Losses From MICHAEL FISHER, WELLS FARGO?

Losses From MICHAEL FISHER, WELLS FARGO?

Soreide Law Group is investigating possible claims on behalf of investors against prior Wells Fargo Advisors, LLC representative Michael Fisher (CRD#: 4056114, Melville, New York). Fisher, who worked for Wells Fargo from 2012 to 2016 and who since affiliated with Ameriprise Financial Services, discloses through FINRA BrokerCheck that four clients took aim at his sales practices. Those clients’ claims, summarized below, suggest that Fisher sold clients unsuitable investments including unit investment trusts and other fixed products.

FINRA Arbitration Panel Orders Wells Fargo To Compensate Client Who Suggested Michael Fisher Sold Unsuitable Investments

Evidently, a client of Wells Fargo Advisors brought FINRA Arbitration #: 18-03250 on March 8, 2019 regarding Michael Fisher’s sales practices (he was the subject of the Arbitration). In the Statement of Claim, the client asserted causes of action including breach of fiduciary duty, negligence, suitability, and failure to supervise. Supposedly, Fisher placed his interest ahead of the client and carelessly invested the client’s assets in fixed rate cap securities. Apparently those investments were not consistent with the client’s investor profile. Also, Wells Fargo failed to supervise Fisher. For this reason, on March 8, 2019, the Arbitrator found Wells Fargo liable and ordered the firm to pay the client $50,000.

Wells Fargo Client Files FINRA Arbitration Suggesting Fisher Misrepresented Investments

Additionally, Wells Fargo reports that a client filed FINRA Arbitration #: 17-02314 to contest Michael Fisher’s sales practices. Allegedly, Fisher made bad unit investment trust trades for the client’s account from 2013 to 2016. Not only that, but Fisher supposedly falsified information or otherwise misled the client about unit investment trusts. It appears that this led the client to unwittingly agree to the bad trades. On May 10, 2018, Wells Fargo Advisors compensated this client to the tune of $100,000 to settle the matter.

FINRA Arbitrator Orders Wells Fargo To Pay Client Damages For Michael Fisher’s Bad Fixed Rate Securities Sales

Moreover, BrokerCheck reports that a third Wells Fargo Advisors client filed FINRA Arbitration #: 17-00704. The Statement of Claim dated March 13, 2017 alleges breach of fiduciary duty, negligence and unsuitability. As was the case with Arbitration #: 18-03250, this client indicated that Michael Fisher sold unsuitable preferred rate cap securities. Fisher seemingly failed to exercise his fiduciary responsibility to the client, and acted negligently in the client’s account. On September 8, 2017, the Arbitrator required Wells Fargo to pay the client compensatory damages equal to $50,000.

All Wells Fargo clients who brought claims about Michael Fisher suggested he sold unsuitable investments which eventually caused their losses. Suffered losses by investing with Michael Fisher? 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 law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.