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Allegations of Selling Away Pending Against Former Wells Fargo Financial Advisor Jeremy Fortner

Jeremy Fortner (CRD#: 4811478) is a previously registered Broker and previously registered Investment Advisor. He entered the securities industry in 2004 and previously worked for Wells Fargo Clearing Services, LLC; J. P. Morgan Securities, LLC; Chase Investment Services Corp.; J. P. Morgan Institutional Investments, Inc.; Chase Investment Services Corp.; T. Rowe Price Investment Services, Inc.; MML Investors Services, Inc.; and Intersecurities, Inc.

 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2021, Jeremy Fortner was discharged from Wells Fargo Clearing Services, LLC after allegations about his conduct were made. The allegation states, “FA borrowing money from multiple Firm clients.”

 

In addition, Jeremy Fortner has been the subject of three customer complaints, including two that remain pending, including the following:

 

  • August 2021—”Client complains that Financial Advisor solicited his investment in two private outside investments, borrowed monies secured by a promissory note, and purchased a security in his account without authorization. (1/1/2018-8/4/2021).” The customer dispute is pending.
  • July 2021—”Client complains that FA involved him in an outside business activity and private placement, and seeks to recoup his entire investment. (3/7/2017-7/19/2021).” Damages of $238,000 are requested. The customer dispute is pending.
  • June 2021—”Client complained that he loaned money to his financial advisor and that the financial advisor has broken all agreements and deadlines for repayment. (3/1/2021-6/23/2021).” The customer dispute was settled for $23,250.

 

For a copy of Jeremy Fortner’s FINRA BrokerCheck, click here.

 

The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.

 

The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]