Wells Fargo Clients File Disputes In Regard To David Logsdon
The Financial Industry Regulatory Authority (“FINRA”) indicates that investors filed disputes about securities broker David Michael Logsdon (CRD#: 4178266, Hailey, Idaho). Namely, there are five disputes reported on Logsdon’s record alleging sales practice violations. In addition, FINRA issued a fine and suspension to Logsdon for allegedly violating industry rules on discretionary trading. Here’s more about these disclosures.
David Logsdon Allegedly Made Unsuitable Transactions In Wells Fargo Client’s Account
Evidently, in May 2020, a Wells Fargo investor’s attorney-in-fact came forward with a dispute about David Logsdon. Namely, the attorney-in-fact alleged that Logsdon made unsuitable recommendations. Supposedly, the client sustained losses on an investment that they held from 2016 to 2020. Because of this, Wells Fargo opted to settle with the client in July 2020 through making a $20,000 payment.
Client Of Wells Fargo Indicates That Logsdon Did Not Sell Stocks
Next, a client of Wells Fargo Advisors filed a complaint in March 2018, contesting David Logsdon’s actions. Principally, the client alleged that the securities broker did not sell stocks from their account when he received directions to do so. However, the client withdrew the complaint after filing it.
Prior Disputes About David Logsdon Involve Wells Fargo Clients
In a third Wells Fargo investment dispute, the client indicated that David Logsdon misrepresented the terms of their mutual fund investment. However, the securities firm denied this matter.
Also, a Wells Fargo client filed a dispute in regard to David Logsdon’s activities. Namely, the client alleged that Logsdon failed to place a stop loss in their account. It appears that by not placing this stop loss, the client sustained damages on mutual funds. Evidently, Wells Fargo paid this client $69,381.51 to settle.
Moreover, a fifth Wells Fargo investor disputed David Logsdon’s trading practices. Supposedly, the securities broker purchased unsuitable mutual funds for the client’s account. For this reason, the client obtained compensation in a settlement.
FINRA Issues Fine, Suspension To Logsdon For Discretionary Trading
Also, in 2010, David Logsdon agreed to pay a $5,000 fine to resolve FINRA’s allegations that he exercised discretion in client accounts in violation of NASD rules. It appears that Logsdon did not get written authorization from his clients to make certain trades. Not only that, but Wells Fargo reportedly did not accept the accounts for discretionary trading. In addition to the fine, Logsdon faced a short-term suspension.
Did You Experience Losses By Investing Through David Logsdon?
FINRA BrokerCheck indicates that David Logsdon denies all allegations of his sales practice violations. Did you sustain losses from this broker? If so, call Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have sustained losses because of their financial advisors and securities brokers.