Wells Fargo Advisors Securities Attorney

The securities attorneys of Gana LLP focus their practice on representing individuals and institutions in their disputes with investment firms, such as Wells Fargo Advisors, LLC (Wells Fargo). The attorneys at our firm investigate and uncover evidence and red flags that the brokerage firm provided inappropriate services and products to clients. Investment misconduct can include unsuitable investments, failure to conduct due diligence for securities offerings, fraud and false representations, and failure to supervise.

Wells Fargo & Company is an American multinational banking and financial services company with global operations. Wells Fargo is the fourth largest bank in the U.S. by assets. Wells Fargo is also the second largest bank in deposits, home mortgage servicing, and debit cards. Wells Fargo’s primary operating subsidiary is national bank Wells Fargo Bank, N.A. Wells Fargo was formed from a merger between Wells Fargo & Company and Norwest Corporation in 1998 and the subsequent 2008 acquisition of Wachovia. In 2012, Wells Fargo had more than 70 million customers, 9,000 retail branches and over 12,000 ATMs in 39 states.

Wells Fargo is affiliated with, under common control, or otherwise performs business under the company names Everen Securities, Inc., First Union Securities, Inc., Kemper Capital Markets, Inc., Wachovia Securities, Inc., Wells Fargo Funds Distributor, LLC, Wells Fargo Funds Management, LLC Wells Fargo Institutional Securities, LLC, Wells Fargo Securities, LLC, and Wachovia Capital Markets, LLC.

Wells Fargo – By the Numbers:

  • CRD# 19616
  • SEC# 8-37180
  • 137 Regulatory Events
  • 301 Customer Complaints
  • Revenue: $86.08 billion - 2012
  • Net Income: $18.89 billion - 2012
  • Assets: $1.422 trillion - 2012
  • Employees 269,200 - 2012

Wells Fargo – In the News:

FINRA v. Wells Fargo Advisors, LLC, AWC No. 2008014350501 – The Financial Industry Regulatory Authority (FINRA) fined two firms a total of $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from allegations of unsuitable sales of floating-rate bank loan funds. FINRA ordered Wells Fargo Advisors, LLC, to pay $1.25 million and to reimburse approximately $2 million in losses to 239 customers. FINRA found that Wells Fargo and Banc of America brokers recommended high concentrations in floating-rate bank loan funds to clients whose risk tolerance, investment objectives, and financial conditions were not appropriate for the risks of floating-rate loan funds. FINRA also found that the firms failed to train their brokers concerning the unique risks and characteristics of the funds thereby failing to reasonably supervise the sales of floating-rate bank loan funds.

SEC v. Wells Fargo Brokerage Services, et al, SEC Release No. 9449 (Aug. 14, 2012) – The Securities and Exchange Commission (SEC) fined Wells Fargo $6.5 million for allegedly selling investments tied to mortgage-backed securities without fully understanding their complexity or disclosing their risks to clients. The SEC found that Wells Fargo improperly sold asset-backed securities such as collateralized debt obligations (CDOs) to municipalities, non-profit institutions, and other customers without obtaining sufficient information about these investment vehicles. Instead, the SEC alleged that Wells Fargo relied almost exclusively upon the securities’ credit ratings. According to the SEC, Wells Fargo’s representatives failed to understand the true nature, risks, and volatility behind the asset backed securities before recommending them to investors who had generally conservative investment objectives.

FINRA v. Wells Fargo Investments, LLC, AWC No. 2008015651901 - FINRA fined Wells Fargo Investments, LLC, $2 million concerning allegations of unsuitable sales of reverse convertible securities through one broker to 21 customers. In addition, FINRA alleged that Wells Fargo failed to provide sales charge discounts on Unit Investment Trust (UIT) transactions to eligible customers. FINRA also filed a separate complaint against the former Wells Fargo representative who recommended and sold the unsuitable reverse convertibles and made unauthorized trades in several customer accounts, including accounts of deceased customers.

Our firm has represented hundreds of customers in brokerage related disputes with their firm. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.