- March 1, 2019
- Wells Fargo Advisors
Richard Bernstein is a Financial Advisor at Wells Fargo in its Incline Village, Nevada branch office. Richard Bernstein has been in the securities industry since 1983 and previously worked at Morgan Stanley.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Richard Bernstein has eight (8) customer complaints disclosed on his CRD, including two pending complaints, alleging sales practice violations:
- January 2019—”Claimant alleges that from 2015 through 2016, FA made unsuitable investments.” Damages are unspecified.
- February 2017—”Claimant alleges, inter alia, that from February 2013 to July 2015 the FA made unauthorized trades which conflicted with the client’s stated investment goals.” Alleged damages are $81,738.
- December 2009—”TIME FRAME: SEPTEMBER 27, 2005 TO JANUARY 23, 2009 THE CLIENT’S PERSONAL REPRESENTATIVE WITH AUTHORITY FROM THE CLIENT ALLEGES THAT THE FINANCIAL ADVISOR PURCHASED A HIGH RISK MUTUAL FUND WITHOUT HIS PERMISSION AFTER THE CLIENT GAVE INSTRUCTIONS TO ONLY PURCHASE “SAFE SECURITIES.” Allaged damages were $25,555.
- June 1994—” UNSUITABLE INVESTMENTS LOSS OF INCOME, UNAUTHORIZED TRADE, $30,000 LOSSES, $30,000 LOST INCOME BREACH OF FIDUCIARY DUTY, FAILURE TO FOLLOW INSTRUCTIONS.” The case resulted in an arbitration award in the amount of $91,200.
For a copy of the Richard Bernstein’s CRD, click https://brokercheck.finra.org/individual/summary/1113777#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, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.