Former Wells Fargo Clearing Services, LLC Broker Shawn Burke Investment Loss Options

Wells Fargo

Erez Law is currently investigating former Wells Fargo Clearing Services, LLC broker Shawn Burke (CRD# 2615449) regarding common and preferred stocks losses. Burke has been registered with Morgan Stanley in Perrysburg, Ohio since 2020. Previously, Burke was registered with Wells Fargo Clearing Services, LLC in Toledo, Ohio from 2008 to 2020.

Burke has been the subject of three customer complaints between 2011 and 2021, according to his CRD report:

  • April 2021. “Client complains that overweighting in UITs combined with regular turnover created a pattern of markups resulting in excessive commissions. Client also complains of unauthorized transactions. (5/31/2017-11/1/2020).” The customer is seeking $215,000 in damages and the case is currently pending. The complaint was regarding common and preferred stocks.
  • May 2016. “Client claimed that she did not authorize trades, and that securities were selected that were too risky for her. (5/5/2015-5/27/2016).” The case was settled for $50,000. The complaint was regarding common and preferred stocks.

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 Burke’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.