Wells Fargo Financial Advisor Michael Morrissett Has $2.3 Million Customer Complaint
Posted on Wednesday, September 12th, 2018 at 9:21 am
Did Wells Fargo financial advisor Michael Morrissett (CRD# 1456789) recommend unsuitable investments in hedge funds? Morrissett has been registered with Wells Fargo Clearing Services, LLC in Roanoke, Virginia since 2000.
Morrissett has been the subject of four customer complaints between 2006 and 2018, two of which were denied, according to his CRD report:
April 2018. “Arbitration: Claimants allege that FA misrepresented two hedge funds in 2013 and 2015 as suitable for their investment objectives. Complaint: The client alleged that information that was provided about two alternative investments ‘was misleading.’ (08/06/2013-11/18/2015).” The customer is seeking $2.3 million in damages and the case is currently pending.
January 2014. “Claimant alleges her FA pursued an unsuitable investment strategy beginning in 2000 that overexposed her account to the volatility of the equities markets during the global financial crisis of 2008 and 2009.” The customer is seeking $85,000 in damages and the case is currently pending.
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 Morrissett’s customers.
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