Wells Fargo’s Robert Meyers Discharged For Unapproved Recommendations

Robert David Meyers (CRD#: 1409245, Columbus, Ohio) has been a registered representative of Wells Fargo Clearing Services, LLC from July 23, 2007 to October 17, 2017. Financial Industry Regulatory Authority (“FINRA”) BrokerCheck indicates that Meyers was discharged by Wells Fargo for misconduct. Particularly, Wells Fargo alleged that Meyers advised customers to place money in investments that were not offered or approved by the firm. Meyers claims that Wells Fargo knew about his activities.

Wells Fargo Alleged Meyers Gave Faulty Advice

Meyers has disclosed on FINRA BrokerCheck that at least eight customers have filed disputes regarding Meyers’s bad sales practices when associated with Prudential Bache and Advest, Inc. Customers have collectively alleged unauthorized trading, unsuitability, misrepresentation, fraud, and failure to follow instructions. Here is a summary of those disputes:
1) A Prudential Securities Incorporated customer filed an arbitration on June 23, 1993. (NASD Arbitration #: 93-02246). The customer’s cause of action included suitability, breach of fiduciary duty, misrepresentation and failure to supervise. The customer’s claim concerned investments in PB Energy Limited Partnership. On November 5, 1993, the Arbitrator found Meyers liable and ordered him to pay the customer $19,878.00 in damages.
2) A customer brought an arbitration on June 18, 1996. The customer alleged that Meyers made inappropriate trades in the customer’s account. In addition, the customer stated that some of Meyers’s trades were not authorized by the customer. The arbitration was resolved on May 29, 1998 for $17,500.00 in damages.
3) An Advest, Inc. customer filed a complaint on November 24, 1998. The customer alleged that Meyers made unsuitable recommendations to the customer regarding stock investments. The customer requested $62,000.00 in damages as a result of the poor investment advice that she apparently received. The complaint was closed on February 16, 2000.
4) Another Advest, Inc. customer brought a complaint on May 12, 2004. The customer claimed that Meyers failed to advise the customer regarding equity investments. $52,000.00 in damages were requested by the customer to resolve the issue. Advest, Inc. apparently denied the customer’s complaint on May 28, 2004.
5) A customer of Advest, Inc. brought a complaint on August 15, 2005. The customer stated that Meyers failed to comply with the customer’s investment instructions concerning the customer’s managed accounts. As a result, the customer requested $1,000,000.00 in damages to resolve the issue. The complaint was denied by Advest, Inc.

Investors who have incurred losses from Robert David Meyers are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.