Can I recover losses from investments with former Wells Fargo Clearing Services, LLC broker Adam Summers (CRD# 5587343)? Summers was registered with Lasalle St Securities, L.L.C. in Frankfort, Illinois from January to June 2021. Summers was registered with Stifel, Nicolaus & Company, Incorporated in Crown Point, Indiana in December 2020, when he was terminated regarding “Stifel alleges we didn’t disclose knowledge of the arbitration in a prompt manner.” Prior to that Summers was registered with Wells Fargo Clearing Services, LLC in Merrillville, Indiana from 2010 to 2021, when he was terminated regarding “Employee voluntarily resigned from the Firm, not knowing he was under investigation. At the time of resignation, employee was under review related to third party allegation that he was named as the beneficiary of a deceased customer’s insurance policy. Employee also under review for separate allegation contained within arbitration claim that he and or another FA traded in customer account, held outside the Firm.”
Summers has been the subject of one customer complaint in 2020, according to his CRD report:
December 2020. “Claimant alleges that around 2009, Financial Advisors recommended unsuitable investments in an E*TRADE account.” The case is currently pending. The complaint took place while Summers was registered with Wells Fargo Clearing Services, 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, Wells Fargo Clearing Services, LLC may be liable for investment or other losses suffered by Summers’ customers.
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