Walter Stucker Has A Pending Customer Complaint For Unsuitable Recommendations Of Energy Sector Investments
The Wolper Law Firm is currently investigating claims against Walter Stucker, a Financial Advisor with Wells Fargo Advisors in Fort Worth, Texas. Gregory Hill has been in the securities industry since the 1990s and previously worked for UBS Financial Services through mid-2017.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 3, 2018, a customer filed a complaint against Walter Stucker, alleging that “FA unsuitable concentrated their portfolio in the energy sector and misrepresented the risks associated with those investments.” The alleged damages are $600,000.
In recent years, Financial Advisors recommended energy sector investments because the price of oil was high, which helped the balance sheet of energy sector companies and, in turn, their stock price. Moreover, energy companies paid above-average dividends to shareholders. Beginning in late 2014, the price of oil began to decline, causing a cascading effect to occur in the value of energy sector securities. Customers that were recommended to invest in energy sector securities for either price appreciation or high income experienced substantial and often times irreplaceable losses in the value of their investments.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. In addition, Financial Advisors must first obtain authorization from their customers before placing trades in a customer account. 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.
If you or someone you know was a customer of Walter Stucker, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
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