JEREMY C MAURER & Wells Fargo

           Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:

           WELLS FARGO CLEARING SERVICES, LLC, and their registered representative,

            JEREMY C MAURER (Respondents).

The Claimant is a widow in her 90s, who resides in California. The lawsuit states that the Claimant’s late husband managed all the household finances throughout the duration of their 71-year marriage. Prior to his passing in April of 2021, the Claimant’s husband established an account at WELLS FARGO in 2013, the lawsuit alleges, with a primary objective of “income” with a “moderate risk” tolerance. Upon her husband’s passing WELLS FARGO broker JEREMY C MAURER allegedly traveled to the Claimant’s home to transfer their joint account into her name alone. The lawsuit alleges that upon the establishment of the new account, and unbeknownst to the Claimant, JEREMY C MAURER allegedly coded the widow as “aggressive” with “growth and income” as her primary objective.  According to the lawsuit, Maurer allegedly started to purchase Unit Investment Trusts (“UITs”). The UITS in the Claimant’s account allegedly went from a 2% allocation to 44%. Unit Investment Trusts are relatively new investment vehicles and most investors are not fully aware of the many risks associated with these instruments. Allegedly, the Claimant did not understand what was happening in the account, could not read a statement, and was reliant upon the broker.

The lawsuit alleges that WELLS FARGO and their representative’s actions have caused Claimant damages of approximately $185,000.00. The lawsuit alleges negligence, breach of fiduciary duty, and negligent supervision. The Respondents have filed an answer denying all allegations and it is expected to go to a hearing near the end of 2025.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JEREMY C MAURER, has been in the securities industry for 14 years and has been listed with 2 firms.  Maurer has been registered as a broker with Wells Fargo Clearing Services of Roseville, California, since December of 2010, and registered as an investment advisor with Wells Fargo Advisors, Roseville, California, since June of 2014. JEREMY C MAURER has 1 disclosure listed on his FINRA CRD report, a “Customer Dispute,” dated September 13, 2024. The allegations listed are, “Claimant alleges that around May 2021, the FA recommended an unsuitable investment.”

To discuss this article or any other securities issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee if no recovery.