Erez Law is currently investigating Wells Fargo financial advisor Alan Rose (CRD# 1157972) regarding unsuitable recommendations related to Puerto Rico bonds. Rose has been registered with Wells Fargo in Melville, New York since 2013.
Rose has been the subject of six customer complaints between 1992 and 2017, according to his CRD report:
- January 2017. “Claimants allege in 2013-2016 FA over-concentrated their portfolio in unsuitable investments.” The case is currently pending.
- May 2015. “Time frame: November 2011 through January 2013 claimants allege unsuitable recommendations and misrepresentations in connection with their purchases of Puerto Rico municipal (SP) bond funds and New York state bonds.” The customer sought $500,000 in damages and the case was settled for $84,500.
- May 2009. “Attorney for client alleges the purchase of an annuity was unsuitable for [customer] given her age and financial profile, annuity was purchased in April 2007.” The case was settled for $9,141.14.
- December 2003. “Unsuitable recommendations.” The customer sought $171,544 in damages and the case was settled for $31,000.
- July 2002. “Unsuitability and unauthorized roll over of unit investment trusts.” The customer sought $189,000 in damages and the case was settled for $16,000.
- September 1992. “Excessive, unauthorized and unsuitable trading caused losses in excess of $600k.” The case was settled for $295,000.
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 may be liable for investment or other losses suffered by Rose’s customers.
Erez Law represents investors in the United States for claims against Wells Fargo financial advisor Alan Rose, who is alleged to recommend unsuitable investments in Puerto Rico bonds. If you were a client of Wells Fargo or another firm, 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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