Investor Alert: Unsuitable Recommendations by Wells Fargo Clearing Services, LLC Broker Richard Bernstein
Posted on Wednesday, October 16th, 2019 at 10:19 am
Did you suffer investment losses due to recommendations by Wells Fargo Clearing Services, LLC broker Richard Bernstein (CRD# 1113777)? Bernstein has been registered with Wells Fargo Clearing Services, LLC in Incline Village, Nevada since 2015.
Bernstein has been the subject of eight customer complaints between 1992 and 2019, one of which was denied and one was closed without action, according to his CRD report. The two most recent complaints are regarding:
February 2019. “Wells Fargo: Claimant is seeking at least $53,000.00 in damages. Morgan Stanley: Claimant alleges, inter alia, that from February 2013 to July 2015 the FA made unauthorized trades which conflicted with the client’s stated investment goals.” The case is currently pending. This case is regarding common and preferred stocks.
January 2019. “Claimant alleges that from 2015 through 2016, FA made unsuitable investments.” The case is currently pending. The case is regarding corporate debt and common and preferred stocks. The claimant is seeking damages in the amount of at least $175,500.
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 Bernstein’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.