Unsuitable Investment Recommendations with Wells Fargo Clearing Services, LLC Broker Michael Levine

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Erez Law is currently investigating Wells Fargo Clearing Services, LLC broker Michael Levine (CRD# 1785045) regarding unsuitable investment recommendations related to stocks. He has been registered with Wells Fargo Clearing Services, LLC in Short Hills, New Jersey, since 2008. 

In October 2013, FINRA sanctioned him to pay a $7,500 civil and administrative penalty and fine related to allegations that he “exercised discretion and effected trades in the account of his member firm customer without written authorization from the customer to exercise discretion and written acceptance of the account as discretionary from the firm.”

Michael Levine Customer Complaints

He has been the subject of four customer complaints between 2000 and 2022, according to his CRD report. The most recent complaint is regarding: 

August 2022. “Claimant alleges that in or about 2014, the FA made unsuitable purchases in technology stocks.” The case is currently pending. The complaint was related to common and stock investment losses. 

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 Michael Levine’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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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.