FINRA Sanctioned Broker, Jerry M. Wells, For Allegedly Misrepresenting Variable Annuities
Jerry Michael Wells (CRD # 1015358) is a Financial Advisor at SagePoint Financial, Inc. in Rochester, NY. Jerry Wells has been in the securities industry since 1982 and previously worked at MetLife Securities, Inc., Pruco Securities Corporation, Prudential Insurance Company of America, and Brent Capital Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 4, 2019, FINRA sanctioned Jerry Wells for allegedly “falsely represent[ing] that variable annuities purchases were not variable annuities replacements.”
Jerry Wells was fined $5,000 and suspended for two months.
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2016050018101%20Jerry%20M.%20Wells%20CRD%201015358%20AWC%20jg.pdf
In addition, Jerry Wells has been the subject of four customer complaints, including the following:
• May 2017 – “The customer alleged the advisor misrepresented the variable life insurance purchased in April 1998.” The matter settled for $15,280.42.
• April 2008 – “CUSTOMER ALLEGES THE VARIABLE ANNUITY PURCHASED IN DECEMBER 2007 MAY NOT HAVE BEEN IN HER BEST INTEREST DUE TO THE SEVEN YEAR SURRENDER CHARGE PERIOD.” The matter settled for $7,860.62.
Jerry Wells was “discharged” from MetLife in April 2016 for failing to disclose “required information on new business applications and did not follow firm policy with respect to customer signatures on account documents.”
For a copy of Jerry Wells’s CRD, click https://brokercheck.finra.org/individual/summary/1015358#disclosuresSection
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.
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 firstname.lastname@example.org.
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