Wells Fargo Clearing Services, LLC broker Pasquale Capone (CRD# 2487767) faces a $600,000 customer complaint related to preferred stock losses. He has been registered with Wells Fargo Clearing Services, LLC in Woodbury, New York, since 2004.
According to public records, a former client of Wells Fargo Clearing Services, LLC and broker Pasquale Capone recently filed a FINRA arbitration claim alleging the broker overconcentrated their investments in high-risk securities, including preferred stocks. These investment recommendations went against the client’s stated investment objectives of safe income-producing investments supporting their retirement needs. The complaint alleges breach of fiduciary duty, negligence, and negligent supervision.
The complaint alleges that the broker recommended the client invest in Paramount Global, a preferred stock that lost 97% of its value. The broker also recommended the client also invest in Algonquin Power. The customer is seeking $600,000 in damages.
Pasquale Capone Customer Complaints
He has been the subject of nine customer complaints between 2002 and 2023, one of which was denied, and one was closed without action, according to his CRD report. The most recent complaints were regarding:
November 2023. “Claimant alleges unsuitable investment recommendations were made.” The customer is seeking $600,000 in damages, and the case is currently pending.
September 2016. “Claimants allege that since 2008, FA made unauthorized and unsuitable trades.” The case was settled for $47,500.
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 Pasquale Capone’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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