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Mercer Allied Company, L.P. Fraud and/or Investment Loss Customer Complaint Disclosures

Financial Adviser Robert Wolfe Discharged by Goldman Sachs

Broker’s Background

He entered the securities industry in 1993 and previously worked for Mercer Allied Company, L.P.; Goldman Sachs & Co., LLC; Cetera Advisor Networks LLC; Girard Securities, Inc.; Capital Planning Group, LLC; MML Investors Services, Inc.; Edward D. Jones & Co., L.P.; and Advest, Inc.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2021, Robert Wolfe was discharged by Goldman Sachs Personal Financial Management. The allegation states, “Allegations involving client communications related to portfolio performance and market valuations; and handling and resolution of customer grievances without the knowledge and approval of his employer.”

In addition, Robert Wolfe has been the subject of five customer complaints, including two that remain pending, including the following:

  • September 2021–“In a claim brought against Cetera Advisor Networks, LLC, the broker dealer Mr. Wolfe was registered with and the firm where the activities took place, Claimant alleged that Mr. Wolfe made unsuitable investment recommendations while he was registered with that prior firm and did not provide adequate information regarding the risk associated with these investments. The claim also alleged that the prior firm did not perform adequate due diligence on products sold or provide proper supervision.” The customer dispute is pending.
  • August 2021–“Claimants alleged that Mr. Wolfe made unsuitable investment recommendations and did not disclose information relating to the investments.” The customer dispute is pending.
  • September 2020–“Complainant alleged that Mr. Wolfe made unsuitable investment recommendations and did not disclose information relating to the investments.” The customer dispute was denied.
  • August 2020–“In a claim brought against a prior firm, Claimants alleged that Mr. Wolfe made unsuitable investment recommendations while he was registered with that prior firm and did not provide adequate information regarding the risk associated with these investments. The claim also alleged that the prior firm did not perform adequate due diligence on products sold or provide proper supervision.” The customer dispute was settled for $170,000.
  • August 2020–“In a claim brought against a prior firm, Claimants alleged that Mr. Wolfe made unsuitable investment recommendations while he was registered with that prior firm and did not provide adequate information regarding the risk associated with these investments. The claim also alleged that the prior firm did not perform adequate due diligence on products sold or provide proper supervision.” The customer dispute was settled for $140,000.

For a copy of Robert Wolfe’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

 

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]