Naples, Florida brokers Nancy Eckler (CRD# 2441310) and Kevin Wolf (CRD# 1067376) of Wells Fargo Advisors, LLC (CRD# 19616) have been named as respondents in an arbitration with the Financial Industry Regulatory Authority (FINRA).
Federal securities laws and FINRA Rules require broker-dealer firms, such as Wells Fargo Advisors, to undertake certain precautions to ensure their brokers are complying with the law. Among those, is the requirement that investors make only suitable recommendations for their customers, based on that customer’s investment objectives, risk tolerance, method of income, age, etc. Failing to supervise brokers and recommending unsuitable investments are considered serious offenses under FINRA Rules.
Wells Fargo Advisors has seen multiple FINRA complaints in the recent past. For example, on September 22, 2014 the firm was fined $5 million for failure to implement policies that would prevent the misuse of customer information. On September 12, 2013 Wells Fargo Advisors was fined $150,000 for supervisory malfunctions again, this time relating to realize that one of their brokers had transferred over $250,000 from a customer’s account into one of his family members accounts. On June 4, 2013 FINRA fined Wells Fargo $1.2 million for allowing on of its brokers to make unsuitable investment recommendations in floating rate funds.
If you or someone you know has lost money as a result of Wells Fargo Advisors, Nancy Eckler, Kevin Wolf, or one of their other brokers, you may be entitled to compensation. Located in the heart of Manhattan, Fitapelli Kurta is a nationally acclaimed law firm specializing in investment and securities fraud. Our firm prosecutes cases on behalf of investors nationwide on a contingency fee basis. Time is of the essence in filing these claims, so do not wait. Call now for your free consultation.