Stephen Wedel Facing Client Disputes Concerning Unsuitable Investments

Investors reportedly may have incurred losses due to securities broker Stephen Herman Wedel (also known as Steve Wedel) [CRD: 1221992, Naples, Florida], according to disclosures on FINRA BrokerCheck. According to the regulator, Wedel has worked for Private Client Services LLC since June 4, 2018, and RFG Advisory LLC since August 11, 2014. Previously, he worked for LPL Financial LLC from November 20, 2003, to June 8, 2018. Here’s more about the disclosures concerning Wedel.

LPL Financial LLC Investor Accused Wedel Of Unsuitable Recommendations

Particularly, on May 2, 2024, an LPL Financial LLC client filed FINRA Arbitration No. 24-00611 about Stephen Wedel. Specifically, the client alleged that Wedel made unsuitable recommendations regarding real estate securities in 2013 and 2014. Because of this, the client allegedly sustained damages. Therefore, the client requested compensation exceeding $5,000 from LPL Financial LLC or Wedel. Evidently, this arbitration is pending a resolution.

Private Client Services LLC Investor Accused Stephen Wedel of Overconcentration

Also, an LPL Financial LLC client filed FINRA Arbitration No. 22-01049 about Stephen Wedel. Supposedly, Wedel overconcentrated accounts in a publicly traded business development company, which was inappropriate for the client’s investment objectives. Because of this, the client allegedly sustained damages on business development companies. Therefore, on June 24, 2022, LPL Financial LLC settled this matter by paying the client $8,000 in damages.

Wedel Disclosed Overconcentration Allegations By LPL Financial LLC Client

Specifically, a client of LPL Financial LLC contested Stephen Wedel’s sales practices by filing FINRA Arbitration No. 20-02775. Allegedly, Wedel recommended investments that overexposed the client to risk between October 2014 and June 2018. It appears that Wedel caused the client to sustain damages on real estate investment trusts. Therefore, LPL Financial LLC opted to settle the matter on December 28, 2022, by compensating the client in the amount of $145,000.

Were You Impacted By Securities Broker Stephen Wedel?

Are you looking for more information about Stephen Wedel? If you incurred losses, get in touch with Soreide Law Group online or at (888) 760-6552 and consult with a securities attorney about a possible recovery. Soreide Law Group has recovered losses for investors throughout the country, represents clients on a contingency fee basis, and advances all costs. Wedel and brokerage firms Wedel worked for deny any allegations of sales practice violations.