Soreide Law Group is looking into potential investor disputes against securities broker Susan Welo [CRD#: 1884407, Mayville, North Dakota]. Apparently, North Dakota Securities Department brought a Cease and Desist action against the securities broker, who worked for Cetera Advisor Networks and Securities America. Not only that, but Welos' clients made complaints about her sales practices. It appears that among other things, Welo allegedly withheld or misrepresented troubling information relating to investments that she sold or recommended. Here is a brief summary of the allegations against Welo:
A Securities America client brought FINRA Arbitration #: 20-01173 on April 9, 2020. First of all, the client indicated that Welo recommended the purchase of a non-traded business development company (known as a "BDC"). Secondly, the client alleged that Welo misrepresented information about BDCs. Thirdly, Welo supposedly acted in breach of contract and in breach of a fiduciary duty. Finally, the client suggested that Welo or Securities America violated North Dakota Securities Act. For this reason, the client seeks compensatory relief in this ongoing matter.
Notably, on March 12, 2019, a Securities America client brought an investment dispute concerning Susan Welo. Mainly, the client asserted that Welo falsified important details about real estate security features. As a result, the client made a claim for $5,000.00+ in compensation from Securities America or Welo. However, Securities America denied this complaint on May 13, 2019.
Apparently, a client of Securities America contested Susan Welo’s actions by making a complaint dated September 27, 2017. Allegedly, Welo misrepresented the liquidity of a BDC. Not only that, but the client indicated that Welo possibly guaranteed returns on the BDCs. It seems that the business development companies which Welo recommended had caused the client to sustain losses. Consequently, the client demanded compensation from Securities America or Welo in the amount of $50,000. Evidently, Securities America denied this complaint on October 19, 2017.
Evidently, in 2017, North Dakota Securities Department issued a Cease and Desist Order against Susan Welo. Allegedly, Welo offered or sold securities without registering as a securities broker in the State of North Dakota. Supposedly, the securities broker also engaged in investment advisory activities without registering as an investment adviser representative. Moreover, the North Dakota Securities Department alleged that Welo made misrepresentations and material omissions.
Have you experienced losses by investing with Susan Welo? 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 securities brokers like Welo and brokerage firms.
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