The Financial Industry Regulatory Authority (FINRA) contains important information on Mark Walter Wells (CRD#: 3053517, Boca Raton, Florida). Namely, the securities broker, who worked for Morgan Stanley in Boca Raton, Florida, since 2014, is involved in an investor dispute regarding alleged misrepresentations. Also, clients of Prime Capital Services, a firm where Wells worked before Morgan Stanley, disputed Wells’ sales practices. Here’s more on these disclosures about Wells.
Notably, a client of Morgan Stanley disputed Wells’ sales practices in June 2021. Namely, the client alleged that Wells misrepresented information about investments he recommended between 2016 and 2021. For this reason, the client asked for compensation. However, Morgan Stanley denied this client’s dispute in August 2021.
Also, a client of Prime Capital Services took aim at Wells’ sales practices. It appears that Wells had the client invest in allegedly unsuitable annuities and mutual funds. Supposedly, the two Genworth annuities were not suitable for the client, and trades resulted in damages. However, Prime Capital Services denied this client’s dispute.
Moreover, a Prime Capital Services client brought a dispute about Wells and the firm. Supposedly, Wells misrepresented important details concerning an annuity. The client states that Wells described that annuity as a CD alternative paying up to six percent each year. Not only that, but Wells allegedly failed to reasonably explain expenses, fees, and risks to the principal in the annuity. However, the securities firm denied the client’s dispute.
Evidently, two clients settled disputes about Wells. One concerns a Prime Investment Services client, who alleged that Wells sold an unsuitable variable annuity. It appears that Prime Capital Services settled that dispute by making a $363,522 payment to the client.
In addition, a Prime Capital Services client brought a dispute about "churning of variable annuity accounts." Because of this, Prime Capital Services, without any admission of liability, settled this matter by making a $20,000 payment to the client.
Finally, the first dispute on Wells’ BrokerCheck record concerns alleged misrepresentations of variable annuities in connection with Wells’ sale of those products. However, the firm denied this matter.
Did securities broker Wells cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for United States investors who incurred losses from their financial advisors and securities brokers. Please note that Wells denies all allegations of his sales practice violations.
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