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.
Wurdemann has been registered with RBC Capital Markets, LLC in New York, New York since 2017. In addition to the case above, Wurdemann has also been the subject of six customer complaints between 2004 and 2020, one of which was denied, 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 is seeking $1,000,000 in damages. 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 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.