Wells Fargo Clearing Services, Inc. Broker Anthony Lapia Accused of Over-Concentration
Posted on Wednesday, July 8th, 2020 at 2:43 pm
Erez Law is currently investigating Wells Fargo Clearing Services, Inc. broker Anthony Lapia (CRD# 1560467) regarding a customer complaint regarding an over-concentrated investment portfolio. Lapia has been registered with Wells Fargo Clearing Services, Inc. in Houston, Texas since 1996.
Lapia has been the subject of four customer complaints between 2001 and 2020, two of which were denied, according to his CRD report. The most recent complaint is regarding:
April 2020. “Arbitration: Claimants allege FA over-concentrated their portfolio in unsuitable investments. Complaint: Attorney for clients complained that the financial advisor engaged in an unsuitable trading strategy, which did not match their investment objectives. (6/26/2015-11/30/2018).” The case is currently pending. The complaint is regarding self-directed fee-based account (non-managed).
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wells Fargo Clearing Services, Inc. may be liable for investment or other losses suffered by Lapia’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.