RJ Bernstein In Wells Fargo Client Complaints

Broker RJ Bernstein (Morgan Stanley, Wells Fargo) Faces Investor Allegations Of Sales Practice Violations

Soreide Law Group is reviewing investor disputes against securities broker Richard Jay “RJ” Bernstein (CRD#: 1113777, Los Angeles, California). Evidently, Bernstein worked for securities firms Merrill Lynch, Bear Stearns, Prudential Securities, Salomon Smith Barney, UBS Financial Services, Morgan Stanley, and Wells Fargo Clearing Services. In fact, Bernstein joined Wells Fargo in July 2015 as both a financial advisor and securities broker. A reported eight investor disputes are on Bernstein’s Financial Industry Regulatory Authority (FINRA) BrokerCheck profile. Clients allege Bernstein’s sales practice violations in these disputes, summarized below.

Investor Alleges RJ Bernstein Made Unauthorized Trades At Morgan Stanley, Wells Fargo

Evidently, RJ Bernstein’s client complained about him when he worked for Wells Fargo and Morgan Stanley. Allegedly, from February 2013 to July 2015, Bernstein engaged in unauthorized stock trades. Supposedly, Bernstein’s trading did not align with the client’s goals. For this reason, the client asked for compensation. Evidently, Morgan Stanley agreed to compensate the client by making a $15,000 payment to them in July 2020.

RJ Bernstein's UBS Financial Services Client Claims Unauthorized Mutual Fund Purchase

Also, a UBS Financial Services client took issue with Bernstein's trading, according to a complaint about closed-end mutual funds. Supposedly, Bernstein purchased a risky mutual fund without permission. Allegedly, the client asked to invest in safe securities only but experienced losses. For this reason, the client alleged $25,555 in damages in this matter. However, UBS Financial Services did not receive further action from the client. BrokerCheck indicates that this matter is closed.

Client Alleges Failure To Follow Instructions

It appears that a client of UBS Financial Services disputed RJ Bernstein’s actions. Namely, the financial advisor did not follow the client’s instructions in connection with an investment liquidation. Because of the alleged failure to follow instructions, the client supposedly sustained damages. Without admitting or denying the allegations, UBS Financial Services agreed to compensate the client to settle this matter.

RJ Bernstein Purportedly Makes Unsuitable Transaction

Additionally, a client of UBS Financial Services disputed the suitability of RJ Bernstein’s transactions. Mainly, the client contends that Bernstein purchased unsuitable investments for their account. Supposedly, Bernstein overconcentrated their portfolio, resulting in damages on preferred stock holdings. Also, the client alleges that they voiced instructions to avoid risk and preserve capital. However, UBS Financial Services denied this client’s claim.

Did You Sustain Damages By Investing Through Bernstein?

Did securities broker RJ Bernstein cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful 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 Bernstein denies all allegations of sales practice violations.