Our attorneys are investigating potential legal claims against Las Cruces, New Mexico-based Wells Fargo Clearing Services, LLC (CRD# 19616) broker Jeffrey R. Wilson (CRD# 1161819) concerning allegations that Wilson unsuitably recommended Wells Fargo customers to invest in oil, gas and energy investments.
Wilson’s FINRA BrokerCheck report reflects three customer complaints, all of which involve allegations of unsuitable investments.
In a customer complaint to Wells Fargo concerning Wilson, the investor alleged unsuitable energy and other investments. Wells Fargo paid $250,000.00 to resolve the complaint.
In another customer complaint to Wells Fargo concerning Wilson, the investor alleged excessive trading, unsuitable investments and excessive risk. Wells Fargo paid $275,000.00 to settle the complaint.
In yet a third customer claim, a FINRA Arbitration Panel — after an evidentiary hearing — ruled against Wells Fargo and awarded a Wilson customer $357,000.00 based on allegations, among others, that he made unsuitable investments in energy products.
Wells Fargo has employed Wilson since 2014. Prior to Wells Fargo, Morgan Stanley (CRD# 149777) employed Wilson from June 2009 to June 2014. At both Wells Fargo and Morgan Stanley, Wilson was based out of the Las Cruces, New Mexico branches.
Wells Fargo entities have underwritten some offerings of some of the more notable oil and gas companies, including but not limited to, Seadrill, Breitburn Energy Partners, Swift Energy, Memorial Production Partners, and Martin Midstream Partners.
While oil and gas investments performed well for a period of time, many stock brokers and financial advisors apparently forgot that oil and gas investments carry significant risk and, as they fell in love with the energy sector and its consistent stream of dividends, they recklessly loaded up and over-concentrated their clients in various oil and gas investments, including Linn Energy, Master Limited Partnerships (MLPs) and private placements. With the crash in the energy sector, investors suffered tremendous financial losses.
If you lost money investing with Jeffrey R. Wilson and Wells Fargo, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct and negligence through FINRA arbitration.
Our attorneys represent the interests of investors who have been the victims of investment fraud and lost money in the oil gas and energy sectors. If you have questions about your legal rights, please contact us at www.oilgasfinraarbitration.com for a no-cost case evaluation. Cases are taken on a contingency fee basis — meaning no attorney’s fee is owed if there is no recovery. Our lawyers have collectively represented hundreds of investors in FINRA or securities arbitration claims and recovered millions of dollars from large and regional brokerage firms.