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Investment Losses with Former Wells Fargo Broker Ramon Herrera

Posted on Monday, December 2nd, 2019 at 1:19 pm    

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Were you the victim of former Wells Fargo broker Ramon Herrera (CRD# 6021170)? Herrera was registered with Wells Fargo Clearing Services, LLC in Jersey City, New Jersey from 2012 to 2018.

In October 2019, the New Jersey Bureau of Securities revoked Herrera’s registration.

In July 2018, FINRA barred Herrera after he failed to respond to FINRA request for information.

Herrera has been the subject of three customer complaints in 2018, according to his CRD report:

April 2018. “Client, through his attorney-in-fact, verbally alleged financial advisor withdrew funds from client’s account without his permission. (5/26/2015-11/17/2017).” The case was settled for $90,533.

April 2018. “Agent for clients alleged that FA withdrew funds from clients’ accounts without their permission. (1/12/2018).” The customer sought $20,000 in damages and the case was settled for $20,179.45.

January 2018. “Client’s POA noted that FA was one of 2 FAs assigned to her account. POA alleged excessive trading of client’s brokerage account and that $75,010 was withdrawn from client’s bank savings account without permission. POA did not allege with specificity which FA entered the trades in question nor did POA allege who was involved with the unauthorized withdrawals. The relevant time frame is approximately April-November 2017.” The case was settled for $105,000. This complaint was regarding mutual funds.

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 Herrera’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.