Investigation of Former Wells Fargo Clearing Services, LLC Broker Joseph Andreoli, Jr.
Posted on Monday, November 11th, 2019 at 8:22 pm
Did you lose money investing with former Wells Fargo Clearing Services, LLC broker Joseph Andreoli, Jr. (CRD# 1718688)? Andreoli has been registered with Raymond James & Associates, Inc. in Hackensack, New Jersey since 2019. Previously, Andreoli was registered with Wells Fargo Clearing Services, Llc in Paramus, New Jersey from 2009 to 2019.
Andreoli has been the subject of seven customer complaints between 2000 and 2019, two of which were withdrawn and two were denied, according to his CRD report:
August 2019. “Claimant alleges that in or about 2016, FA made unsuitable investments.” The case is currently pending. This case is regarding structured products and took place while Andreoli was registered with Wells Fargo Clearing Services, LLC.
March 2010. “Claimant alleges, inter alia, that beginning in june of 2007 the financial advisor made unsuitable investments in the claimant’s accounts.” The customer sought $1 million in damages and the case was settled for $175,000. This case was regarding variable annuities and took place while Andreoli was registered with Citigroup Global Markets, Inc.
July 2000. “Claimant alleged unsuitability, negligence, breach of contract, breach of fiduciary duty, fraud, violation of industry rules, federal securities laws and texas statutes regarding trading of treasury bonds on margin for capital gains. Time period: 12/97 to 1/00.” The customer sought $196,275.88 and the customer was granted damages of $56,555. This case was regarding government debt and the allegations took place while Andreoli was registered with Saloman Smith Barney.
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 Andreoli’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.