Losses Due to Herbert L Weith Recommendations?

A FINRA arbitration has been filed on behalf of the Claimant against:
WELLS FARGO CLEARING SERVICES, LLC. (Respondent)
The Claimant is retired and living in Maryland. The lawsuit states that the Respondent’s former Financial Advisor, HERBERT LEE WEITH IV (Herbert L Weith), allegedly advised the Claimant that he had developed a financial plan to provide the Claimant with safe and secure retirement income. Allegedly, the Claimant sought advice because he is not a sophisticated investor.
According to the lawsuit, Herbert L Weith’s plan was to invest $300,000 in a SunAmerica Annuity and $118,000 in an Eaton Vance Fund. Weith allegedly recommended that the Claimant withdraw money from both investments on a monthly basis from the onset of the recommendation. The lawsuit states that the Claimant, did not know withdrawing money from the annuity right away would negatively impact the income guarantees in the annuity, which was the primary reason to purchase the product. According to the lawsuit, if Herbert L Weith would have recommended that the Claimant withdraw from the Eaton Vance investment only, the annuity would have allegedly reached its full potential.
The lawsuit states that the Claimant has suffered damages of approximately $260,000. According to the lawsuit the Respondent’s actions in this case constitute: a breach of fiduciary duty, negligence, and negligent supervision. Herbert L Weith is not named in the lawsuit.
According to the FINRA’s Brokercheck, Herbert L Weith, has two “Customer Disputes” on his CRD report.  Both of them involve annuities.
In April of 2015, there was a dispute filed against Weith that settled for $28,594.00. The allegations were, “Client alleges that annuity investment was not represented properly and not suitable.  Client also alleges liquidation of securities to purchase the annuity resulted in capital gains. (06/23/2014-07/03/2014)”
In March of 2017, there was another Customer Dispute against Herbert L Weith that settled for $20,000.00, following allegations, “Client verbally alleged negligence in using 401k funds to create a income stream through a variable annuity. (12/1/2016-3/8/2017)”
Herbert L Weith has been registered in the securities industry for 12 years and is currently not registered in the securities industry as a broker or an investment advisor. The following are his most recent firms:
01/29/2020 - 10/22/2020  EQUITABLE ADVISORS, LLC - COLUMBIA, MD
03/02/2012 - 05/03/2019  WELLS FARGO CLEARING SERVICES, LLC - NAPLES, FL
If you’ve experienced losses through the recommendations or actions of WELLS FARGO CLEARING SERVICES, LLC. and/or their former representative, Herbert L Weith, contact the Florida-based Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.