ells Fargo Sued For Misappropriation and Unsuitable Recommendations
Jeffrey Scott Thompson (CRD#: 4602601, Lakeland, Florida) has been a Wells Fargo Clearing Services LLC registered representative between November 6, 2013 and June 1, 2017. Wells Fargo Advisors disclosed on Thompson’s FINRA BrokerCheck file that Thompson’s activities in the customer’s account between January 29, 2016 and August 21, 2017 led the customer to file FINRA Arbitration #18-01034 on March 31, 2018. The customer alleged that a rollover of the customer’s retirement account assets had been initiated by Thompson without the customer’s permission. Thompson was also accused of making bad investment recommendations to the customer because they did not reflect the customer’s investment objectives and goals of principal preservation. Thompson apparently over-concentrated the customer’s assets in unsuitable variable annuity sub-accounts. Consequently, the customer requested $759,745.00 in damages. The matter is still underway. Thompson is no longer affiliated with Wells Fargo Clearing Services, LLC. He joined LPL Financial LLC (Lake Wales, Florida) on May 25, 2017.
Customers Allege Jeffrey Scott Thompson, Karla Elizabeth Olson-Bellfi, and Jordan Andrew Ellis Committed Sales Practice Violations
Karla Elizabeth Olson-Bellfi (CRD#: 1460893, Ann Arbor, Michigan) was a registered representative of Wells Fargo Clearing Services, LLC from January 1, 2008 to May 21, 2018. According to Olson-Bellfi’s FINRA BrokerCheck report, Olson-Bellfi’s activities while at Wells Fargo Advisors, LLC were identified in a customer’s complaint filed on December 6, 2015. Apparently, the customer had maintained an individual retirement account with Wells Fargo Advisors LLC that was subject of unauthorized withdrawals on September 4, 2015. Wells Fargo Advisors LLC and the customer agreed for the customer to be paid $21,106.00 to resolve the customer’s allegations of unauthorized transactions. Wells Fargo Clearing Services, LLC disaffiliated with Olson-Bellfi on May 21, 2018. Ever since May 18, 2018, Olson-Bellfi has been a registered representative of Robert W. Baird & Co. Incorporated (Ann Arbor, Michigan).
Jordan Andrew Ellis (CRD#: 2652646, Mobile, Alabama) has been a Wells Fargo Clearing Services, LLC registered representative since April 23, 2005. During his time as a financial advisor at Wells Fargo, his conduct has apparently led a customer to file a complaint. Apparently, the Wells Fargo customer claimed in the July 9, 2018 complaint that Ellis misappropriated the customer’s funds. As a result of Ellis’s alleged misappropriation of the customer’s funds, the customer has requested $100,000.00 in damages. The customer’s complaint is pending a resolution. Prior to commencing employment with Wells Fargo Clearing Services, Ellis was registered with South Securities, LLC (Birmingham, Alabama) from June 8, 1999 to April 23, 2005.
Investors who have incurred losses from Wells Fargo brokers Jeffrey Scott Thompson, Karla Elizabeth Olson-Bellfi, and Jordan Andrew Ellis are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses. We represent clients on a contingency fee basis and advance all costs.