Soreide Law Group Files FINRA Arbitration Against Wells Fargo Due to Broker's Alleged Over-Concentration in Oil Stocks

Soreide Law Group has filed a FINRA arbitration, on behalf of their client (Claimant), against WELLS FARGO ADVISORS, LLC.
The Claimant, in his mid-sixties, retired, and from Louisiana, transferred his retirement account from UBS to Wells Fargo with registered representative, Keith Fontenot CRD# 2296303. The Claimant stated, and was accurately recorded, that his risk tolerance and investment goals were of moderate growth and income, and with risk profile as moderate. The lawsuit states that WELLS FARGO broker, Fontenot, recommended several high risk investments in speculative oil and gas investments. These recommended investments included the now bankrupt Memorial Production Partners (-$50k), CVR Partners (sold at a -$16k loss), the Alerian MLP (sold at a $6k loss) and other unsuitable investments all outside of his stated risk tolerance and objectives.  The Claimant was looking to maintain his irreplaceable retirement principal while generating an income to sustain him and his wife through retirement. Over concentrated positions in oil investments is totally unsuitable for senior citizens. Oil is historically volatile.
The lawsuit alleges that WELLS FARGO and their representative’s actions have caused Claimant damages of approximately $80,000.00.
The alleged claims filed in this lawsuit are as follows:  negligence, breach of fiduciary duty, negligent supervision, and breach of contract.
Soreide Law Group continues to hear from a growing list of investors whose brokers recommended a high-concentration of risky oil and gas stocks for their moderate to conservative portfolios causing devastating losses. Dozens of energy-related companies have filed for bankruptcy since 2015 due to the plummeting prices of crude oil.
If you were a client of WELLS FARGO ADVISORS/ WELLS FARGO CLEARING SERVICES, LLC  of LAFAYETTE, LA and their registered representative, Keith Fontenot, and you experienced losses due to their actions, recommendations or lack of supervision, call Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.  Let our years of experience work for you.