Were you the victim of Wealth Navigation, LLC managing partner Adam Fisher (CRD# 5231886)? He has been registered with Arete Wealth Management, LLC in Centerville, Utah, from 2009 to 2020. He has been registered as a managing partner with Wealth Navigation, LLC in Centerville, Utah, since 2006.
Adam Fisher Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
June 2023. “Consistent with its supervisory and fiduciary duty under the Investment Advisers Act of 1940 (“1940 Act”), the firm self-reported detection of certain investment adviser representative (“representative”) conduct which was believed to be in violation of various provisions of the 1940 Act. Along with immediate termination of that representative from Wealth Navigation for failure to disclose outside business activities (“OBA”), the United States Securities & Exchange Commission (“SEC”) investigated the firm’s self-report and determined that the report was meritorious. In fact, the firm was the first to detect the OBA which had gone undetected by multiple firms through which the individual had beten previously licensed for what the SEC believes was roughly 15 years. In 2022, associated with the violative conduct reported by WN, an AAA arbitration claim was filed against tangentially related parties, including WN, Jones and Fisher, for alleged failure to supervise and other similar claims regarding the representative’s conduct which WN had self-reported. The representative did not participate in the SEC’s investigation nor in the AAA claim because he was deceased by that time. The result of the AAA arbitration claim was dismissal with prejudice with damages of $700,000 awarded to claimants in 2023 by WN.” The customer sought $19,500,000 in damages, and the case was settled for $700,000. The complaint took place while he was registered with Wealth Navigation, LLC.
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, Wealth Navigation, LLC may be liable for investment or other losses suffered by Adam Fisher’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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