Former RBC Capital Markets Client Wins FINRA Arbitration for $175,000 for Pioneer Municipal Bond Fund Losses

RBC Capital Markets

In February 2020, a former client of RBC Capital Markets won an award in a FINRA arbitration for compensatory damages for $175,000 for investment losses. The investors were clients of broker Brian Wurdemann (CRD# 4206425). 

The causes of action included breach of contract, breach of fiduciary duty, lack of supervision, fraudulent practices, negligent and intentional misrepresentation, fraud and negligence. The causes of action is related to Pioneer Municipal Bond Fund and a margin account. The FINRA arbitration hearing was conducted in Newark, New Jersey.

Brian Wurdemann has been registered with RBC Capital Markets, LLC in New York, New York, since 2017. 

In February 2023, FINRA barred him after he failed to respond to FINRA requests for information. 

In March 2023, FINRA suspended him after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. 

Brian Wurdemann Customer Complaints

In addition to the case above, he has also been the subject of eight customer complaints between 2004 and 2023, one of which was denied and one was withdrawn, according to his CRD report. Recent complaints are regarding: 

October 2020. “The client alleged he was not made aware of the downside risk of a structured note he purchased on November 15, 2017.” The customer sought $51,552.17 in damages, and the case was settled for $14,000. The complaint was regarding debt-asset backed investments. 

August 2020. “Allegations as state by Claimant: Time frame: 2012-2018 Allegations: Claimant alleges that his financial advisor mispresented the nature of three mutual fund investments.” The customer sought $1,000,000 in damages, and the case was settled for $385,000. The complaint was regarding mutual funds. 

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, RBC Capital Markets may be liable for investment or other losses suffered by Brian Wurdemann’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.

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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.