrued 449 discloses regarding its infractions in the securities industry. 159 of those disclosures concern regulatory events (e.g. FINRA censuring Wells Fargo for violating FINRA Rules).
Wells Fargo also reported 288 disputes, where customers alleged claims Wells Fargo brokers engage in sales practice violations such as unauthorized trading, negligence and unsuitable sales practices. Also, Wells Fargo has reported that its own securities brokers have violated regulatory rules, or engaged in conduct that may have harmed investors. Take a look at these Wells Fargo brokers’ disclosures regarding their misconduct in the securities industry:
Wells Fargo Terminates Broker Jason Dukas For Private Securities Transactions
Jason Nicholas Dukas (CRD#: 4188239, Clearwater, Florida) is prior securities representative of Wells Fargo Clearing Services LLC. According to Jason Dukas’ FINRA BrokerCheck report, he started working at the firm on August 19, 2011. However, Wells Fargo terminated Jason Dukas due to allegations of misconduct. Specifically, on June 19, 2017, Jason Dukas voluntarily resigned from Wells Fargo after the firm became suspicious of Jason Dukas selling away. Apparently, Jason Dukas engaged in activities involving private securities.
Critically, Jason Dukas’ activities, according to Wells Fargo, conflicted with the firm’s private securities transactions policies. The firm indicated that Jason Dukas engaged in those securities transactions without informing the firm or receiving the firm’s permission. Unapproved private securities transactions are a violation of FINRA Rules. FINRA routinely imposes fines and suspensions against brokers who sell away from their firms. Jason Dukas became a securities broker at Stifel, Nicolaus & Company, Incorporated (CRD#: 793, Clearwater, Florida) on August 17, 2017. Formerly, Jason Dukas worked at Morgan Stanley in Palm Harbor, Florida.
Wells Fargo Terminates Adam Leon For Establishing Accounts Without Authorization
Adam Luis Leon (CRD#: 6126158, San Francisco, California) is a prior Wells Fargo Clearing Services LLC registered representative. He worked at the firm from November 6, 2012 to January 19, 2018. Adam Leon disclosed on his FINRA BrokerCheck Report that Wells Fargo discharged him for misconduct. Apparently, Wells Fargo terminated Adam Leon because he established customer accounts without the customer’s permission. Adam Leon apparently failed to obtain either the customer’s consent or any signatures on customer account forms at the time that the accounts were established.
Customer Complaint Involving Joseph Dovidio Alleging Suitability
Joseph Anthony Dovidio (CRD#: 2772614, Yardley, Pennsylvania) has been employed with Wells Fargo Clearing Services LLC since January 2, 2001. At least one of Wells Fargo’s customers stated that Joseph Dovidio gave bad advice regarding investments. Apparently, on April 11, 2017, the customer filed FINRA Arbitration #17-00909. In the Arbitration, the customer claimed that Joseph Dovidio gave bad advice beginning in 2011.
Joseph Dovidio allegedly advised the customer to buy high yield bond funds, municipal bond funds, and oil and gas sector funds that did not fit the customer’s financial profile. According to the customer, those speculative oil and gas sector mutual funds were not suitable for the customer. Because of investing in those funds, the customer’s investment account was apparently overconcentrated in risky investments. Second, the customer contended that Joseph Dovidio made misrepresentations, misleading the customer about investment risks. Allegedly, person failed to disclose information to the customer when the customer purchased the investments. All things considered, Wells Fargo settled the customer’s claim on July 9, 2018 for $30,000.00.
If you have experienced losses by investing with Wells Fargo Clearing Services brokers including Jason Nicholas Dukas, Adam Luis Leon or Joseph Anthony Dovidio, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.