Investors might have sustained losses due to securities broker Michael Steven Yarus [CRD: 1543852, Paramus, New Jersey], according to public information reported on FINRA BrokerCheck. Michael Yarus worked for Wells Fargo Clearing Services LLC from May 24, 2012 to February 13, 2023, and most recently for Carter, Terry Company Inc. from February 21, 2023 to May 9, 2023. Read below to learn more about the disclosures involving this broker.
Evidently, a client filed a complaint about Michael Yarus. Supposedly, Yarus made omissions about the features of municipal bonds. For this reason, the client allegedly sustained losses on municipal bonds that the securities broker recommended. Therefore, on August 23, 2024, Wells Fargo Advisors LLC settled this matter by paying the client $27,000.00 in damages.
Also, a client of Wells Fargo Advisors LLC contested Michael Yarus’s sales practices, based on a complaint dated August 9, 2023. Allegedly, Yarus made misrepresentations about the risks of investment losses. It appears that Yarus allegedly caused the client to sustain damages linked to stocks. Consequently, the client sought compensation from Wells Fargo Advisors LLC or Yarus in the amount of $76,756.79 in this matter. The firm denied this complaint.
Particularly, on January 25, 2023, Wells Fargo Clearing Services LLC disaffiliated with Yarus. Mainly, Wells Fargo Clearing Services LLC alleged that Yarus engaged in unauthorized trading in client accounts. Supposedly, the securities broker also established accounts after learning of an investor’s incapacitation.
Additionally, a client of UBS Financial Services Inc. took aim at Michael Yarus’s sales practices in FINRA Arbitration No. 16-00757. Mainly, the investor alleged that Yarus made misrepresentations and recommended unsuitable municipal bonds. It appears that Yarus caused the client to sustain damages relating to municipal bonds. Therefore, UBS Financial Services Inc. opted to settle the matter on October 31, 2016, by paying the client $29,000.
Are you concerned regarding investments you made with Michael Yarus? You should reach out to Soreide Law Group online or at (888) 760-6552. Speak with a securities attorney about a potential recovery. Soreide Law Group is experienced at recovering losses for investors throughout the United States. Also, the firm works on a contingency fee basis and advances all costs. Yarus and brokerage firms Yarus worked for deny allegations of sales practice violations.
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