Broker Rich Wesselt Supposedly Sold Bad Securities, Breaching Fiduciary Duty

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report for securities broker Richard Wesselt (CRD#: 2195569, Collegeville, Pennsylvania) shows that 16 or more investors filed investment disputes about him.  Notably, clients of Wesselt’s at Fortune Financial and ON Equity Sales Company (“ONESCO”) among other firms have indicated that he recommended unsuitable and misrepresented investments and was responsible for clients’ losses. Here’s more:

ONESCO Client Indicates That Rich Wesselt Breached Fiduciary Duty

Apparently, a client of ONESCO and Sterne Agee contested Rich Wesselt’s actions on June 26, 2020. In this complaint, the client suggested that Wesselt failed to comply with his fiduciary responsibility. It appears that the securities broker was placing his interests before the client’s. It appears that Wesselt also poorly guided the client on investing in an annuity. For this reason, the client demanded $500,000 in compensation in this ongoing matter.

SA Stone Wealth Management Client Indicates That Wesselt Used Unsuitable Strategy

Evidently, a client of SA Stone Wealth Management took aim at Rich Wesselt through a FINRA Arbitration Action #: 20-00696 dated April 27, 2020. Apparently, Wesselt gave the client bad recommendations which resulted in unnecessary insurance sales. Supposedly, Wesselt failed to consider the client’s goals, risk tolerance or other suitability criteria when advising the client on an investment strategy. For this reason, the client seeks $500,000 in compensation. Currently, this matter is awaiting a resolution.

ONESCO Client Indicates That Rich Wesselt Recommended Expensive, Unreasonable Annuities And Life Insurance

Apparently, a client of SA Stone Wealth Management and ONESCO took issue with Rich Wesselt through a FINRA Arbitration Claim #: 19-03657. In this December 11, 2019 dispute, the client suggested that it was not suitable for Wesselt to recommend life insurance and annuities. It seems that Wesselt took in high commissions for advising the clients on those products. For this reason, the client demanded $100,000 in compensation from ONESCO. It seems that this matter is awaiting resolution.

Sterne Agee Client Suggests That Wesselt Misrepresented Investments

Evidently, a client of Rich Wesselt’s at Sterne Agee Financial Services brought a FINRA Arbitration Claim #: 19-01187 on April 29, 2019. Namely, the client suggested that Wesselt concealed facts and misrepresented information about an investment strategy. Potentially, Wesselt improperly recommended variable annuities, insurance and mutual funds as part of this strategy. For this reason, the client demanded $10,000,000 in compensation. Evidently, this matter is ongoing.

Rich Wesselt Allegedly Advises ONESCO Client To Take Loans Against Cash Values For Investment Strategy

Notably, BrokerCheck also shows a complaint dated April 22, 2019. In this dispute, a client claimed that Rich Wesselt told him to take loans from annuities, IRAs and even 529 accounts to buy whole life policies. It appears that Wesselt did not consider the client’s goals and objectives when making this recommendation. For losses on this investment strategy, ONESCO paid the client $207,500 on or about December 6, 2019.

Losses From Investing Through Securities Broker Rich Wesselt?

Have you experienced losses by investing with Rich Wesselt? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of investment advisor representatives and securities brokers like Wesselt.

Lars Soreide AVVO 2020 Top Lawyer