Soreide Law Group recently filed a FINRA arbitration on behalf of their clients, a retired couple in their 70s, against Wells Fargo Advisors, LLC (WELLS FARGO).
The Claimants reside in Mesa, Arizona. At the time of their retirement they transferred their entire portfolio to broker, William Berg. All of the Claimants investable assets are with WELLS FARGO. The Claimants are unsophisticated investors and live off the income generated from their investments. In 2012, William Berg allegedly began purchasing large concentrations of oil and gas related investments and within two years over 90% of the Claimants’ account had been invested in oil and gas stocks and master limited partnerships.
In September of 2014, the Claimants met with William Berg to allegedly discuss their concern over their account and to sell all their oil and gas related investments. Allegedly they were told not to sell due to capital gains taxes. Then the law suit alleges Berg purchased on 3/2/15 more shares of Atlas Engery and on 3/5/15 more shares of Targa. The Claimants have suffered devastating losses of over $150,000 to their irreplaceable retirement savings in oil and gas investments including but not limited to: Atlas Energy, Atlas Resources Partners, Energy Transfer Partners, Legacy reserves, and Teekay Offshore Partners.
The lawsuit alleges that while with WELLS FARGO, the Claimants fell victim to the breach of fiduciary duty, breach of contract, exploitation, and negligence of Respondent. WELLS FARGO’s alleged lack of supervision over their registered representative was evidenced by them allowing their broker to over concentrate Claimants’ accounts into speculative energy partnerships without disclosing the true nature and risk of maintaining these investments in such large concentrations.
If you lost your financial investments in energy stocks (oil and gas) with Wells Fargo Advisors, LLC, or another brokerage, due to the recommendations of your broker/financial advisor, call Soreide Law Group for a no-cost consultation on how to recover your losses at: 888-760-6552.
Summit Brokerage and Independent Financial Group each appear on a pending customer claim naming Gilbert Conrad (CRD 2746778). Both claims are unproven allegations. His BrokerCheck report also lists settled disputes at Arkadios Capital and Independent Financial Group.
On August 6, 2026, a customer filed a $400,000 FINRA arbitration naming Chad McQuade (CRD 5436281) and Northwestern Mutual. The claim involves outside, third-party real estate investments. It is pending, and McQuade disputes it in a written response.
Christopher Miller (CRD 4044818) has a customer dispute on BrokerCheck that settled on October 7, 2026 for $50,901. The disclosure lists Emerson Equity as the firm.
Phone:
Fax: 1-954-760-6553
Email: [email protected]