Wells Fargo Financial Advisor, Allen Wilson, Has Had Four Customer Complaints And Two Regulatory Disclosures
Allen H. Wilson is a Financial Advisor at Wells Fargo Clearing Services, LLC in Florham Park, NJ. Allen Wilson entered the securities industry in 1993 and previously worked for Stifel, Nicolaus & Company, Ryan Beck and Co., J.B. Hanauer & Co. and Chatfield Dean & Co.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Allen Wilson has four customer complaints alleging:
- October 2018 – “Claimant alleges that from 2012 through 2016, the FA recommended and over-concentrated her portfolio in unsuitable products.” That matter is currently pending.
- August 2018 – “Client claims that variable rate notes recommended by FA were not appropriate for her portfolio.” That matter settled for $35,000.
- June 2018 – “Claimants allege that from 2012 to 2018, FA made unsuitable investments and exercised discretion in their account without approval.” That matter is still pending.
- April 2000 – “SUBSEQUENT TO DEFAULT, CUSTOMER ALLEGED VERBALLY THAT IRIDIUM BONDS PURCHASED IN 11/98 AND 3/99 WERE UNSUITABLE.” The matter settled for $25,000.
In addition, in May 1998, the New Jersey Department of Banking and Insurance fined Allen Wilson for “ALLEGED VIOLATIONS OF N.J.S.A. 17:22A-17A(2) AND (20) DUE TO INADVERTENT FAILURE TO DISCLOSE 1987 MISDEMEANOR TRESPASSING AND 1991 MISDEMEANOR DISORDERLY PERSON’S OFFENSES ON MY INSURANCE RENEWAL APPLICATION.” In June 2000, the Florida Department of Insurance issued a Revocation/Expulsion/Denial for “ALLEGED VIOLATION OF CHAPTER 626, FLORIDA STATUTES STEMMING FROM MY INADVERTENT FAILURE TO DISCLOSRE A $250 FINE LEVIED BY THE STATE OF NEW JERSEY IN 1998.”
For a copy of Allen Wilson’s CRD, click https://brokercheck.finra.org/individual/summary/2420229
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 email@example.com.
- FINRA Accepts Settlement Offer From Cabot Lodge Securities After Alleged Violations of Supervisory and Suitability Rules
- Independent Financial Group Censured and Fined After Rule Violations on Suitability and Supervision Involving Non-Traded REITs
- FINRA Filed An Enforcement Action Against Former IFS Securities Broker Steven Schisler For Allegedly Selling Away
- Cetera Advisors Financial Advisor Patricia Gleason Has Pending Customer Complaint, Alleging Unsuitable Investment Recommendations
- Complaint Pending Against Crown Capital Securities Broker/Advisor John Nguyen for Allegedly Making Unsuitable Recommendations
- Wells Fargo Broker/Advisor Jason Jaynes Has Two Customer Complaints Alleging Unsuitable Investment Recommendations
- Customer Complaint Pending Against Former Sagepoint Financial And Union Capital Company Broker Daniel Dillard Alleging Unsuitable Recommendations
- Investment Loss Recovery Options For Investors In The 1INMM Capital, LLC Ponzi Scheme Perpetrated By Actor Zachary Horwitz a/k/a Zachary Avery
- J.W. Cole Financial, Inc. Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Cambridge Investment Research, Inc., Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund