MARCUS DEBAISE Recommend Unsuitable Investments?

The Financial Industry Regulatory Authority (“FINRA”) shows on BrokerCheck that client disputes keep piling on for barred Wells Fargo securities broker, Marcus Debaise (CRD#: 2404266, Glastonbury, Connecticut). Indeed, at least 44 clients filed complaints or arbitration actions about Debaise. 10 of the 44 client disputes come after FINRA announced that it barred Debaise for not responding to its “request for information.” These disclosures suggest Debaise made poor investments and engaged in other bad sales practices. For example, here’s a summary of some recent disputes about Debaise:

Wells Fargo Settles Client Dispute Alleging Marcus Debaise’s Failure To Diversify Client’s Account


A Wells Fargo Advisors investor brought a complaint on June 27, 2018. Mainly, the client claimed that Marcus Debaise engaged in “improper” sales practices by overconcentrating the client’s investments in OTC equities. It appears that this lack of diversification caused the client to assume a great level of risk than the client intended. Also, the client suggested that the firm or Debaise did not manage the client’s account to mitigate against losses. Because of this, Wells Fargo Advisors opted to settle the client’s complaint by paying the client $160,000.

Investor Brings FINRA Arbitration Suggesting Debaise Made Shoddy Investment Recommendations


An investor of Wells Fargo Advisors brought FINRA Arbitration #17-02243 on August 24, 2017. Supposedly, Marcus Debaise advised the client to purchase OTC equities when those investments were unreasonable and inappropriate. Additionally, the client claimed that Debaise placed too much of the client’s money in risky equities, which elevated the client’s risk of loss. Apparently, those sales practice violations persisted between 2000 and 2015. Eventually, on February 7, 2018, Wells Fargo paid the client $100,000 to put this matter to rest.

Wells Fargo Investor Brings Complaint Contending Marcus Debaise Made Unauthorized Trades


The FINRA BrokerCheck Report for Marcus Debaise shows that on February 8, 2017, another Wells Fargo client disputed his sales practices. Supposedly, like the other clients’ contended, this client claimed that Debaise did not diversify the client’s investments. Instead, Debaise allegedly over-concentrated the client’s account in equities. Also, the client suggested that Debaise did not take proper steps to mitigate the risks of losses on the client’s stock holdings. It appears that Debaise gave the client recommendations which did not support the client’s investment objectives. Moreover, the client claimed that Debaise did not have authority to place the trades. Evidently, on February 6 ,2018, Wells Fargo compensated the client to the tune of $93,750 in order to settle.

Most Investors’ Disputes Involving Debaise Concern Suitability Of His Trading

Most client disputes against Marcus Debaise make similar allegations as the foregoing – unsuitable recommendations, over-concentration, and failure to mitigate losses.

Also, FINRA reports that Wells Fargo Advisors hired Marcus Debaise on July 1, 2003. The firm disaffiliated with him on April 13, 2015. FINRA later barred Debaise August 29, 2016 because he did not appropriately request the termination of his suspension. Now, Debaise cannot, under any circumstances, act as a securities broker or associate with securities firms.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Experienced losses by investing with Wells Fargo Advisors securities broker Marcus Debaise? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel 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 suffered losses due to misconduct of brokers and brokerage firms.