Wells Fargo Clearing Services, LLC Broker Peter Ianace Recovery Loss Options
Posted on Tuesday, September 15th, 2020 at 7:06 pm
There are options for customers of Wells Fargo Clearing Services, LLC broker Peter Ianace (CRD# 3238078) who suffered investment losses. Ianace has been registered with Wells Fargo Clearing Services, LLC in Plano, Texas from December 2019 to June 2020. Previously, Ianace was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Frisco, Texas from 2011 to 2019.
In September 2020, FINRA barred Ianace after he, “consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into his potential failure to disclose outside business activities to his member firm. The findings stated that although Ianace initially cooperated with FINRA’s investigation, he ceased doing so.”
Ianace has been the subject of three customer complaints between 2003 and 2020, one of which was closed without action, according to his CRD report. The most recent complaint is regarding:
August 2020. “Claimants allege that their Financial Advisors made unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature of their accounts.” The case is currently pending. The client is seeking in excess of $13 million and the allegations took place while Ianace was registered with Wells Fargo Clearing Services, LLC.
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 Ianace’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.