PASQUALE CAPONE & WELLS FARGO Lawsuit

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

WELLS FARGO CLEARING SERVICES, LLC, and their registered representative, PASQUALE CAPONE.

The lawsuit states that the Claimant was looking to generate a sustainable and safe income that could support his needs through retirement. The Claimant allegedly felt he could trust WELLS FARGO broker, PASQUALE CAPONE to help him invest according to his needs.

The lawsuit alleges that WELLS FARGO, and its representative, PASQUALE CAPONE,  began over-concentrating the Claimant’s account into preferred stock and other high risk securities. The lawsuit alleges that the risks of the Preferred stock were never discussed with the Claimant. Examples of the alleged recommendations were, over-concentrating into Paramount Global preferred stock which lost 97% of its value along with Algonquin Power and several other preferred stock’s that sustained substantial losses.

The lawsuit is alleging negligence, breach of fiduciary duty, and negligent supervision. WELLS FARGO and their representative, PASQUALE CAPONE’s actions have caused the Claimant alleged damages of approximately $600,000.00.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, PASQUALE CAPONE is registered both as a broker and financial advisor. Hehas been in the securities industry for 29 years and has been listed with 2 firms.  Capone has 9 disclosures on his FINRA CRD report, all 9 are “Customer Disputes.” The significance of Capone’s customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, .41% had been the subject of 3 or more customer complaints. In other words, PASQUALE CAPONE’S customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. The majority of the reported alleged conduct relate to sales practice violations, selling unsuitable investment, making material misrepresentations, non-disclosures and negligent recommendations.

Capone has been listed with the following firm since 2004:

WELLS FARGO CLEARING SERVICES, LLC

88 FROEHLICH FARM BLVD
WOODBURY, NY 11797

If you’ve experienced investment losses due to the actions or recommendations of WELLS FARGO CLARING SERVICES, LLC, and their registered representative, PASQUALE CAPONE of Woodbury, New York, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.

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