Did You Suffer Losses Due to Unsuitable Investment Recommendations with Former O.N. Equity Sales Company Financial Advisor Richard Wesselt?
Posted on Friday, September 28th, 2018 at 3:18 pm
Former O.N. Equity Sales Company financial advisor Richard Wesselt (CRD# 2195569) is accused of unsuitable investment recommendations. Wesselt has been registered with Fortune Financial Services, Inc. in Collegeville, Pennsylvania since September 2017. Previously, Wesselt was registered with the O.N. Equity Sales Company in Collegeville, Pennsylvania from 2014 to 2017. In 1997, Wesselt was terminated from W. S. Griffith & Co., Inc. in Hartford, Connecticut regarding, “Placing a customer’s signature on a document.”
Wesselt has been the subject of 10 customer complaints between 2007 and 2018, according to his CRD report. Recent customer complaints include:
June 2018. “Customer alleges unsuitable investment recommendations and misrepresentation.” The customer is seeking $400,000 in damages and the case is currently pending. This case is regarding the sale of variable annuities.
August 2017. “Customer alleges sale of variable annuity was not suitable. The time period is 8/14/2016 to 8/17/2017.” The customer sought $5,736 in damages and the case was settled for $25,674.
March 2017. “Claimant alleges rep negligently sold unsuitable products in violation of his fiduciary duty.” The customer sought $100,000 in damages and the case was settled for $15,000.
August 2016. “Customers alleges sale of variable annuity and life insurance were unsuitable.” The customer sought $25,709.94 in damages and the case was settled for $24,257.14.
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, O.N. Equity Sales Company may be liable for investment or other losses suffered by Wesselt’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.