Wells Fargo Clearing Services, LLC Broker Jeremy Fortner Accused of Selling Away
Posted on Monday, October 4th, 2021 at 11:55 pm
Erez Law is currently investigating Wells Fargo Clearing Services, LLC broker Jeremy Fortner (CRD# 4811478) regarding private outside investments, also known as selling away. Fortner has been registered with Wells Fargo Clearing Services, LLC in Beverly Hills, California since 2014.
Selling away is when a U.S. based broker sells an investment to a client without his brokerage firm’s permission, the broker is selling investments away from the firm, or simply “selling away.” A broker might partake in this inappropriate practice to earn a commission he or she would otherwise have to pass up.
Fortner has been the subject of three customer complaints in 2021, according to his CRD report:
August 2021. “Client complains that Financial Advisor solicited his investment in two private outside investments, borrowed monies secured by a promissory note, and purchased a security in his account without authorization. (1/1/2018-8/4/2021).” The case is currently pending.
July 2021. “Client complains that FA involved him in an outside business activity and private placement, and seeks to recoup his entire investment. (3/7/2017-7/19/2021).” The customer is seeking $238,000 in damages and the case is currently pending.
June 2021. “Client complained that he loaned money to his financial advisor and that the financial advisor has broken all agreements and deadlines for repayment. (3/1/2021-6/23/2021).” The customer sought $26,000 in damages and the case was settled for $23,250.
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 Fortner’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.