Soreide Law Group Files FINRA Arbitration Against Wells Fargo Advisors and Broker For Over-Concentration of Oil and Gas Stock

Soreide Law Group recently filed a FINRA arbitration on behalf of their client against WELLS FARGO ADVISORS LLC, (“Wells Fargo”),  and Wells Fargo advisor John B. Leonard (CRD# 2113842).
The Claimant, is a 58 year old retiree from Ohio, who lives off the income generated from her investments and her teacher’s pension. Her investment objective was to build a conservative portfolio of income producing investments to sustain her through retirement. It is alleged that her Wells Fargo broker, John Leonard, over-concentrated her account into high risk energy investments. On or about 2014, Leonard began purchasing large concentrations of oil and gas related investments. By 2014 Leonard had concentrated over 70% of the Claimant's account into oil and gas individual partnerships. The Claimant has suffered devastating losses to her irreplaceable retirement savings in oil and gas investments including but not limited to: Linn Energy, Breitburn Energy Partners, SeaDrill Partners, Memorial Production, and Energy Transfer Partners, to name a few. There was no hedging or stop loss strategy implemented in her account and the Respondents went all in on oil and gas stocks, which has now cost the Claimant over $150,000 or 60% of her irreplaceable retirement savings.
JOHN B. LEONARD (CRD# 2113842) Alternate Names: J BRADFORD LEONARD has been registered in the securities industry for 25 years and is currently registered with:
WELLS FARGO ADVISORS, LLC
7335 CROSSLEIGH CT, STE 100
TOLEDO, OH 43617
Brad Leonard was previously registered with:
02/1991 - 01/2008  A. G. EDWARDS & SONS, INC. - TOLEDO, OH
If you or a loved one had large concentrated positions in oil and gas related investments with Wells Fargo broker, John B. Leonard, or any other broker/dealer, call (888) 760-6552 for a free consultation with an attorney. Soreide Law Group handles cases nationwide before FINRA and operates on a contingency fee.