Wells Fargo Financial Advisor, Michael Morrisset, The Subject Of A $2.3 Million Customer Complaint For Alleged Unsuitable Investment Recommendations
The Wolper Law Firm is currently investigating claims against Michael Morrissett, a Financial Advisor at Wells Fargo Advisors in Roanoke, Virginia. Michael Morrissett has been in the securities industry since the 1980s and previously worked at First Union Brokerage Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 5, 2018, a customer filed a complaint against Michael Morrissett, alleging “FA misrepresented two hedge funds…as suitable for their investment objectives.” The alleged damages are $2.3 million and the matter remains pending.
Michael Morrissett has a history of other customer complaints for alleged sales practice violations. Among the past customer complaints against Michael Morrissett include:
- January 2014—“Claimant alleges her FA pursued an unsuitable investment strategy…that overexposed her account to the volatility of the equities markets…” The matter was settled for $85,000.
- May 2012—“The client alleges that his account is in a managed account program that is unsuitable…” Damages are unspecified.
To review all disclosures reportable to Michael Morrissett, click https://brokercheck.finra.org/individual/summary/1456789#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Trading long-term investment vehicles in short duration is per se improper as it presents very little benefit to the customer and only benefits the Financial Advisor, who earns commissions. 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 Michael Morrissett and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com 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.
- 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
- Former Torch Securities Broker Jeremy Johnson Barred By FINRA After Allegedly Making Misrepresentations To Customers
- Former Lincoln Douglas Investments Broker Herbert G. Frey Sanctioned By FINRA For Alleged Unauthorized Trading
- Two Customer Complaints Pending Against Ausdal Financial Partners, Inc. Investment Advisor and Broker Kurt Baldry
- Concorde Investment Services Broker, Mark Huber, Has Two Customer Complaints, Alleging Sales Practice Misconduct
- Unsuitability Allegations Pending Against Previously Registered Voya Financial Advisors, Inc. Financial Advisor and Broker David R. Wall
- Common Types of Alternative Investments
- Did You Purchase GPB Capital Holdings Private Placements Through McNally Financial Services Or Daniel Poland